VA loan are home mortgages for veterans guaranteed by the Department of Veterans Affairs (VA) and designed to 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 loans, 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 property value. Furthermore, for most loans on new houses, construction is inspected at appropriate stages, and a one-year warranty is required from the builder. VA loans also perform personal loans servicing and offer financial counseling to help veterans having temporary financial difficulties.
Florida is a beautiful state with cities like Miami Fort Lauderdale which have a lot to offer, especially for veterans who want to buy a home through the VA loan program.
Furthermore 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.
Consequently, the veteran population of Miami Fort Lauderdale Florida is roughly 1.5 million, ranking it with California and Texas as the states with the highest concentration of veterans. 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”. Additionally, for many people, living in Miami Fort Lauderdale 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 Fort Lauderdale, Miami, Orlando and Tampa. Therefore, all these make Florida the perfect place for a VA loan home purchase.
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 the state of Florida. They include:
- Atlantic Undersea Test and Evaluation Center (AUTEC). VA Loan Miami Fort Lauderdale Florida
- Blount Island Command. VA Loan Miami Fort Lauderdale Florida
- Camp Blanding. VA Loan Miami Fort Lauderdale Florida
- Corry Station Naval Technical Training Center. VA Loan Miami Fort Lauderdale Florida
- Eglin Air Force Base. VA Loan Miami Fort Lauderdale Florida
- Hurlburt Field. VA Loan Miami Fort Lauderdale Florida
- Integrated Support Command (ISC) Miami. VA Loan Miami Fort Lauderdale Florida
- MacDill Air Force Base. VA Loan Miami Fort Lauderdale Florida
- Naval Support Activity Panama City. VA Loan Miami Fort Lauderdale Florida
- Naval Warfare Center. VA Loan Miami Fort Lauderdale Florida
- Naval Air Station Jacksonville. VA Loan Miami Fort Lauderdale Florida
- Naval Air Station Key West. VA Loan Miami Fort Lauderdale Florida
- Naval Air Station Pensacola. VA Loan Miami Fort Lauderdale Florida
- Naval Air Station Whiting Field. VA Loan Miami Fort Lauderdale Florida
- Naval Station Mayport. VA Loan Miami Fort Lauderdale Florida
- Naval Hospital Jacksonville. VA Loan Miami Fort Lauderdale Florida
- Patrick Air Force Base. VA Loan Miami Fort Lauderdale Florida
- Tyndall Air Force Base. VA Loan Miami Fort Lauderdale Florida
- USCG Air Station Clearwater. VA Loan Miami Fort Lauderdale Florida
- USCG Auxiliary 7th District. VA Loan Miami Fort Lauderdale Florida
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.
The cost of living in the Sunshine State is 1.3 percent lower than that of the national Average.
Furthermore, the unemployment rate of 5.7 percent is also below the American average, and the state has experienced job growth of over three percent.
Miami Fort Lauderdale 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. Additionally, if you’re planning to buy a home in Miami Fort Lauderdale Florida using a VA home loan, a termite inspection is required. Consequently, heating systems are not required 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. Furthermore, buying a new construction condo is permitted, but the condo has to be approved by the VA and the borrower can’t receive a gift, grant, down payment assistance or a loan from a family member to cover closing costs. Additionally, attached new construction PUDs are also required to meet a 50 percent pre-sale requirement.
How Can I Get a VA Loan Miami Fort Lauderdale Florida?
To get a VA 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 loan in Miami Fort Lauderdale Florida. Second, you need to Shopping around to Find the best lender who participates in the VA mortgage loan program and offer you great mortgage loan terms and lower closing cost. Third get your Certificate of Eligibility from the VA to prove that you are eligible for a VA mortgage loan. And finally apply for your VA mortgage loan; furthermore, your VA lender will work with you to complete your financial process.
Who is Eligible for a loan Miami Fort Lauderdale Florida?
In order to qualify for a VA Loan in Miami Fort Lauderdale Florida, you must be an active-duty or retired member 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. Consequently, the spouse of a service member killed in the line of duty or as the result of a service-related disability may also qualify for a VA loan.
Note: you are not eligible for a VA loan financing only based upon Active Duty for Training in the Reserves or National Guard. Therefore, you must have been activated 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. Additionally, during periods of war, active personnel must have served for at least 90 days to qualify for a VA loan.
How I Get my Certificate of Eligibility (COE) Miami Fort Lauderdale Florida?
VA loan applicants in Miami Fort Lauderdale Florida must present a certificate of eligibility, which establishes their record of military service, to the lender. Furthermore VA loans, FHA loans and other loans insured by departments of the United States government are securitized 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 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. Consequently, 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.
Furthermore, this Internet-based application can establish eligibility and issue an online COE in a matter of seconds. Web LGY does not process all; only those for which VA has sufficient data in their records. However, Veterans are encouraged to ask their lenders about this method of obtaining a certificate. Additionally, the third one is applying by mail; all the formats are in the web page of the Department of Veterans Affairs (VA).
Va Loans Benefits Miami Fort Lauderdale Florida
- No money down – up to 100% financing nationally. Miami Fort Lauderdale Florida
- Low VA loan interest rates set by approved lenders, banks, and mortgage brokers. VA loan rates are often times lower than conventional, FHA or USDA loan programs. In fact, VA loan interest rates are some of the lowest rates available today. Miami Fort Lauderdale Florida
- Secure 15, 30 year fixed rate or adjustable rate terms with no prepayment penalty. Miami Fort Lauderdale Florida
- NO monthly mortgage insurance (PMI) like other home loans. This alone can save home buyers hundreds $ each month on their loan payments. Miami Fort Lauderdale Florida
- The property seller can pay closing costs. This limits buyers out of pocket money needed to close. Miami Fort Lauderdale Florida
- Minimal assets required to qualify. Miami Fort Lauderdale Florida
- Qualifying with a low credit score is possible. Current min is 620. Miami Fort Lauderdale Florida
- Eligible Vets can use their VA loan benefits multiple times. Miami Fort Lauderdale Florida
- VA home loans are for ANY new or existing home. Please note we currently do not permit mobile homes. Miami Fort Lauderdale Florida
- VA loans offer you other housing-related programs to help you buy, build, repair, retain, or adapt your own home for your personal occupancy. Miami Fort Lauderdale Florida
- For Native American veterans the program Native American Direct Loan (NADL) program reduce the interest rate on a VA loan. Miami Fort Lauderdale Florida
- After you obtain a VA 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. Miami Fort Lauderdale Florida
WHAT IS THE VA LOAN COST Miami Fort Lauderdale Florida?
The VA defines allowable fees and charges that the VA loan applicant can pay or closing costs charged to the applicant. Furthermore, each local VA office determines these costs as reasonable and customary. Additionally, all other costs in the transaction are non-allowable. Additionally, generally the seller pays them when purchasing a new home; or the lender does when refinancing your current VA mortgage.
Between the cost that you have to consider, are the VA Funding fees. You pay them to the VA loan to help fund the program. Furthermore, they vary depending on type of service, loan amount, down payment and subsequent VA Loan usage. You can pay it in cash at closing, but most applicants choose to add this cost into their monthly payments. Additionally, the property taxes which are 1.2% of the home’s value. Although they may vary depending on your location. Annual homeowner’s insurance is roughly 0.35% of the home’s value but can change depending on the insurer.
How to Choose a VA Lender Miami Fort Lauderdale Florida?
Choose a VA lending institution in Miami Fort Lauderdale Florida that can manage your VA home loan. A lender can help you review your credit history and determine how much of a VA loan you can qualify for. 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 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.