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VA Home Loan in Miami Fort Lauderdale Florida

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VA Home Loan in Miami Fort Lauderdale Florida

What is a VA Loan in Miami Fort Lauderdale Florida?

VA Home Loan in Miami Fort Lauderdale Florida

VA Home Loan in Miami Fort Lauderdale Florida

The VA Loan in Miami Fort Lauderdale Florida is a mortgage loan in Miami Fort Lauderdale Florida issued by approved lenders and guaranteed by the U.S. Department of Veterans Affairs (VA). The program was created in 1944 by the United States government to help to return service members purchase homes without needing a down payment or excellent credit. This historic benefit program has guaranteed more than 22 million VA loan in Miami Fort Lauderdale Florida to help veterans, active duty military members, and their families purchase homes or refinance their mortgages. VA Home Loan in Miami Fort Lauderdale Florida

Today, the VA Home Loan in Miami Fort Lauderdale Florida program is more important than ever to service members. In recent years, lenders nationwide have tightened their lending requirements in the wake of the housing market collapse, making the VA Loan in Miami Fort Lauderdale Florida a lifeline for military homebuyers, many of whom find difficulty when faced with tough credit standards and down payment requirements.

Like all home loan in Miami Fort Lauderdale Florida, VA Mortgages have considerable details and information to review. We at Veterans United Home Loan in Miami Fort Lauderdale Florida encourage you to use our website’s resources to learn about the specifics of this exclusive home loan in Miami Fort Lauderdale Florida benefit. To get started your VA Home Loan in Miami Fort Lauderdale Florida today, call a Home Loan in Miami Fort Lauderdale Florida or get started online.

VA Loan in Miami Fort Lauderdale Florida vs. Traditional Mortgages

Military homebuyers have access to one of the most unique and powerful loans in Miami Fort Lauderdale Florida programs ever created. See how the VA Loan in Miami Fort Lauderdale Florida compares to a traditional home mortgage:

Regulations and Fees

Although the VA Loan in Miami Fort Lauderdale Florida is a federal program, the government generally does not make a direct loan in Miami Fort Lauderdale Florida to veterans. Instead, private lenders including Veterans United Home Loan in Miami Fort Lauderdale Florida finance the loan in Miami Fort Lauderdale Florida while the Department of Veterans Affairs offers a guaranty.

This guaranty, which protects the lender against total loss should the buyer default, provides an incentive for private lenders to offer loan in Miami Fort Lauderdale Florida with better terms.

Loan in Miami Fort Lauderdale Florida Limits

In most parts of the country, veterans who qualify for the VA Loan in Miami Fort Lauderdale Florida can purchase a home worth up to $424,100 without putting any money down; however, with the 2017 VA Loan in Miami Fort Lauderdale Florida Limits, borrowers in high-cost counties may be able to purchase homes far exceeding that amount without a down payment. To find out the VA Loan in Miami Fort Lauderdale Florida Limit in your area, give us a call toll-free at 1-800-884-5560 or use our online Loan in Miami Fort Lauderdale Florida Limit Calculator.

Funding Fees

The VA Funding Fee goes directly to the VA to ensure the program keeps running for future generations of military homebuyers by removing any additional burdens off taxpayers and veterans. The fee varies depending on the borrower’s circumstances and does not apply to veterans with service-connected disabilities. For example, if this is your first time using the VA Home Loan in Miami Fort Lauderdale Florida Program, the funding fee is typically 2.15 percent of the purchase price of the home. For subsequent use of your VA Loan in Miami Fort Lauderdale Florida benefit, the fee is 3.3 percent.

VA borrowers can roll the funding fee into their overall loan in Miami Fort Lauderdale Florida amount. The VA also limits closing costs for veterans and allows sellers to pay most or all of those expenses. Many of our borrowers purchase a home with no money due at closing.

VA Loan in Miami Fort Lauderdale Florida

Conventional Loan in Miami Fort Lauderdale Florida

 0% Down (for qualified borrowers)

VA Loan in Miami Fort Lauderdale Florida is among the last 0% down the home loan in Miami Fort Lauderdale Florida available on the market today.

Up to 20% Down

Conventional loan in Miami Fort Lauderdale Florida generally require down payments that can reach up to 20% to secure a home loan in Miami Fort Lauderdale Florida, pushing them out of reach for many homebuyers.

 No PMI

Since VA Loan in Miami Fort Lauderdale Florida  is government backed, banks do not require you to buy Private Mortgage Insurance.

PMI Required

Private Mortgage Insurance is a requirement for borrowers who finance more than 80% of their home’s value, taking on additional monthly expenses.

 Competitive Interest Rates

The VA guaranty gives lenders a greater degree of safety and flexibility, which typically means a more competitive rate than a non-VA loan in Miami Fort Lauderdale Florida .

Increased Risk for Lenders

Without government backing, banks are taking on more risk which, in turn, can result in a less competitive interest rate on your home loan in Miami Fort Lauderdale Florida.

 Easier to Qualify

Because the loan in Miami Fort Lauderdale Florida is backed by the government, banks assume less risk and have less stringent qualification standards for VA Loan in Miami Fort Lauderdale Florida, making them easier to obtain.

Standard Qualification Procedures

Conventional options hold stricter qualification procedures that can put homeownership out of reach for some homebuyers.

Top 10 VA Loan in Miami Fort Lauderdale Florida Myths & Facts

VA Home Loan in Miami Fort Lauderdale Florida

VA Home Loan in Miami Fort Lauderdale Florida

VA loan in Miami Fort Lauderdale Florida are a top benefit of military service, and with good reason.  They are the last traditional loan in Miami Fort Lauderdale Florida program to offer 100% financing and refinancing of mortgages and have the most flexible credit guidelines available.  But even though the program has amazing things to offer, many veterans are unaware of the full magnitude of their benefit.  This sad fact can be explained when you think about how much the VA loan in Miami Fort Lauderdale Florida program has changed over the years.  The VA loan in Miami Fort Lauderdale Florida doesn’t have to be difficult to understand, and every American veteran should be able to easily understand the benefits of this loan in Miami Fort Lauderdale Florida.  In an attempt to change the fact that a great benefit to our service men and women is misunderstood and underutilized, here’s an effort to debunk the top 10 myths of the VA loan in Miami Fort Lauderdale Florida:

Myth #1: Veterans only have one chance to use their VA home loan in Miami Fort Lauderdale Florida benefit.

FACT: Veterans can use their benefit multiple times throughout their life.  Actually, there’s no limit!

Myth #2: VA loan in Miami Fort Lauderdale Florida can only be used to buy a house.

Fact: VA loan in Miami Fort Lauderdale Florida can be used to refinance too – up to 100% of the home’s value in some cases!

Myth #3 VA loan in Miami Fort Lauderdale Florida are small and only ideal for starter homes.

FACT: VA loan in Miami Fort Lauderdale Florida are widely available up to $1,000,000!

Myth #4: VA loan in Miami Fort Lauderdale Florida take too long to process and close

VA loan in Miami Fort Lauderdale Florida can close fast!  Quicken Loan in Miami Fort Lauderdale Florida processes VA loan in Miami Fort Lauderdale Florida in the same timeframe as another loan in Miami Fort Lauderdale Florida types.

Myth #5: It’s too difficult to qualify for a government program.

FACT: In some ways – VA loan in Miami Fort Lauderdale Florida are EASIER to qualify for.   Numerous underwriting accommodations are made for veterans buying or refinancing a home with a VA loan in Miami Fort Lauderdale Florida.

Myth #6: VA loan in Miami Fort Lauderdale Florida are too expensive with the upfront Funding Fee.

FACT: Actually, when you do the math, a VA loan in Miami Fort Lauderdale Florida is often cheaper than FHA and Conventional loan in Miami Fort Lauderdale Florida!

Myth #7: Vets have to be discharged or retired to use their VA loan in Miami Fort Lauderdale Florida benefit.

FACT: Active service members get full access to the VA mortgage benefit too!

Myth #8: Members of the Reserves or National Guard are not eligible.

FACT: Members of the Reserves or National Guard are eligible too after 6 years of honorable service!

Myth #9: Vets who are serving away from home or overseas can’t get a loan in Miami Fort Lauderdale Florida until they can return to occupy the property.

FACT: Military men and women who are away on active duty can obtain a VA loan in Miami Fort Lauderdale Florida if they intend to return home within a year or have a spouse who will occupy the property in the interim.

Myth #10: Widows or Widowers of Vets are not eligible for the VA loan in Miami Fort Lauderdale Florida benefit.

FACT: Widows of fallen veterans who died on active duty or as a result of a service-connected disability are eligible for the benefits of a VA loan in Miami Fort Lauderdale Florida.

VA loan in Miami Fort Lauderdale Florida is an excellent way for veterans to purchase a home or refinance.  If you’re a veteran, talk to a Home Loan in Miami Fort Lauderdale Florida Expert today to find out how much you could save with a VA loan in Miami Fort Lauderdale Florida.

VA Loan in Miami Fort Lauderdale Florida Eligibility Guidelines

VA Home Loan in Miami Fort Lauderdale Florida has helped more than 21 million veterans, service members, and surviving spouses achieve the dream of homeownership. This benefit – most praised by homebuyers for offering $0 down, low rates and removing the added cost of mortgage insurance – is made possible by the Department of Veterans Affairs guaranteeing a portion of each loan in Miami Fort Lauderdale Florida in the case of default.

Veterans who are eligible for a VA loan in Miami Fort Lauderdale Florida have what is referred to as VA Loan in Miami Fort Lauderdale Florida entitlement, which is a specific amount that the Department of Veterans Affairs promises to guarantee.

This entitlement is what gives lenders the confidence to extend VA Loan in Miami Fort Lauderdale Florida financing with exceptional rates and terms. However, to be eligible for the VA Loan in Miami Fort Lauderdale Florida, potential homebuyers must first meet the basic service requirements.

VA Loan in Miami Fort Lauderdale Florida service Requirements

Service requirements fall into two categories: wartime and peacetime. Potential homebuyers must satisfy only one of the service requirements set forth by the Department of Veterans Affairs to be eligible for a VA Loan in Miami Fort Lauderdale Florida.

These service requirements state that veterans who served during wartime must have been on active duty for at least 90 consecutive days. Conversely, those who served during peacetime must have served a minimum of 181 days. Veterans of the National Guard or Reserves must have served for at least six years unless otherwise eligible.

Spouses of service members who died in the line of duty, or as the result of a service related disability, may also be eligible. Learn more about VA Loan in Miami Fort Lauderdale Florida and surviving spouses here.

To verify VA Home Loan in Miami Fort Lauderdale Florida eligibility, it is best to consult a VA Loan in Miami Fort Lauderdale Florida specialist.

VA Loan in Miami Fort Lauderdale Florida Certificate of Eligibility

Applicants that meet the basic service requirements will also need to acquire a Certificate of Eligibility (COE). VA approved lenders use the COE to verify your eligibility for a home loan in Miami Fort Lauderdale Florida benefits; however, you do not need your COE to start the VA Loan in Miami Fort Lauderdale Florida process – or even to determine eligibility – your VA-approved lender will help you with this.

Homebuyers can obtain their Certificate of Eligibility through a VA-approved lender using the Web LGY system, the portal on the Department of Veterans Affairs website, or through the mail using VA Form 26-1880, Request for a Certificate of Eligibility for Home Loan in Miami Fort Lauderdale Florida Benefits. This document is available for download and print online on the VA’s website.

However, according to the VA, veterans are encouraged to ask their lender about the Web LGY system – an internet-based application that allows approved lenders to access your Certificate of Eligibility in seconds.

VA Loan in Miami Fort Lauderdale Florida Property Requirements

Residences come in all shapes and sizes, from townhomes, condominiums to single-family homes. And, while the types of dwellings differ greatly, potential homeowners using a VA Loan in Miami Fort Lauderdale Florida will need to focus on a select group in order to receive their final approval.

Single-family homes are the standard when pertaining to the VA Loan in Miami Fort Lauderdale Florida; however, many other types of housing can also win VA Loan in Miami Fort Lauderdale Florida approval, including condominiums, townhomes, modular homes, new construction and manufactured homes. VA Home Loan in Miami Fort Lauderdale Florida

Condominiums and townhomes broadly meet VA Loan in Miami Fort Lauderdale Florida requirements; however, not every condo or townhome is eligible. For a condominium to be eligible, the entire complex must meet VA approval before a buyer can obtain financing for their desired unit. To determine if the potential complex is eligible, the VA provides this interactive list of approved complexes. VA Home Loan in Miami Fort Lauderdale Florida

Modular homes, which are prefabricated in a factory – or secondary location – and assembled on the homeowner’s property by a licensed contractor, are eligible for the VA Loan in Miami Fort Lauderdale Florida. New construction is also possible with a VA Home Loan in Miami Fort Lauderdale Florida.

Manufactured homes, or mobile homes, may be eligible; however, finding a lender to financing this type of home is very difficult. Manufactured homes are considered a depreciating property, which many lenders hesitate to take a chance on.

VA Loan in Miami Fort Lauderdale Florida Credit and Income Eligibility

Interested homebuyers must meet basic credit and income requirements. The Department of Veterans Affairs does not impose a credit score minimum, but most lenders will look for a credit score of 620 or greater to obtain home financing.

As for income, the VA works to protect homebuyers by ensuring that they can afford the mortgage they are applying for. One way this is done is through your debt-to-income ratio – or the ratio of you total monthly debt to gross monthly income.

The VA uses a DTI benchmark of 41 percent, which is higher than what you’ll find with conventional and even FHA financing. In general, those with a higher DTI are at an increased risk of monthly expenses outweighing their income. This can be seen as a warning sign of default for lenders.

Although the VA requires a 41 percent DTI ratio, lenders may allow for higher DTI ratio.

VA Loan in Miami Fort Lauderdale Florida Entitlement

VA Loan in Miami Fort Lauderdale Florida are for first-time and repeat homebuyers alike; meaning, if you used a VA Loan in Miami Fort Lauderdale Florida in the past, you still may be eligible for a subsequent VA Home Loan in Miami Fort Lauderdale Florida.

It’s also possible for qualified borrowers to have more than one VA loan in Miami Fort Lauderdale Florida at the same time. Veterans and service members who have lost a previous VA loan in Miami Fort Lauderdale Florida to foreclosure may also be able to obtain another using any remaining second-tier entitlement. VA Home Loan in Miami Fort Lauderdale Florida

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