Lowest VA Mortgage Rates in Miami Fort Lauderdale Florida
Lowest VA Mortgage Rates in Miami Fort Lauderdale Florida, veterans’ Affairs office assists veterans in obtaining benefits and official discharge papers by determining their eligibility and preparing necessary Veterans’ Administration forms through what is known as VA Loans. It provides assistance to the widows/widowers of recently deceased veterans. Lowest VA Mortgage Rates
A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders.
Lowest VA Mortgage Rates in Miami Fort Lauderdale Florida, the VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry). The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment. Eligible areas are designated by the VA as housing credit shortage areas and are generally rural areas and small cities and towns not near metropolitan or commuting areas of large cities.
The lowest VA mortgage loans also offer feature flexible requirements, no private mortgage loan insurance (PMI), and extremely competitive mortgage loan rates.
Lowest VA mortgage loans offer up to 100% financing the value of a home in Miami, Fort Lauderdale, and the rest of Florida. And will guarantee a maximum of 25 % of the lowest VA mortgage loan amount up to $104,250, which limits the maximum VA mortgage loan amount to $417,000. Usually, the reasonable value of the property or the purchase price, whichever is less, plus the funding fee may be borrowed. All Miami and Fort Lauderdale, Florida veterans must qualify for. They’re not automatically eligible for the VA mortgage loan program.
The VA defines allowable fees and charges that the Miami and Fort Lauderdale, Florida veteran applicant can pay or closing costs that may be charged to the VA mortgage loan applicant. These costs are determined as reasonable and customary by each local VA mortgage loan office in Miami and Fort Lauderdale, 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 VA mortgage loan lender when you are refinancing your current VA mortgage loan.
Between the cost that you have to consider, are the VA Funding fee which is paid to the VA to help fund the VA program and varies depending on type of service, mortgage loan amount, down payment and subsequent VA mortgage loan usage (This fee can be paid in cash at closing, but most VA Miami and Fort Lauderdale, Florida applicants choose to add this cost into their monthly payments.) Property taxes which generally are estimated to be 1.2% of the home’s value, but may vary based on your location and annual homeowner’s insurance is roughly 0.35% of the home’s value but can change based on the insurer.
Lowest VA mortgage rates in Miami Fort Lauderdale, Florida offers you lower closing cost than other mortgage loans because VA limits closing cost for Miami and Fort Lauderdale, Florida 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. Remember lowest VA mortgage rates in Miami Fort Lauderdale Florida.
So if you are thinking to apply for a VA mortgage loan in Miami and Fort Lauderdale, Florida; you must know all the requirements and guidelines that we describe below.
What are The VA Loan Advantages in Miami and Fort Lauderdale, Florida. Lowest va mortgage rates in Miami Fort Lauderdale Florida ?
- NO money down – up to 100% financing nationally.
- Low VA mortgage loan interest rates set by approved VA mortgage loan lenders, banks, and mortgage brokers. VA mortgage loan rates are often times lower than conventional, FHA or USDA loan programs. In fact, VA mortgage loan interest rates are some of the lowest rates available today.
- Secure 15, 30 year fixed rates or adjustable rates terms with no prepayment penalty.
- NO monthly mortgage insurance (PMI) like other mortgage loans. This alone can save home buyers hundreds $ each month on their loan payments.
- You can pay closing costs by the property seller. This limits buyers out of pocket money needed to close.
- Minimal assets required to qualify.
- Qualifying with a low credit score is possible. Current min is 620.
- Eligible Miami and Fort Lauderdale, Florida Veterans can use their VA mortgage loan benefits multiple times.
- VA mortgage loans are for ANY new or existing home. Please note we currently do not permit mobile homes.
- VA mortgage loans offer you other housing-related programs to help you buy, build, repair, retain, or adapt your own home for your personal occupancy.
- For Native American veterans the program Native American Direct Loan (NADL) program reduce the interest rates on a VA mortgage loan.
- After you obtain a VA mortgage 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.
Who is Eligible for a VA Mortgage Loan in Miami and Fort Lauderdale, Florida?
In order to be eligible and qualify for a VA mortgage loan in Miami and Fort Lauderdale, Florida; you must be an active-duty or retired member of the armed forces with at least serving; 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 was killed in the line of duty or as the result of a service-related disability may also qualify.
Note: You are not eligible for VA mortgage loan financing only based upon Active Duty of Training in the Reserves or National Guard. The authority of title 10 U.S Code as was the case for the Iraq/Afghanistan must activate you. If you have served for less than two years; then you’re not going to qualify. During periods of war, active personnel must have served for at least 90 days to qualify.
How I Get my VA Certificate of Eligibility (COE) in Miami and Fort Lauderdale, Florida?
VA mortgage loan applicants in Miami and Fort Lauderdale, Florida, must present a certificate of eligibility (COE), which establishes their record of military service; to the VA mortgage loan lender. VA mortgage loans, FHA mortgage loans and other loans that departments of the United States government insure; are secure by the Government National Mortgage Association.
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 CEO. 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 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. Web LGY can’t process all cases; only those for which VA has sufficient data in their records. However, Miami and Fort Lauderdale, Florida; we encourage veterans to ask their VA 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).
What About the Credit Limit in Miami and Fort Lauderdale, Florida?
VA mortgage loans have their own unique suite of approval guidelines. VA mortgage loan guarantees which lenders like. Furthermore, VA mortgage loans also require the VA mortgage loan lender to verify the VA mortgage loan applicant has a responsible, stable credit history with reliable income that will cover monthly expenses, including their new VA mortgage loan payments, but does not require a minimum credit score. Additionally, VA mortgage loan lenders, however, do use credit scores when approving VA mortgage loan applications. Most VA mortgage loan lenders require a minimum score of 620 to 640.
Additionally, the VA mortgage loan requires that VA mortgage loan applicants maintain a certain amount of income left over each month after paying all main expenses. The excess has to cover typical family needs, such as food, transportation and so forth; and is referred to as residual income. By enforcing residual income requirements, the VA increases the chances of its VA mortgage loan applicants earning sufficient income to meet all financial obligations, and also ensures VA mortgage loan applicants have a cushion in the event of an emergency.
Private lenders who finance the home purchases have an additional set of criteria that a potential applicant must qualify, including debt, income and credit requirements, as well as examine your debt-to-income ratio.
How long is VA Home Mortgage Loan Process in Miami and Fort Lauderdale, Florida?
The duration of a VA mortgage loan buying process in Miami and Fort Lauderdale, Florida take no longer to close than FHA or conventional mortgage 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 mortgage loan closed in 38.9 days for regular mortgage loans, compared to 39.6 days for VA mortgage loans. So “Why did the lender say that VA mortgage loans take 45-60 days? the reason is that specific lending company use this extra day to close the mortgage loan not VA. You may want to look for another mortgage loan company in Miami and Fort Lauderdale, Florida that can close on your mortgage loan sooner saving you time, energy, and of course, money.
How to Choose a VA Mortgage Loan Lender in Miami and Fort Lauderdale, Florida?
Choose a VA mortgage loan lending institution in Miami and Fort Lauderdale, Florida that can manage your VA mortgage loan. A VA mortgage loan lender can help you review your credit history and determine how much of a VA mortgage loan you can qualify for. Be aware that different VA mortgage loan lenders have different closing costs and other fees, so it pays to shop around in Miami and Fort Lauderdale, Florida. Also, seek for a VA mortgage loan lender who cares and connect with your own real needs and your family’s. As we know VA mortgage 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 mortgage loan applicant must qualify, including debt, income and credit requirements, as well as examine your debt-to-income ratio. Lowest VA Mortgage Rates
VA Home Loans: Top Benefits and Advantages in Miami Fort Lauderdale Florida
Low-Interest Rates –
Since you don’t take into consideration your credit score when you apply for a VA loan, you are always going to pay a lower interest rate. For traditional mortgages, a person’s credit score can have a dramatic – and very negative – impact on the rates that they end up paying. For every 20 points that their credit score dips below 720, traditional borrowers pay a higher rate. Regardless of what your credit score may be, you’ll enjoy the same interest rates that someone with impeccable credit would enjoy when you qualify for a VA home loan.
No Prepayment Penalties –
Many times, lenders who pay off traditional mortgages ahead of schedule are subject to a fee. These kinds of mortgages are known as prepayment penalty mortgages or PPMs. A great advantage of a VA home loan; is that there are no penalties or fees for paying off the loan ahead of time. For this reason; you can easily pay a bit extra toward the principal of your VA loan each month without the threat of incurring a huge penalty when you do pay it all off. It’s just one more way that VA loans save you money.
How Do the Interest Rates for VA Home Loans Compare with Those for Other Mortgage Products in Miami Fort Lauderdale Florida?
The interest rates for VA home loans are generally quite a bit lower than for traditional mortgage products. In fact,;this is one of their major selling points and is the main reason why so many people believe in them. For people with poor credit, especially, the low-interest rates offered through the VA home loan program are very enticing. After all, those with low credit scores generally enjoy the same competitive interest rates that people with top-notch credit scores enjoy. Whether your credit score is 750 or 600, you’re going to pay a lot less interest with a VA loan. Lowest VA Mortgage Rates
Basically, if you want to get a feel for how much a VA home loan will cost in terms of interest; you should just look at what standard, fixed-rate, 30-year mortgages are going for in terms of interest; and shave a little bit off of the total. Since rates fluctuate; there is no point in documenting how much you are going to pay in interest for a VA home loan. Suffice it to say that it is generally a great deal less than you would pay for many other popular mortgage products. Lowest VA Mortgage Rates
When Is the Best Time to Get A VA Home Loan in Miami Fort Lauderdale Florida?
When shopping around for a mortgage, many people wonder if there is a “good time” to apply. For some mortgage products, there is no doubt that key market conditions affect how much they’re going to pay. However, there is no true advice for when you should – or shouldn’t – apply for a VA home loan. The things that affect the interest rates that are part of the typical VA home loan are so varied and complex that there is no hard and fast rule to refer to.
If you are considering a VA home loan; contact a number of qualified lenders and ask them what the current rates are. Try to get a feel for whether rates have recently crept up or gone down, and act accordingly. Either way; you’re going to be paying a lot less than those who don’t qualify for VA loans are going to. Also, without the worry of private mortgage insurance and without having to make a down payment; you’re going to be ahead of the game financially anyway. In fact, the relaxed conditions for VA home loans make anytime a good time to get one. Lowest VA Mortgage Rates
If you are in Miami or Fort Lauderdale, Florida, Call us for a free consultation.