VA Approved Homes Sale Florida
VA Approved Homes Sale Florida, the VA is the Department of Veteran Affairs, a United States government agency devoted to assisting veterans of the armed forces. The VA helps veterans in many ways, but a big part of their work is providing low cost, low interest home mortgage loans to veterans, making it easier for them to secure and afford a home purchase. VA homes can be different types of property, including apartments, condos, and houses. The VA provides mortgages for properties all over the country, but you’ll often find greater concentrations of VA homes near military bases, or in towns and cities that have large military populations like Florida.
Florida is an appealing destination for veteran homeowners because of the array of great deals that can be found 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, health-care research and retirement are the state’s most prominent industries.
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, living in Florida is like being on vacation every day. In addition to the stunning natural beauty of Florida, there are also several major metropolitan areas, including Jacksonville, Miami, Orlando and Tampa. Another advantage about Florida are 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.
The cost of living in 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 Florida is 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 Florida is due to the military bases which are being built in Florida. Right now there are over 20 military installations in Florida. Which made 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 home. Real estate prices in 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 Cape Coral-Fort Myers ($87,600), Gainesville ($167,600), and Jacksonville ($145,900). In the cities such as Miami, high rise condos worth several hundred thousand dollars dominate much of the skyline, and million dollar luxury homes line private beaches.
It’s important to know that for VA, all Single Family Residences are eligible for the VA home loan with no extra requirements. In the case that you want to built, the builder needs to be VA approved and pass along certain warranties. Those include either a one-year VA builders warranty or a ten-year insurance-back protection plan. Most well-known builders are approved and meet the criteria for doing VA loans without any issues.
Condominium complexes need to be VA approved before a Veteran can buy it. This applies to the entire complex, not just a single unit (there are no VA spot approvals). The VA wants to ensure the Veteran is set up for long term success, so they look for projects that have the organizational structure, rules, and budgets in place to achieve this. Once a complex is approved, it remains on the approved list indefinitely.
Potential homebuyers looking to save money on their purchase might want to consider a foreclosed VA home. If a buyer is looking to obtain a VA home loan through the U.S. Department of Veterans Affairs (VA), they may want to look into VA’s foreclosed properties.
Like any other mortgage lender, if the homeowner doesn’t provide monthly payments toward their mortgage, the VA will pursue a foreclosure of the property. This enables them to sell the property to the public in order to get back the money lost on the loan, so that they can lend to another qualifying homebuyer. Unlike VA mortgages, VA foreclosure homes are available to the general public, and often for a substantial discount. VA foreclosures can be quite valuable, as they often range from anywhere between 30% and 60% off the normal market value of the property. This makes VA homes a great opportunity for anyone looking to save money on a home or a rental or investment property.
VA Approved Homes Sale Florida
The harsh reality is that veterans are just as likely as any American to experience financial ups and downs – perhaps even more likely. Therefore VA loans bring a certain amount of VA foreclosures into the housing market. Additionally, market volatility affects tens of thousands of veterans, increasing the amount of loan defaults. Government foreclosure homes managed by Veteran’s Affairs are referred to as VA foreclosures.
Buyers need to be careful purchasing VA foreclosures. The VA does not make repairs on these foreclosed homes. Instead, the buyer is asked to sign a disclosure attesting that they are buying the home “as-is.” However, these government foreclosed homes can sell for as low as 50 percent of comparable market price. This, and the added potential benefit of no closing costs, can empower qualified homebuyers to develop instant equity at the sale.
More importantly, to encourage sales, the VA may finance some of the properties through a financial discount program. Historically, a popular VA sponsored program, which is available only from time to time, is called VA Vendee Financing. This program offers low interest rates and little or no down payment required. A VA foreclosure buyer does not has to be a veteran to qualify for this program.
VA Approved Homes Sale Florida
These previously owned homes are for sale by public auction or other method depending on the property. Anyone can buy a home for sale by the U.S. Government, but you must work with a real estate agent, broker or servicing representative to submit an offer or bid. One of them is the Department of Veterans Affairs (VA), which acquires foreclosed properties. Buyers that are qualified, even non-Veterans will also receive benefit of a VA loan. This allows you to purchase these beautiful homes with no money down. Also, similar to sales of certain Freddie Mac foreclosures, PMI (private mortgage insurance) is not a must for veterans buying VA foreclosures. This can represent a savings of several hundred dollars a month to the average buyer. All other listed homes for sale are available to anyone to purchase, including Veterans who wish to use their VA status eligibility.
How to Buy a VA Foreclosure?
Buying foreclosures from the VA starts by searching foreclosure listings. While the VA owns all VA foreclosures, they usually choose to have the sale of the property managed by a local listing agent. Once you find a VA foreclosure that interests you, the next step is to contact the listing agent in charge of the property.
They will be able to give you the details on the home, arrange for a showing, and provide you with any additional information about the sale. It’s important to have the property assessed by an appraiser before you buy, as well as a contractor if you think the property will need repairs. Knowing how much a home is worth and how much it could cost you in repairs are important parts of determining the home’s true value and the savings you stand to gain on it. Once you’re ready to make an offer, submit your offer to the listing agent. From there they will either accept your offer, or you can negotiate further to get the deal you want.
What about VA Vendee Financing?
The VA offers vendee financing to anyone interested in buying a VA home; if they qualify for the loan. VA home loans are subject to the same restrictions as private mortgages, including requirements for income and credit history, as well as the ability to pay associated property taxes and insurance. However, VA vendee loans are not driven largely by credit score; unlike most other major mortgages, and down payments are often very reasonable. Owner occupant buyers can even qualify for 0% down payment; while those buying the property as an investment can qualify for as low as 5% interest rates. Veterans can apply to the VA to get specially mortgage rates.
For veterans, buying a VA foreclosure can be a fantastic opportunity, because you can reap the benefits of discount foreclosure prices as well as special financing. The best way to learn about what VA can offer you as a VA Foreclosures and Short Sales; you can purchase it using a VA loan as long as the property meets VA requirements.
If you are interesting about getting a VA foreclosure or a VA home loan in Florida. Read the VA Loan Guidelines below:
What a VA Home Loan Offers you?
VA home loans are home mortgages for veterans that the Department of Veterans Affairs (VA) guarantee; and they design them to offset common financial challenges faced by military families and veterans; Also to simplify the approval process with a VA home loan. Eligible servicemembers 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 a significant monthly savings. The VA home loan also offers limitations on buyer’s closing costs, and an appraisal that informs the buyer of the property value. For most loans on new houses, experts inspect the construction at appropriate stages; and experts require a one year warranty from the builder. VA home loans also performs personal loans servicing and offers financial counseling to help veterans having temporary financial difficulties. VA Approved Homes Sale Florida.
So if you’re planning to buy a home in Florida using a VA home loan; a termite inspection is a must. You don’t need heating systems 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 allow you to buy a new construction condo; but the VA has to approve the condo; 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 is a must, to meet a 50 percent presale requirement. VA Approved Homes Sale Florida.
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 Shopping around to Find the best lender who participates in the VA home loan program, and offer 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. VA Approved Homes Sale Florida.
In order to qualify for a VA home loan, you must be an active-duty or member already retired 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 killed in the line of duty or as the result of a service-related disability; may also qualify for a VA home loan. VA Approved Homes Sale Florida.
Note: you are not eligible for a VA home loan financing only based upon Active Duty for Training in the Reserves or National Guard. Under the authority of title 10 U.S code as was the case for the Iraq/Afghanistan; they must activate yu. 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. VA Approved Homes Sale Florida.
How to Get a Certificate of Eligibility (COE)?
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 that the departments of the United States government insure; and the Government National Mortgage Association secure.
To get your COE you have to check the web page of the Department of Veterans Affairs(VA), and find according to your military status the evidence that you need to gather for apply for you COE. You can apply for the COE in several ways, the first one is applying online, for that you have to register in the web page of the Department of Veterans Affairs(VA), and logging your credentials.
The portal will indicated 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. Web LGY can’t process through all cases; only those for which VA has sufficient data in their records. However, Veterans could 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). VA Approved Homes Sale Florida.
Limits of VA Home Loan?
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 property or the purchase price, whichever is less, plus the funding fee. All veterans must qualify for. They’re not automatically eligible for the VA home loan program. VA Approved Homes Sale Florida.
What are The VA Home Loan Advantages?
- NO money down – up to 100% financing nationally.
- 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.
- Secure 15, 30 year fixed rate or adjustable rate terms with no prepayment penalty.
- NO monthly mortgage insurance (PMI) like other home loans. This alone can save home buyers hundreds $ each month on their loan payments.
- The property seller can pay closing costs. 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 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.
- 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”?
The VA defines allowable fees and charges that the veteran applicant can pay; or closing costs that they may charge you to the applicant. These costs are reasonable and customary by each local VA office in Florida. All other costs in the transaction are non-allowable; and generally the seller pays them when you are purchasing a new home; or by the lender when you are refinancing your current VA home loan. VA Approved Homes Sale Florida.
Between the cost that you have to consider; there are the VA Funding fee which you pay 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 you can pay in cash at closing, but most applicants choose to add this cost into their monthly payments); property taxes which generally experts estimate 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 Approved Homes Sale Florida.
VA home loan offers you lower closing cost than other loans, because VA limits closing cost for veterans and allows seller to pay most or all of those expenses. Many of our borrowers purchase a home with no money due at closing. VA Approved Homes Sale Florida.