VA Loan Specialist Miami Fort Lauderdale Florida
VA Loan Specialist in Miami, Fort Lauderdale Florida, Choose a VA mortgage loan lending institution in Miami and Fort Lauderdale, Florida that can manage your VA mortgage loan could be hard. VA mortgage loan specialists can help you review your credit history and determine how much of a VA mortgage loan you can qualify for. Be aware that different VA mortgage loan specialists have different closing costs and other fees, so it pays to shop around in Miami and Fort Lauderdale, Florida to find the best VA loan specialist. Also, seek for VA mortgage loans specialists who care and connect with your own real needs and your family’s. As we know VA mortgage loans are flexible with the requirements and have their own unique suite of approval guidelines, even though private specialists who finance the VA home purchases have an additional set of criteria that potential VA mortgage loans applicants must qualify for, including debt, income and credit requirements, as well as examine your debt-to-income ratio.
Before you began to shop around for the best VA loan specialist with the lowest fees, you should know the information below, to make the best decision possible.
Florida is an appealing destination for Miami and Fort Lauderdale veteran’s homeowners because of the array of great deals that can be found on properties, including short sale and foreclosed homes. Miami and Fort Lauderdale, Florida are beautiful cities 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, healthcare 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. For many Miami and Fort Lauderdale Veterans, 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, Fort Lauderdale, 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.
VA Loan Specialist
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 Florida has experienced job growth of over 3%. The veteran’s 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 place for Miami and Fort Lauderdale veterans who want to purchase a home with the best mortgage rates through a VA home loan.
If you are a Miami and Fort Lauderdale, Florida veteran who have served to our country, America rewards you with an especial program call VA mortgage loans, which offers you the opportunity to buy a VA home for you and your family. The VA mortgage loans also provide you a federally guaranteed VA home, with no down payment. The Department of Veterans Affairs (VA), is the one who establishes the rules of VA mortgage loans for those who may qualify and dictates the terms of the mortgage loans offered and ensure VA mortgage loans against default. VA mortgage loans also offer feature flexible requirements, no private mortgage loan insurance (PMI), and extremely competitive mortgage loan rates.
VA mortgage loans offer up to 100% financing the value of a VA home in Miami, Fort Lauderdale, and the rest of Florida. And will guarantee a maximum of 25 % of a VA mortgage loan amount up to $104,250, which limits the maximum VA mortgage loan amount to $417,000. Usually, the reasonable value of the property or the purchase price, whichever is less, plus the VA funding fee may be borrowed.
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 Meyers ($87,600), Gainesville ($167,600), and Jacksonville ($145,900). In the cities such as Miami and Fort Lauderdale high-rise condos worth several hundred thousand dollars dominate much of the skyline, and million-dollar luxury homes line private beaches. All Miami and Fort Lauderdale, Florida veterans must qualify for. They’re not automatically eligible for the VA mortgage loans program.
Miami Fort Lauderdale Florida
In order to be eligible and qualify for VA mortgage loans in Miami and 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. The spouse of a service member who was killed in the line of duty or as the result of a service-related disability may also qualify.
Note: You are not eligible for VA mortgage loans financing only based upon Active Duty of Training in the Reserves or National Guard. 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’re not going to qualify. During periods of war, active personnel must have served for at least 90 days to qualify.
VA mortgage loans applicants in Miami and Fort Lauderdale, Florida, must present a certificate of eligibility (COE), which establishes their record of military service, to the VA mortgage loan specialist. VA mortgage loans, FHA mortgage 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 CEO. 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. The portal will indicate the steps to follow. The second way is applying through VA specialists who have access to the Web LGY system. This Internet-based application can establish eligibility and issue an online COE in a matter of seconds. Not all cases can be processed through Web LGY, only those for which VA has sufficient data in their records. However, Miami and Fort Lauderdale, Florida veterans are encouraged to ask their VA specialists 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 mortgage loans have their own unique suite of approval guidelines. VA mortgage loans guarantee which specialists like. VA mortgage loans also require to VA mortgage loans specialists to verify the VA mortgage loans applicants have responsible, stable credit histories with reliable income that will cover monthly expenses, including their new VA mortgage loan payments, but does not require a minimum credit score. VA mortgage loans specialists however, do use credit scores when approving VA mortgage loans applications. Most VA mortgage loans specialists require a minimum score of 620 to 640.
VA Mortgage Loan
Additionally, the VA mortgage loans requires that VA mortgage loans applicants maintain a certain amount of income left over each month after all main expenses are paid. The excess is meant to cover typical family needs, such as food, transportation and so forth and is referred to as residual income. By enforcing residual income requirements, the VA increases the chances of its VA mortgage loans applicants earning sufficient income to meet all financial obligations, and also ensures VA mortgage loans applicants have a cushion in the event of an emergency.
Private specialists who finance the home purchases have an additional set of criteria that a potential applicant must qualify, including debt, income and credit requirements, as well as examine your debt-to-income ratio.
The VA defines allowable fees and charges that the Miami and Fort Lauderdale, Florida veteran applicants can pay, or closing costs that may be charged to VA loans applicants. These costs are determined as reasonable and customary by each local VA loan office in Miami and Fort Lauderdale, Florida. All other costs in the transaction are considered non-allowable and generally paid by the seller when you are purchasing a new home or by the VA loan specialist when you are refinancing your current VA mortgage loan.
Between the cost that you have to consider, are the VA Funding fee which is paid to the VA to help fund the VA program and varies depending on type of service, loan amount, down payment and subsequent VA loan usage (This fee can be paid in cash at closing, but most VA Miami and Fort Lauderdale, Florida applicants choose to add this cost into their monthly payments.) Property taxes which generally are estimated 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.
The duration of a VA home loan buying process in Miami and Fort Lauderdale, Florida take no longer to close than FHA or conventional loans, and should not take more than 30-45 days from start to finish. For the last eight months of 2014, the average conventional purchase loan closed in 38.9 days for regular loans, compared to 39.6 days for VA loans. So “Why did the VA specialists say that VA loans take 45-60 days? the reason is that specific lending company use this extra day to close the loan not VA. You may want to look for another mortgage loan company in Miami and Fort Lauderdale, Florida that can close on your loan sooner saving you time, energy, and of course, money.
Also if you already have a VA mortgage loan, you can lower your VA loan monthly payments, raise cash, or consolidate higher cost debt with a VA loan refinance. Refinancing to a lower interest rate, or a longer loan maturity, will lower your monthly payment. You can also cash out or consolidate, as long as you have enough equity built up in the home. Equity is created through an increase in the home’s market value, or through a decrease in the mortgage loan balance.
You can call our Miami and Fort Lauderdale VA loan specialist for a free consultation.