There's no better way for Tampa Florida military members and veterans to finance that Tampa Florida home than with a VA mortgage. With Florida-Mortgage-Lenders.com, you're sure to get the best VA mortgage deal to finance 100 percent of your home. You may qualify for a loan worth more than $417,000. To find out, complete our simple form as the first step in obtaining a Tampa Florida VA mortgage.
FLORIDA VA MORTGAGE LENDERS – VA MORTGAGE ADVANTAGES INCLUDE:
- Minimum 550 Credit Score!
- Insured by the Veterans Administration
- Seller paid closing cost up to 4% of the sale price
- 100% Financing - No Monthly mortgage insurance.
- VA mortgage Amounts to $417,000
- Jumbo VA loans to $700,000
- VA Streamlined Refinance Available
- Funding Fee can be Financed
- Competitive Rates
- Easier Qualifying No Credit Score VA Mortgages OK
USE THE VA MORTGAGE TO PURCHASE A TAMPA HOME WITH $0 DOWN
Now more than ever Tampa mortgage lenders are requiring large down payments, many loan programs require 10-20% down, putting home ownership out of reach for many Tampa Florida first time home buyers. A VA mortgage loan is perfect for VA families and Tampa Florida first time home buyers because the borrower can finance 100% of the home's value and purchase with $0 down payment. And, the seller can credit up to 4% to cover all of your closing cost.
THE VA MORTGAGE IS EASIER TO QUALIFY FOR!
Because many Tampa Florida first-time home buyers typically don't have a lot of established credit, getting qualified for a conventional mortgage can be difficult. The credit and income standards are not as strict. But with a VA mortgage loans are much easier to qualify for making the process easier.
Because the VA mortgage is backed by the government, Tampa VA mortgage lenders do not require PMI (private mortgage insurance) which is an added monthly expense. Interest rates for Tampa Florida VA mortgages are typically lower than conventional loans. These two advantages could add up to big savings for veteran homebuyers.
TAMPA FLORIDA VA APPROVED CONDOS
Florida VA Mortgage Lenders Provide VA Purchase Loans: The VA mortgage purchase program allows eligible Florida VA mortgage applicants to finance up to 100% of the homes purchase price. Since the elimination of down payment assistance programs, the VA mortgage program has become one of the last remaining 100% home loans in the nation. With many conventional Florida mortgage programs now requiring 10-20% down payment, the Veteran’s Assistance home loan is a great choice for Florida home buyers with limited or no down payment. The best part of the VA mortgage is NO monthly mortgage insurance charge. Within this article we will discuss some VA mortgage program benefits and things Florida mortgage applicants should know about eligibility. The data enclosed below will help you be prepared for your Florida VA mortgage application.
- VA 100% financing home purchases: Most conventional Florida Mortgage Lenders require at least 10% down payment which is not possible for many Florida Veterans and military families. FHA requires a 3.5% down payment and has very high monthly mortgage insurance. Because a VA Mortgage is guaranteed to the lender (by Veterans Administration) they do not require a down payment.
- VA mortgage loans do not have mortgage insurance (PMI): Even with $0 down payment, a VA Mortgage does not have mortgage insurance (PMI) as part of the monthly payment. Conventional programs with less than 20% down and FHA both have expensive mortgage insurance that can cost buyers several hundred dollars every month.
- VA mortgage loans have very low interest rates: Because VA Mortgages are guaranteed by the Department of Veterans Affairs, the risk level associated with default is much lower. As a result, the interest rates are usually lower than a conventional program with less than 20% down. Like a VA loan, FHA and USDA loan programs are also backed by the government and have similar interest rates.
- VA mortgage loans can be used to purchase just about any home: The VA purchase mortgage can be used for any HUD compliant single family home, town home or approved condo. All properties must meet the basic VA mortgage standards in regards to condition and safety. All government mortgage programs like VA, FHA and USDA follow similar property condition guidelines. The Florida home seller can be anyone including a private owner a Florida bank owned REO, Florida foreclosure, short sale, or “buy owner” type seller.
- Easy qualifying criteria: Florida VA Mortgage Lenders guidelines are more flexible than many other mortgage programs. The VA mortgage loans is guaranteed by the government and most Florida VA Mortgage Lenders have lower credit requirements, making them easier to qualify. Current minimum credit score requirement for most mortgage companies is 620.
VA mortgage loan eligibility can be established for U.S. service personnel currently on active duty or honorably discharged when minimum service requirements are met. Eligibility for a VA mortgage can be earned by serving in any branch of the US military, Coast Guard, Reserves or National Guard Army, Navy, Air Force, Marine Corps, VA mortgage applicants are likely eligible for a VA VA mortgage if you served the following:
- 90 days and are currently on active duty.
- 181 days during peacetime
- 6 years in the National Guard or Reserves.
- If you are an unmarried surviving spouse.
- Please note: Just because you are eligible for VA mortgage benefits does not guarantee VA mortgage approval. Applicants still must meet all lender qualifying requirements in regards to credit score, debt, income stability, etc.
PLEASE NOTE: Florida VA homebuyers who qualify as 10% disabled or greater as a result of active military service are NOT required to pay a funding fee. Those who are not exempt from a VA funding fee may lower their fee by putting money down on their VA mortgage purchase. For all Florida VA mortgage loans, the funding fee may be paid in cash or it may be rolled into the VA mortgage loan.
FLORIDA VETERANS MUST GET A DD214- Your DD-214 is required on the VA mortgage because it lets the Florida VA Mortgage Lenders what type of discharge you had from the military which will determine if you are eligible for VA mortgage benefits. If you are active duty this does not apply. If you have misplaced your DD214, you can order one from the Veterans archives website at http://www.archives.gov/veterans/military-service-records/ It is a good idea to have your DD-214 before applying for your VA home loan. Not having this form in advance can delay your home purchase until received. If you have questions or need help, please reach out to us by submitting the short info request form on the right side. We are always happy to assist you.
FLORIDA VA MORTGAGE FUNDINF FEES: Take note the VA funding fee is paid on all purchase and refinance transactions with the exception of certain disabled Vets. The funding fee is paid directly to the Department of Veterans Affairs so eligible military and past veterans can take advantage of 100% financing. Below we have outlined the Florida VA funding fee chart.
FLORIDA VA CERTIFICATE OF ELIGIBILITY – COE - The VA Certificate of Eligibility causes some confusion for Florida Veterans when attempting to use their VA mortgage benefits. The Certificate of Eligibility (COE) form is designed to tell both lender and the Veteran that they have sufficient entitlement/guarantee to use their Florida VA mortgage benefits. If you want to purchase a Florida home using a VA loan, you must prove that you have the military service to qualify for this benefit. That proof of qualification being the certificate of eligibility. You’ll also need a COE to refinance A Florida mortgage from a conventional to a VA loan but not for a Florida VA streamline IRRRL refinance.
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