VA Loan in Jacksonville Miami Fort Lauderdale Florida
What Is a VA Loan?
A VA loan in Jacksonville Miami Fort Lauderdale Florida is a mortgage loan in Jacksonville Miami Fort Lauderdale Florida that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. While the VA does not lend money for VA loans, it backs loans made by private lenders (banks, savings, and loans, or mortgage companies) to veterans, active military personnel, and military spouses who qualify.
There are three types of VA loans: purchase loans, interest rate reduction refinance loans (or IRRRL, also referred to as a VA streamline refinance loan), and cash-out refinance loans. There are many benefits to a VA loan, but one of biggest benefits is that no down payment is needed to purchase a home. This can make home ownership a reality for active military or veterans who might otherwise not be able to afford it.
Who Is Eligible for VA Loans?
VA loans are designed for military personnel, veterans, and military families. The list of those who are eligible for this home-buying military benefit include:
- Active-duty personnel
- Reserve members
- National Guard members
- Some surviving spouses
- You must also have suitable credit, sufficient income, and a valid Certificate of Eligibility (COE). And you must use the home for your own personal occupancy. Still unsure if you’re eligible? Check the Department of Veterans Affairs website for a detailed list of eligibility requirements for military service members, veterans, and military spouses.
What Are the Benefits?
The VA loan in Jacksonville Miami Fort Lauderdale Florida program offers some of the most attractive and flexible loans available, and they are exclusively for military personnel, veterans, and their families. Perhaps the two biggest benefits that make these loans more affordable than a typical loan in Jacksonville Miami Fort Lauderdale Florida are that the borrower typically does not need to make a down payment, and there is no private mortgage insurance (PMI) requirement.
Here’s a look at the complete list of benefits, as taken directly from the Veterans Affairs site:
- No down payment required (unless required by the lender or the purchase price is more than the reasonable value of the property).
- Negotiable and competitive interest rate.
- Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
- VA rules limit the amount you can be charged for closing costs.
- Closing costs are comparable with other financing types (and maybe lower).
- Closing costs may be paid by the seller.
- No private mortgage insurance premiums are required.
- An assumable mortgage.
- Right to prepay your mortgage without penalty.
- For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain the cooperation of builder.
- VA assistance to veteran borrowers in default due to temporary financial difficulty.
How Can Veterans & Military Personnel Get VA Loans?
Veterans, active military personnel, and military families can follow these steps to get a VA loan:
Make sure you are eligible for a VA loan. Check the VA website for a detailed list of eligibility requirements for military service members, veterans, and military spouses.
Find a lender that participates in the VA home loan in Jacksonville Miami Fort Lauderdale Florida program. You can find a VA lender in your area here.
Get a Certificate of Eligibility from the VA to prove you are eligible for a VA loan. Learn how to get a Certificate of Eligibility here. Or, your lender can request one on your behalf.
Apply for your VA loan. Your VA lender will work with you to complete the steps needed to finance your home.
How Big of a VA Loan in Jacksonville Miami Fort Lauderdale Florida Can Veterans & Military Personnel Get?
According to the VA, there is “no maximum that an eligible veteran may borrow using a VA-guaranteed loan.” However, there are county limits that must be used to calculate the VA’s maximum guaranty amount for a particular county. In other words, there’s no limit to how much you can spend on your new home with a VA loan, but the VA has limits on how much liability it will assume, which can affect the amount of money your lender will let you borrow.
Generally, eligible veterans or military personnel can get loans up to $417,000 with no money down. But that number can be much higher in certain counties that have a higher cost of living. Review the list of county limits for VA loans here.
How to Find a VA Lender?
There are many ways for veterans and military personnel to find a VA lender, such as getting recommendations from friends or searching on the VA website. And just like conventional loans, it can pay to shop around and talk to several different lenders.
VA Loan in Jacksonville Miami Fort Lauderdale Florida Features
- Available to Veterans, Active Military, Surviving spouse of Veteran
- No monthly PMI – helps keep payments low
- No money down to $417,000 – some areas up to $625,500!
- VA Jumbo loans to $1,000,000 with low down payment
- You can have two VA loans at once – Bonus Entitlement
- VA waives the funding fee for disabled Vets
- Flexible guidelines including credit scores to 600
- Low fixed and adjustable rates – choose which works for you
- VA streamlined refinancing for rate and/or term reduction – IRRRL
- Cash out refinancing to pay off a non-VA mortgage and other items
- Seller can pay all closing costs and even a Veteran’s debts or existing lease
- Disabled Veteran Discounts Can Buy a Home Cheaper
- Disabled Veterans can save $ thousands on VA mortgages and other areas as well. First of all, the Department of Veteran Affairs waives the VA Funding Fee for Veterans 10% or more disabled. So what does that mean? VA financing requires a VA funding fee which ranges from 1.25% – 3.3% depending on several factors. Except for disabled Vets!
In addition to saving on the funding fee, qualifying disabled Veterans may get a tax break as well. Each state has differing programs, though. Veterans with a 100% service connected disability may apply for complete exemption from property taxes. Free taxes! Then across the line, disabled Veterans may apply for one of the Property Tax Relief programs. These are discounts rather than exemptions. Either way, just another way to save money.
How to get started on a VA loan?
With Team Move, you will experience expertise and attention to detail. Our process towards closing your VA mortgage starts with an application. The application may be on the phone, online, or face to face. Whichever works best for you. We also work around your military schedule. So let us know if you prefer a call or meeting before or after hours. During the application, we discuss your goals and scenario. Next, our clients will receive a quick & accurate pre-qualification, a detailed list of items needed which is tailored to our client’s situation, and a breakdown of a VA loan in Jacksonville Miami Fort Lauderdale Florida payment and costs.
Don’t have your Certificate of Eligibility or DD214? Let us help you! Our processing staff is experts at obtaining the Certificate of Eligibility or even a duplicate DD214 if needed. We will provide updates in writing throughout the process, will explain the VA loan in Jacksonville Miami Fort Lauderdale Florida in detail, and finally, your loan in Jacksonville Miami Fort Lauderdale Florida officer will attend the closing offering, once again, the support that you deserve. This is our promise to you, our respected military!
VA IRRRL – Streamline Refinance of a VA loan
Homeowners with a current VA loan in Jacksonville Miami Fort Lauderdale Florida may refinance to a lower rate or term with a VA IRRRL. IRRRL stands for Interest Rate Reduction Refinance and it is a streamlined process too. This VA refinance will often allow for a Veteran or servicemember to remove a divorced spouse. Ask us how. There is no income verification nor an appraisal most of the time! Therefore, with rates being so low now, check with us to see if a refinance makes sense.
Do I Qualify for a VA Home Loan?
While there are far fewer restrictions for qualifying for a VA loan in Jacksonville Miami Fort Lauderdale Florida in comparison to another loan in Jacksonville Miami Fort Lauderdale Florida options, there still are a few stipulations. To decide if you will qualify for a VA loan, ask yourself these three questions:
Are you a current or ex-military personnel, or a surviving spouse of one?
Do you have no past record of the loan in Jacksonville Miami Fort Lauderdale Florida defaults within the last 12 months?
Have you not declared bankruptcy within the last two years?
If you answered “yes” to all three of these questions, chances are that you qualify for a VA loan. Contact one of our home purchase experts at 1-866-934-7283 or apply online to get started.
Why Should I Get A VA Loan?
VA loans are fully backed by the government and offer a variety of advantages for your home purchase or mortgage refinance. Here are some advantages of VA Loans:
No Money Down
With a VA home loan, you don’t have to include a down payment if you can’t afford to, unlike conventional loans which typically require at least 10-20% down.
No Private Mortgage Insurance (PMI)
Typically, private mortgage insurance (or PMI) normally adds 0.2-0.9% of expenses to your monthly mortgage payments when you put less than 20% down. With a VA loan, you’re not required to have PMI, saving you more money on your home loan.
As we mentioned above, VA loans come with fewer restrictions, making it easier for you to qualify for one. With a VA loan, you’re allowed a higher debt-to-income ratio and have more leniency with your credit score.
Due to the VA Streamline Refinance Loan in Jacksonville Miami Fort Lauderdale Florida Program, you are able to refinance your VA loan in Jacksonville Miami Fort Lauderdale Florida to a lower rate with less funding fees than a regular refinance.
Why Get Your VA Loan in Jacksonville Miami Fort Lauderdale Florida with Guaranteed Rate?
Growing 340 percent in the past five years, some of the worst times for the housing industry proves that Guaranteed Rate’s objective of providing low rates while staying customer-focused leads to more home loans and happier clients. In fact, we maintain a customer satisfaction rating of 95 percent.
What Types of VA Business Loans Are Available?
There are two types of VA loans available. First, there is the Patriot Express Pilot Loan in Jacksonville Miami Fort Lauderdale Florida Initiative. This program was set to expire in 2010 but was so successful that it was extended through 2013. The SBA also provides counseling and training to go along with this loan in Jacksonville Miami Fort Lauderdale Florida and the program has been very successful.
The second type of business loan in Jacksonville Miami Fort Lauderdale Florida is the Military Reservist Economic Injury Disaster Loan in Jacksonville Miami Fort Lauderdale Florida (MREIDL). This loan in Jacksonville Miami Fort Lauderdale Florida is to provide working capital to businesses that could have met their obligations and continued to meet their obligations had their principal owner not been called up for military service.