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VA Loan mortgage in Miami Fort Lauderdale Florida

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VA Loan mortgage in Miami Fort Lauderdale Florida

VA Loan mortgage in Miami Fort Lauderdale Florida

VA Loan mortgage in Miami Fort Lauderdale Florida

VA loan mortgage in Miami Fort Lauderdale Florida has a variety of uses and flexible options that make them very attractive for first-time homebuyers. But not every VA loan mortgage in Miami Fort Lauderdale Florida is a traditional home purchase; some buyers have unique needs that require additional consideration. A second mortgage in Miami Fort Lauderdale Florida, also known as secondary borrowing, is one option some qualified VA loan mortgage in Miami Fort Lauderdale Florida applicants may consider. VA Loan mortgage in Miami Fort Lauderdale Florida

For this discussion, we’ll follow the Department of Veterans Affairs definition of secondary borrowing, which the VA Lender’s Guide says is:

“…the veteran obtaining a second mortgage in Miami Fort Lauderdale Florida simultaneously with a VA-guaranteed first mortgage in Miami Fort Lauderdale Florida, both secured by the same property.”

The VA allows secondary borrowing under specific circumstances. It’s not an “all comers” loan mortgage in Miami Fort Lauderdale Florida option because of the additional financial burden the second mortgage in Miami Fort Lauderdale Florida can put on the homeowner, but the VA will allow such loan mortgage in Miami Fort Lauderdale Florida applications when “the veteran is not placed in a substantially worse position than if the entire amount borrowed had been guaranteed by VA.”

The VA puts additional restrictions on the transaction by requiring documentation about the second loan mortgage in Miami Fort Lauderdale Florida to include the amount and repayment terms.

Second mortgage in Miami Fort Lauderdale Florida in these cases must be subordinate to the VA home loan mortgage in Miami Fort Lauderdale Florida, in what the VA describes as the “junior lien position relative to the VA loan mortgage in Miami Fort Lauderdale Florida.” When applying for the second mortgage in Miami Fort Lauderdale Florida, the VA rules allow interest rates on the junior lien to be higher than the VA guaranteed loan mortgage in Miami Fort Lauderdale Florida, but interest rates on the second mortgage in Miami Fort Lauderdale Florida may not exceed industry standards.

There are also rules on assumably. The VA does not approve of second mortgage in Miami Fort Lauderdale Florida that prevent the borrower from selling the home or having the loan mortgage in Miami Fort Lauderdale Florida assumed. VA regulations allow the home to be sold or have the loan mortgage in Miami Fort Lauderdale Florida assumed by any credit-worthy buyer; the rule of thumb here is that the second mortgage in Miami Fort Lauderdale Florida shouldn’t restrict the owner from selling any more than VA rules covering the first mortgage in Miami Fort Lauderdale Florida.

First and Second

Financing a home using a VA mortgage in Miami Fort Lauderdale Florida typically means there’s no down payment at the settlement table. If the buyer did want to put down a sizable down payment, then the VA home loan mortgage in Miami Fort Lauderdale Florida may not be the best choice. Zero down is a huge benefit for veterans saving money at the closing table but that also means it will take some time for equity to build. As each mortgage in Miami Fort Lauderdale Florida, payment is made a portion of the loan mortgage in Miami Fort Lauderdale Florida balance is paid down and the property can also appreciate in value. That also means cash out refinancing with a VA loan mortgage in Miami Fort Lauderdale Florida isn’t all that common as most VA lender limit the cash out loan mortgage in Miami Fort Lauderdale Florida to 90 percent of the current value. But there can also be other liens on the property in addition to the VA loan mortgage in Miami Fort Lauderdale Florida. How can that be?

A common lien is a second mortgage in Miami Fort Lauderdale Florida used for home improvements or an addition. Maybe the owners financed a kitchen remodel with a $20,000 home improvement loan mortgage in Miami Fort Lauderdale Florida. Some banks may offer a home equity line of credit which will also be in a second position behind the first mortgage in Miami Fort Lauderdale Florida. There also times when certain borrowers work with the IRS with an installment plan to pay off back taxes. In this instance, the IRS will also file a lien until the taxes are paid and the lien released.

What happens if the owners want to refinance their existing VA mortgage in Miami Fort Lauderdale Florida with a subordinate lien? The second lien holder must agree to remain in a subordinate position by signing a document called, appropriately enough, a subordination agreement. The agreement guarantees the VA lender will remain in the first position. When the home is ever sold, it is the first mortgage in Miami Fort Lauderdale Florida that gets paid first and any remaining liens after that.

When trying to decide which is better, second mortgage in Miami Fort Lauderdale Florida vs. home equity loan mortgage in Miami Fort Lauderdale Florida, you will need to keep in mind what you will be using the loan mortgage in Miami Fort Lauderdale Florida for, because there are differences in the interest rates and how and when they are paid off.

Second Mortgage in Miami Fort Lauderdale Florida

VA Loan mortgage in Miami Fort Lauderdale Florida

VA Loan mortgage in Miami Fort Lauderdale Florida

A second mortgage in Miami Fort Lauderdale Florida is a lump sum loan mortgage in Miami Fort Lauderdale Florida amortized like your first mortgage in Miami Fort Lauderdale Florida. It is simply a second loan mortgage in Miami Fort Lauderdale Florida behind your first mortgage in Miami Fort Lauderdale Florida and the closing costs are generally lower than they were on your first. This type of loan mortgage in Miami Fort Lauderdale Florida is similar to your first mortgage in Miami Fort Lauderdale Florida when it comes to the interest rate and offers a fixed rate. It can be used for one-time purchases, such as a large home improvement project or the restructuring of your debt. The interest rate is usually higher than the rate on your first mortgage in Miami Fort Lauderdale Florida, but the qualification process isn’t as daunting as when you first purchased your home. You will need to document your income and your credit must be good in order to qualify for this type of loan mortgage in Miami Fort Lauderdale Florida, but beware of loan mortgage in Miami Fort Lauderdale Florida offering zero or no-equity that allow you to borrow up to 125 percent of the home’s value. The zero and no-equity types of loan mortgage in Miami Fort Lauderdale Florida tend to have stricter qualifying standards and the interest rate will be higher.

Home Equity Loan mortgage in Miami Fort Lauderdale Florida

A home equity loan mortgage in Miami Fort Lauderdale Florida, otherwise known as a home equity line of credit (HELOC), will offer an adjustable rate of interest and is used for purchases over time, such as college tuition payments or multiple home improvement projects. Often, you will find that a second mortgage in Miami Fort Lauderdale Florida is referred to as a home equity loan mortgage in Miami Fort Lauderdale Florida, which can cause confusion as to which type of loan mortgage in Miami Fort Lauderdale Florida you obtain. Be aware of this terminology and read the fine print if it is truly a second mortgage in Miami Fort Lauderdale Florida you want rather than a line of credit. The HELOC loan mortgage in Miami Fort Lauderdale Florida offers a variable rate of interest, continuous use of funds, and future amortization. Often, you will be given a credit card to access the funds of an HELOC and there will be a limit to how much you can use, depending on your qualification and the property value of your home.

Which Is Better?

Both types of loan mortgage in Miami Fort Lauderdale Florida can reduce your debt, and a second mortgage in Miami Fort Lauderdale Florida interest is tax deductible. When considering any type of the second mortgage in Miami Fort Lauderdale Florida or home equity loan mortgage in Miami Fort Lauderdale Florida, take into careful consideration the amount you need because you do not want to deplete all of your home’s equity. Also, be sure that the combination of the two loan mortgage in Miami Fort Lauderdale Florida does not go beyond 90 or 95 percent of your home’s value because when you decide to sell your home, you will want the debt you have accrued covered by the sale of your home.

Both loan mortgage in Miami Fort Lauderdale Florida will have a payment plan attached to them, and the term will depend on which you choose. The HELOC offering future amortization will be due at the end of the predetermined period. Consider what your needs are, and then shop around to find the lender best suited for you.

Consider your goals

Do you want to buy a vacation home that will one day become the place you retire to, and perhaps even pass on to your children?

Purchasing a second home may come with perks, like potential tax write-offs, depending on how you use it. A second home for vacations is very different from an investment property that you buy to generate income. That difference can affect your finances in a number of ways, including the taxes you will owe on the property and the type of insurance coverage you will need.

Run the numbers

First things first: Consider whether you can afford to take on a second home mortgage in Miami Fort Lauderdale Florida. Do you have a stable income and the financial cushion you’ll need? You should also be aware of the additional expenses of owning a second home, such as insurance, maintenance, repairs, furnishings and property-management fees.

Your state and federal tax rates (and how much of those taxes you can deduct) are largely dependent on the type of property you buy and how you use it. Consult a tax professional for guidance on the tax implications of a second home purchase.

Understand your mortgage in Miami Fort Lauderdale Florida options

A professional loan mortgage in Miami Fort Lauderdale Florida officer can help you better understand the costs of purchasing a second home and the loan mortgage in Miami Fort Lauderdale Florida options available to you. You can also get prequalified or preapproved for a loan mortgage in Miami Fort Lauderdale Florida before you start looking at properties.

Your lender will look at your current financial situation and the property you want to purchase, and advise you on what type of loan mortgage in Miami Fort Lauderdale Florida you may be eligible for. (If you are a Bank of America Preferred Rewards customer, you may qualify for discounts on a mortgage in Miami Fort Lauderdale Florida loan mortgage in Miami Fort Lauderdale Florida origination fees.)

When assessing your finances, your lender will pay particular attention to your debt-to-income ratio. Lenders generally want your debt (including the potential new mortgage in Miami Fort Lauderdale Florida) to represent no more than 36 percent of your monthly pre-tax income.

Your lender will also consider the loan mortgage in Miami Fort Lauderdale Florida-to-value ratio of the home you’re considering. Loan mortgage in Miami Fort Lauderdale Florida available for vacation homes tends to be more conservative than those for primary residences. Better loan mortgage in Miami Fort Lauderdale Florida rates is usually offered for lower loan mortgage in Miami Fort Lauderdale Florida-to-value ratios.

For jumbo loan mortgage in Miami Fort Lauderdale Florida on a second home, lenders usually require a larger down payment of 20 percent or more.

Moving ahead

Buying a second home can be a complicated process and may take some time, but with forethought, preparation and the help of experts like your local loan mortgage in Miami Fort Lauderdale Florida officer, you can make an informed decision that’s appropriate for your situation.

It’s a big decision to join the military. Members of the Armed Forces face a slew of risks to their physical safety and psychological well-being. They make many trade-offs in their personal lives as well, from frequent moves to new towns around the United States to overseas deployments that challenge even the strongest families.

To help offset personal sacrifices, Armed Forces personnel enjoy many direct and indirect financial benefits.

If you’re a current or former member of the Armed Forces and you’re weighing whether to buy a home, there’s one benefits you need to know more about: the VA loan mortgage in Miami Fort Lauderdale Florida. Read on to learn how you can save thousands of dollars as a homeowner.

What Is a VA Loan mortgage in Miami Fort Lauderdale Florida?

According to the U.S. Department of Veterans Affairs, a VA loan mortgage in Miami Fort Lauderdale Florida is “a home loan mortgage in Miami Fort Lauderdale Florida guaranty benefit…to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.” It’s one of the best financial benefits members of the military can receive.

VA Loan mortgage in Miami Fort Lauderdale Florida Basics

Like conventional mortgage in Miami Fort Lauderdale Florida, most VA loan mortgage in Miami Fort Lauderdale Florida are issued by private lenders. However, they’re backed (in most cases, up to $417,000 in loan mortgage in Miami Fort Lauderdale Florida value) by the full faith and credit of the U.S. Federal Government.

That guarantee reduces the risk for lenders and allows them to offer more favorable terms, potentially including lower interest rates and a private mortgage in Miami Fort Lauderdale Florida insurance (PMI) waiver on loan mortgage in Miami Fort Lauderdale Florida with loan mortgage in Miami Fort Lauderdale Florida-to-value (LTV) ratios higher than 80%.

It also allows lenders to originate VA purchase loan mortgage in Miami Fort Lauderdale Florida with no down payment required – putting homeownership within reach for service members with limited personal savings. Conventional loan mortgage in Miami Fort Lauderdale Florida require down payments – commonly up to 20% of the property’s value. Another homeowner-friendly loan mortgage in Miami Fort Lauderdale Florida types, such as FHA loan mortgage in Miami Fort Lauderdale Florida, also requires money down.

History of the VA Loan mortgage in Miami Fort Lauderdale Florida Program

The Federal Government has guaranteed housing loan mortgage in Miami Fort Lauderdale Florida to veterans since 1944 when Congress passed the Servicemen’s Readjustment Act (SRA). The SRA authorized the VA to guarantee home loan mortgage in Miami Fort Lauderdale Florida made by qualified lenders.

Initially, this authorization only covered loan mortgage in Miami Fort Lauderdale Florida made to veterans purchasing non-modular homes. In 1970, Congress amended the SRA to cover loan mortgage in Miami Fort Lauderdale Florida made on mobile homes. In 1992, the law was further expanded to virtually all active duty and honorably discharged Armed Forces veterans, as well as Army Reserve and National Guard members who served with honor for at least six years. In some cases, service members’ former spouses are eligible for VA loan mortgage in Miami Fort Lauderdale Florida guarantees too.

The SRA provides other financial benefits and protections for certain service member classes, including a hard cap of 6% on a mortgage in Miami Fort Lauderdale Florida interest rates during active duty.

Types of VA Loan mortgage in Miami Fort Lauderdale Florida and Grants

 

VA loan mortgage in Miami Fort Lauderdale Florida and financial grants come in several flavors:

  • Purchase Loan mortgage in Miami Fort Lauderdale Florida: A purchase loan mortgage in Miami Fort Lauderdale Florida is designed to help a qualifying service member finance an owner-occupied home purchase with no money down. Purchase loan mortgage in Miami Fort Lauderdale Florida can do any of the following: buy an existing detached home; buy a condominium unit in a VA-approved project; build a new construction home; simultaneously purchase and renovate a home (similar to an FHA 203k rehabilitation loan mortgage in Miami Fort Lauderdale Florida); or buy a manufactured home or lot for an already-owned manufactured home.
  • Cash-Out Refinance Loan mortgage in Miami Fort Lauderdale Florida: A cash-out refinance loan mortgage in Miami Fort Lauderdale Florida is designed to replace an existing mortgage in Miami Fort Lauderdale Florida on a home that the borrower already owns while providing the borrower with a lump sum cash payment with no restrictions. The existing mortgage in Miami Fort Lauderdale Florida does not necessarily have to be a VA loan mortgage in Miami Fort Lauderdale Florida. Cash-out refinance loan mortgage in Miami Fort Lauderdale Florida are similar to home equity loan mortgage in Miami Fort Lauderdale Florida, which also let you borrow against the value of your house, but differ in some important ways: they replace existing mortgage in Miami Fort Lauderdale Florida (home equity loan mortgage in Miami Fort Lauderdale Florida do not), they usually (but not always) have lower interest rates than home equity loan mortgage in Miami Fort Lauderdale Florida, and they carry closing costs (home equity loan mortgage in Miami Fort Lauderdale Florida do not). Many lenders permit loan mortgage in Miami Fort Lauderdale Florida-to-value ratios up to 100% on VA-backed cash-out refinance loan mortgage in Miami Fort Lauderdale Florida, as opposed to 80% on most home equity loan mortgage in Miami Fort Lauderdale Florida and lines of credit. So, if you still owe $100,000 on a $150,000 mortgage in Miami Fort Lauderdale Florida and your house is worth $200,000, your cash-out refinance loan mortgage in Miami Fort Lauderdale Florida can be as large as $200,000 – of which $100,000 is available to cash out and do with as you see fit.
  • Interest-Rate Reduction Refinance Loan mortgage in Miami Fort Lauderdale Florida (IRRRL): Also known as the VA Streamline Refinance Loan mortgage in Miami Fort Lauderdale Florida, this product allows you to refinance an existing VA loan mortgage in Miami Fort Lauderdale Florida and secure a lower interest rate without going through the VA loan mortgage in Miami Fort Lauderdale Florida application process a second time. Unlike cash-out refinance loan mortgage in Miami Fort Lauderdale Florida, IRRRLs can’t be used to tap your home equity for cash, with the exception of a $6,000 allowance for energy-efficient home improvement projects. Though you don’t need to submit to a credit check or other aspects of the typical mortgage in Miami Fort Lauderdale Florida underwriting process, you do need to prove you live in the home against which the loan mortgage in Miami Fort Lauderdale Florida is secured.
  • Native American Direct Loan mortgage in Miami Fort Lauderdale Florida Program (NADL): This is a newer, less common type of VA loan mortgage in Miami Fort Lauderdale Florida designed specifically for service members and veterans of Native American origin. Unlike purchase and refinance loan mortgage in Miami Fort Lauderdale Florida, it’s a direct loan mortgage in Miami Fort Lauderdale Florida, meaning the VA acts as the lender and servicer. It’s always structured as a fixed rate, 30-year loan mortgage in Miami Fort Lauderdale Florida, and it must be used to “to finance the purchase, construction, or improvement of homes on Federal Trust Land (reservation land), or to refinance a prior NADL to reduce the interest rate.”
  • Adapted Housing Grants: this two non-loan mortgage in Miami Fort Lauderdale Florida products (Specially Adapted Housing Grants and Special Housing Adaptation Grants) are for veterans with “permanent and total service-connected disabilities,” or disabilities that qualify for 100% disability compensation under the VA Schedule for Rating Disabilities and are not expected to improve with time. Eligible disabilities include loss of use of both legs or arms, loss of use of one leg and one arm, severe burns, and blindness in both eyes, and severe respiratory injuries. Veterans can use both grants to finance or offset the cost of building disability-adapted housing from the ground up, purchasing already adapted housing, purchasing and adapting currently non-adapted housing, or adapting already lived-in housing.

 

VA Funding Fee

VA mortgage in Miami Fort Lauderdale Florida loan mortgage in Miami Fort Lauderdale Florida carries a special fee that doesn’t apply to another mortgage in Miami Fort Lauderdale Florida loan mortgage in Miami Fort Lauderdale Florida: the VA funding fee. This fee varies by the applicant’s branch of service and down payment but generally, ranges from 0.5% to 3.3% of the purchase price.

The fee structure is as follows:

  • First-Time Purchase and Cash-Out Refinance Borrowers (Veterans): 2.15% for down payments less than 5% (including no down payment); 1.50% for down payments between 5% and 10%; 1.25% for down payments of 10% or more
  • First-Time Purchase and Cash-Out Refinance Borrowers (Reservists and National Guard): 2.40% for down payments less than 5% (including no down payment); 1.75% for down payments between 5% and 10%; 1.50% for down payments of 10% or more
  • Subsequent Purchase and Cash-Out Refinance Borrowers (Veterans): 3.30% for down payments less than 5% (including no down payment); 1.50% for down payments between 5% and 10%; 1.25% for down payments of 10% or more
  • Subsequent Purchase and Cash-Out Refinance Borrowers (Reservists and National Guard): 3.30% for down payments less than 5% (including no down payment); 1.75% for down payments between 5% and 10%; 1.50% for down payments of 10% or more
  • IRRRLs (All Service Member Classes): 0.50%
  • NADL Program Loan mortgage in Miami Fort Lauderdale Florida (All Service Member Classes): 1.25% for a purchase loan mortgage in Miami Fort Lauderdale Florida; 0.50% for a refinance loan mortgage in Miami Fort Lauderdale Florida
  • Manufactured, Non-permanently Affixed Home Loan mortgage in Miami Fort Lauderdale Florida (All Types and Classes): 1.00%
  • Veterans with Service-Connected Disabilities (All Types): 0.00%

VA Loan mortgage in Miami Fort Lauderdale Florida Benefits and Limitations

  • No Down Payment Required: For cash-strapped borrowers, this is the single biggest advantage of a VA-backed loan mortgage in Miami Fort Lauderdale Florida. Most another mortgage in Miami Fort Lauderdale Florida loan mortgage in Miami Fort Lauderdale Florida types require at least 3%, and many lenders prefer 10% or more. Be warned that some lenders do still ask for down payments on VA loan mortgage in Miami Fort Lauderdale Florida, but the industry is competitive and you’ll likely be able to shop around to avoid this requirement.
  • No PMI Required: VA-backed loan mortgage in Miami Fort Lauderdale Florida don’t require private mortgage in Miami Fort Lauderdale Florida insurance. By contrast, conventional loan mortgage in Miami Fort Lauderdale Florida issued at greater than 80% LTV does require PMI until the borrower’s LTV drops below 78% (or 80% if the borrower requests PMI removal early). Depending on the loan mortgage in Miami Fort Lauderdale Florida principal and down payment value, this can save anywhere from a few dollars to several hundred dollars per month relative to a conventional loan mortgage in Miami Fort Lauderdale Florida with PMI.
  • Relatively Lenient Underwriting: Lenders hold qualified VA loan mortgage in Miami Fort Lauderdale Florida applicants to lower credit standards than applicants for a conventional mortgage in Miami Fort Lauderdale Florida loan mortgage in Miami Fort Lauderdale Florida. Even if you have fair or average credit, you may still qualify for a VA-backed loan mortgage in Miami Fort Lauderdale Florida.
  • Limits on Required Closing Costs: Borrowers eligible for VA loan mortgage in Miami Fort Lauderdale Florida don’t have to pay certain closing costs, including underwriting fees, escrow charges, attorneys’ fees, and document processing fees. The lender can partially offset its losses on these non-allowable items by charging the borrower an origination fee up to 1% of the loan mortgage in Miami Fort Lauderdale Florida principal. Otherwise, the seller can agree to pay them (as it’s fairly common for sellers to pay closing costs), the buyer’s agent can issue an agent credit at closing and take a hit on the commission, or the lender can simply eat the cost via a lender credit at closing. Lenders are permitted to charge VA-eligible borrowers for certain closing items, including title insurance, a credit report, property appraisal, property survey, and recording.
  • VA Inspection for New Construction Homes: When a VA loan mortgage in Miami Fort Lauderdale Florida is used to finance a new construction home, the VA sends licensed inspectors to evaluate construction progress and confirm that the home fits the VA’s specifications. At a minimum, the builder is required to provide a one-year warranty on the new home. Some builders offer warranties as long as 10 years, providing crucial peace of mind for new homeowners.
  • No Prepayment Penalties: VA loan mortgage in Miami Fort Lauderdale Florida carry no prepayment penalties. If you wish to avoid interest charges by accelerating your loan mortgage in Miami Fort Lauderdale Florida’s payoff or making additional payments toward its principal, you’re free to do so with no penalties. Some lenders charge substantial prepayment penalties – often as great as 80% of six months’ interest, which can amount to more than $10,000 on a large loan mortgage in Miami Fort Lauderdale Florida.
  • Assumability: VA loan mortgage in Miami Fort Lauderdale Florida are assumable, meaning they can be transferred from the seller to the buyer with minimal (or no) change to rates and terms. This is extremely useful in a rising interest rate environment. However, the buyer still has to cover the difference between the remaining loan mortgage in Miami Fort Lauderdale Florida balance and the appraised value of the home, either by putting cash down or taking out a second mortgage in Miami Fort Lauderdale Florida.

 

VA Loan mortgage in Miami Fort Lauderdale Florida Limitations

VA loan mortgage in Miami Fort Lauderdale Florida do carry some significant limitations and restrictions:

  • Loan mortgage in Miami Fort Lauderdale Florida Principal: While there is no upper limit to the value of the property to which your loan mortgage in Miami Fort Lauderdale Florida is attached, the VA guarantees loan mortgage in Miami Fort Lauderdale Florida principals only up to $417,000 – the cutoff between conventional and jumbo mortgage in Miami Fort Lauderdale Florida. This upper limit can be lifted in certain regions with high housing costs, mostly in Alaska, Hawaii, and major coastal metropolitan areas, such as San Francisco.
  • Cash-Out Refinance Appraisal and LTV: Lenders typically limit cash-out refinance LTVs to 100%, meaning you can’t borrow more than the appraised value of your home. An appraisal is required during the underwriting process.
  • IRRRL Interest Rate: Unless you’re refinancing an adjustable-rate mortgage in Miami Fort Lauderdale Florida (ARM) into a fixed-rate product, your IRRRL’s interest rate must be lower than your original loan mortgage in Miami Fort Lauderdale Florida’s rate.
  • IRRRL Restrictions on Proceeds: You must use the proceeds from your IRRRL to pay down the existing VA loan mortgage in Miami Fort Lauderdale Florida or invest in qualified energy efficiency upgrades.

 

VA Loan mortgage in Miami Fort Lauderdale Florida Eligibility Requirements

VA loan mortgage in Miami Fort Lauderdale Florida eligibility requirements varies by the applicant’s branch of service, service length and dates, and discharge status. (Dishonorably discharged service members are not eligible for VA loan mortgage in Miami Fort Lauderdale Florida under any circumstances.)

Eligibility Requirements for Non-dishonorably Discharged Service Members

Since September 8, 1980, Armed Forces personnel who gave at least 24 consecutive months of service in active or nonactive-duty roles are eligible for VA loan mortgage in Miami Fort Lauderdale Florida. Those called to active duty at any point during their careers are eligible after serving at least 90 to 181 days on active duty, depending on when the service occurred. Those currently on active duty are eligible after serving at least 90 consecutive days on active duty.

Since August 2, 1990, National Guard and Reservist personnel who gave at least 90 consecutive days on active duty are eligible for VA loan mortgage in Miami Fort Lauderdale Florida. National Guard and Reservist personnel who did not give at least 90 consecutive days on active duty are eligible once they log at least six years in their respective service branch and meet any of the following criteria:

  • Retired (placed on the retired list)
  • Transferred to Reserve status other than Selected Reserve (including Standby Reserve or Ready Reserve)
  • Remain on Selected Reserve status

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