Miami Fort Lauderdale Florida is an appealing destination for veteran homeowners because of the array of great deals that can find it on properties, including short sale and foreclosed homes. Florida is a beautiful state with a lot to offer. The economy of Florida, which has shifted many times since its inception; driven by the nineteen metropolitan areas falling within Florida’s boundary, tourism, biomedical, life sciences, healthcare research, and retirement are the state’s most prominent industries. Home Loan
Bordered by the Gulf of Mexico and the Atlantic Ocean, Florida is the 4th most populous state in the country. With 237 sunny days a year, tropical weather, and pristine beaches, residents often say, “Florida has it all.” For many people, having a home in Florida is like being on vacation every day. In addition to the stunning natural beauty of Miami Fort Lauderdale Florida, there are also several major metropolitan areas, including Jacksonville, Miami, Orlando and Tampa. Another advantage about Miami Fort Lauderdale Florida is the popular tourist destinations, which include the Walt Disney World Resort, Universal Orlando Resort, Busch Gardens, and SeaWorld. Approximately 60 million tourists travel to Florida annually.
In the same way, the cost of having a home in Miami Fort Lauderdale Florida is 1.3 percent lower than that of the national Average. The unemployment rate of 5.7 percent is also below the American average, and the state has experienced job growth of over three percent.
The veteran population of Miami Fort Lauderdale Florida
It´s roughly 1.5 million, ranking it with California and Texas as the states with the highest concentration of veterans. The increasing population of veterans in Miami Fort Lauderdale Florida is due to the military bases which are being built in Florida. Right now there are over 20 military installations in Florida.
- Atlantic Undersea Test and Evaluation Center (AUTEC). Miami Fort Lauderdale Florida
- Naval Support Activity Panama City. Miami Fort Lauderdale Florida
- Blount Island Command. Miami Fort Lauderdale Florida
- Naval Air Station Key West. Miami Fort Lauderdale Florida
- Eglin Air Force Base. Miami Fort Lauderdale Florida
- Hurlburt Field. Miami Fort Lauderdale Florida
- Integrated Support Command (ISC) Miami. Miami Fort Lauderdale Florida
- MacDill Air Force Base. Miami Fort Lauderdale Florida
- Naval Warfare Center. Miami Fort Lauderdale Florida
- Naval Air Station Jacksonville. Miami Fort Lauderdale Florida
- Camp Blanding. Miami Fort Lauderdale Florida
- Naval Air Station Pensacola. Miami Fort Lauderdale Florida
- Naval Air Station Whiting Field. Miami Fort Lauderdale Florida
- Corry Station Naval Technical Training Center. Miami Fort Lauderdale Florida
- Naval Station Mayport. Miami Fort Lauderdale Florida
- Naval Hospital Jacksonville. Miami Fort Lauderdale Florida
- Patrick Air Force Base. Miami Fort Lauderdale Florida
- Tyndall Air Force Base. Miami Fort Lauderdale Florida
- USCG Air Station Clearwater. Miami Fort Lauderdale Florida
- USCG Auxiliary 7th District. Miami Fort Lauderdale Florida
This makes Miami Fort Lauderdale Florida the perfect places for veterans who want to purchase a home with the best mortgage rate through a VA home loan.
Florida’s real estate market has had its ups and downs, and tracking Florida mortgage rates is just as critical as getting the right price for the home. Real estate prices in Miami Fort Lauderdale Florida have always varied dramatically throughout the state.
Many affordable areas, outside the major cities, fall below the national median home value of $173,200, such as homes in Cape Coral-Fort Meyers ($87,600), homes in Gainesville ($167,600), and homes in Jacksonville ($145,900). In the cities such as Miami Fort Lauderdale, high-rise home condos worth several hundred thousand dollars dominate much of the skyline, and million-dollar luxury homes line private beaches.
What a VA Home Loan offers you in Miami Fort Lauderdale Florida?
VA home loans are home mortgages for veterans guaranteed by the Department of Veterans Affairs (VA) and designe offset common financial challenges faced by military families and veterans and to simplify the approval process with a VA home loan. Eligible service members and veterans can buy a home with little or no down payment. The VA home loans typically have lower interest rates than conventional mortgages loan, allow for higher debt-to-income ratios and lower credit scores, and they don’t require private mortgage insurance because the VA home loan guarantees a portion of your loan, this mean significant monthly saving.
The VA home loan also offers limitations on buyer’s closing costs and an appraisal that informs the buyer of the home value. For most loans on new houses, they inspect construction at appropriate stages, and a one-year warranty the builder requires it. VA home loans also perform personal home loans servicing and offer financial counseling to help veterans having temporary financial difficulties.
So if you’re planning to buy a home in Miami Fort Lauderdale Florida using a VA home loan, you need to make a termite inspection . Heating systems is not necessary in a number of the south Florida counties, including Broward, Charlotte, Collier, Dade, Glades, Hendry, Lee, Martin, Monroe and Palm Beach. Additional guidelines include the fact that Staff Appraisal Reviewers can change the appraiser’s estimate of value (but rarely will), and refinancing of new construction condominiums may not be eligible. They permit buying a new home condo , but the VA has to approve it and the borrower can’t receive a gift, grant, down payment assistance or a loan from a family member to cover closing costs. Attached new construction PUDs are necessaries to meet a 50 percent presale requirement.
How to get a VA Home Loan
To get a VA home loan, you need to be part of the Veteran’s active military personnel or military families and make sure that you are eligible for a VA home loan. Second, you need to go shopping around to find the best lender who participates in the VA home loan program and offers you great home loan terms and lower closing cost. Third get your Certificate of Eligibility from the VA to prove that you are eligible for a VA home loan. And finally apply for your VA home loan; your VA lender will work with you to complete your financial process.
In order to qualify for a VA home loan, you must be an active-duty or a member who retired from of the armed forces with at least have served 181 days during peacetime, 90 days during war time, or 6 years in the Reserves or National Guard, or have a discharge other than dishonorable. The spouse of a service member who resulted killed in the line of duty or as the result of a service-related disability may also qualify for a VA home loan.
Note: you are not eligible for a VA home loan financing only based upon Active Duty for Training in the Reserves or National Guard. You must activate under the authority of title 10 U.S code as was the case for the Iraq/Afghanistan. If you have served for less than two years, then you are not going to qualify. During periods of war, active personnel must have served for at least 90 days to qualify for a VA home loan.
How to Get a Certificate of Eligibility (COE) Miami Fort Lauderdale Florida?
VA applicants must present a certificate of eligibility, which establishes their record of military service, to the lender. VA home loans, FHA loans and other loans insured by departments of the United States government, the National Government Mortgage Association secularize them.
To get your COE you have to check the webpage of the Department of Veterans Affairs (VA) and find according to your military status the evidence that you need to gather for applying for you COE. You can apply for the COE in several ways:
The first one is applying online, for that you have to register on the webpage of the Department of Veterans Affairs (VA), and logging your credentials. The portal will indicate the steps to follow. The second way is applying through a VA home lender who has access to the Web LGY system. This Internet-based application can establish eligibility and issue an online COE in a matter of seconds. Not all cases can processes through Web LGY, only those for which VA has sufficient data in their records. However, Veterans result encouraged to ask their lenders about this method of obtaining a certificate. And the third one is applying by mail, all the formats are in the web page of the Department of Veterans Affairs (VA).
Limits of VA Home Loan in Miami Fort Lauderdale Florida?
VA home loans offer up to 100% financing the value of a home and will guarantee a maximum of 25 % of a VA home loan amount up to $104,250, which limits the maximum VA home loan amount to $417,000. usually, the reasonable value of the home or the purchase price, whichever is less, plus the funding fee may borrow. All veterans must qualify for. They’re not automatically eligible for the VA home loan program.
What are The VA Home Loan Advantages in Miami Fort Lauderdale Florida?
- Home Loan NO money down – up to 100% financing nationally.
- Home Loan Low VA home loan interest rates set by approved lenders, banks, and mortgage brokers. VA home loan rates are often times lower than conventional, FHA or USDA loan programs. In fact, VA home loan interest rates are some of the lowest rates available today.
- Home Loan Secure 15, 30 year fixed rate or adjustable rate terms with no prepayment penalty.
- Home Loan No monthly mortgage insurance (PMI) like other home loans. This alone can save home buyers hundreds $ each month on their loan payments.
- Home Loan Closing costs can be paid by the home seller. This limits buyers out of pocket money needed to close.
- Home Loan Minimal assets required to qualify.
- Home Loan Qualifying with a low credit score is possible. Current min is 620.
- Home Loan Eligible Vets can use their VA home loan benefits multiple times.
- VA home loans are for ANY new or existing home. Please note we currently do not permit mobile homes.
- VA home loans offer you other housing-related programs to help you buy, build, repair, retain, or adapt your own home for your personal occupancy.
- Home Loan for Native American veterans the program Native American Direct Loan (NADL) program reduce the interest rate on a VA home loan.
- After you obtain a VA home loan, you can apply for different refinance plans or the Adapted Housing Grants program (for Veterans with a permanent and total service-connected disability purchase), which allow you to lower your current interest rate, or to remodel and modify your house.
What is VA Home Loan Cost in Miami Fort Lauderdale Florida?
The VA defines allowable fees and charges that the veteran applicant can pay or closing costs that may be charged to the applicant. These costs are determined as reasonable and customary by each local VA office in Florida. All other costs in the transaction are considered non-allowable and generally paid by the seller when you are purchasing a new home or by the lender when you are refinancing your current VA home loan.
Between the cost that you have to consider, are the VA Funding fee which is paid to the VA to help fund the program and varies depending on type of service, loan amount, down payment and subsequent VA home loan usage (This fee can be paid in cash at closing, but most applicants choose to add this cost into their monthly payments), home taxes which generally are estimated to be 1.2% of the home’s value, but may vary based on your location, and annual homeowners insurance is roughly 0.35% of the home’s value but can change based on insurer.
VA home loan offers you lower closing cost than other loans because VA limits closing cost for veterans and allow the seller to pay most or all of those expenses. Many of our borrowers purchase a home with no money due at closing.
VA Home Loan Refinancing in Miami Fort Lauderdale Florida
For veterans, this kind of home mortgage refinance is familiar as the interest rate reduction refinancing loan (IRRRL). The IRRRL have become a great help for VA lines struggling to refinance with conventional loans, for their low mortgage rates and flexible underwriting standards in most cases.
If you want to refinance your home loan, first you need to have a VA home loan, which are loans that belong to a special loan program designed specifically for veterans and it can issue by any VA approved lender and are guaranteed by the federal government.
The VA home loan main attractive is that veterans with qualifying credit and income can purchase a home with no money down, which makes buying a home extremely attractive for those who have served in the military. VA home loans also offer feature flexible requirements, no private mortgage insurance (PMI), and extremely competitive mortgage rates. In order to qualify for a VA home Loan, a veteran must have served 181 days during peacetime, 90 days during war time, or 6 years in the Reserves or National Guard. You may also qualify as the spouse of a service member who resulted killed in the line of duty.
Another way to home loan refinance is the Cash-Out refinance, which is an option for VA loans who have two mortgages and want to refinance them into one loan, with a lower rate. Unlike the IRRRL program, this Cash-Out refinance allows the borrower to pay off the first and second loans with the new loan, while also taking cash from the home’s value. Most lenders allow the VA liens to refinance up to 100 percent of the home’s value to pay off the old mortgages.
Choosing a VA Home Loan in Miami Fort Lauderdale Florida
You need to keep in mind that home loans mortgage rates fluctuate daily, but rates overall are around historic lows. The most favorable rates typically go to those with excellent credit that makes it crucial to sure to shop around for the best mortgage rates. According to Bankrate’s Rate Trend Index, 17% of panelists think mortgage rates will increase over the next week or so, while 50% think rates will fall and 33% think rates will remain the same.
Besides, you can use a mortgage calculator to estimate your monthly payments and see how the mortgages rates will affect your monthly payments and also see the outcome of adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the loan. Right now it’s a competitive market for buyers. Inventory levels are at a relatively low 4.5-month supply; according to data from the National Association of Realtors. It isn’t surprising if you get into a bidding war for a home. But you can get an edge by getting preapproved for a VA home loan by your lender. It tells sellers that the deal won’t fall through, and it saves time when closing.
Choose a VA home lending institution in Florida with the best mortgage rates and that can manage your VA home loan is a hard work; but quite feasible. A lender can help you reviewing your credit history and determine how much of a VA home loan you can qualify for. This way you can obtain a VA home loan pre-qualification which will be useful for housing. Be aware that different lenders have different closing costs and other fees, so it pays to shop around. Also, seek for a lender who cares and connect with your own real needs and your family’s.
As we know, VA home loan is flexible with the requirements and have their own unique suite of approval guidelines; even though private lenders who finance the home purchases have an additional set of criteria that a potential VA applicant must qualify, including debt, income and credit requirements, as well as examine your debt-to-income ratio. Here it describes some financial definitions that would help you to understand more what lenders ask for:
VA home loans have their own rules and guarantee which lenders like. VA home loans also require the lender to verify the applicant has a responsible, stable credit history with reliable income that will cover monthly expenses, including their new loan payments, but does not require a minimum credit score. Lenders, however, do use credit scores when approving VA home loan applications. Most lenders require a minimum score of 620 to 640.
Additionally, the VA requires that the VA applicants maintain a certain amount of income left over each month after all main expenses are paid. The excess is meant to cover typical family needs; such as food, transportation and so forth and referees to as residual income. Additionally, by enforcing residual income requirements; the VA increases the chances of its applicants earning sufficient income to meet all financial obligations; additionally, also ensures that VA applicants have a cushion in the event of an emergency.
Debt-to- Income Ratio:
Your debt-to-income ratio is all your monthly debt payments divided by your gross monthly income. This number is one-way lenders measure your ability to manage the payments you make every month repay the money you have borrowed. To calculate your debt-to-income ratio, you add up all your monthly debt payments and divide them by your gross monthly income. Your gross monthly income is generally the amount of money you have earned before your taxes and other deductions are taken out. For example, if you pay $1000 a month for your mortgage and another $150 a month for an auto loan and $350 a month for the rest of your debts, your monthly debt payments are $1500. ($1000 + $150 + $350 = $1500). If your gross monthly income is $5000, then your debt-to-income ratio is 30 percent. ($1500 is 30% of $5000.)
Additionally, the Evidence from studies of mortgage loans suggests that borrowers with a higher debt-to-income ratio are more likely to run into trouble making monthly payments. The 43 percent debt-to-income ratio is important because. In most cases, that is the highest ratio a borrower can have and still get a qualified mortgage.
How long is VA Home Loan Process in Miami Fort Lauderdale Florida?
The duration of a VA home loan buying process take no longer to close FHA or conventional loans; and should not take more than 30-45 days from start to finish. For the last eight months of 2014; the average conventional purchase loan closed in 38.9 days for regular loans, compared to 39.6 days for VA home loans; there’s not much difference between them. So “Why did the lender say that VA home loans take 45-60 days? the reason is that specific lending company use this extra day to close the loan not VA.
In fact, the truth is the VA really has limited involvement (really none); so saying that VA home Loans take longer is really not fair to the VA; or the Veteran for that matter. Having said all of that if you are currently working with a lender that has quoted you 45-60 days, or is just lagging altogether; you may want to look for another mortgage loan company that can close on your loan sooner saving you time, energy, and of course, money.