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VA Loan VA Mortgage in Miami Fort Lauderdale Florida

VA Loan VA Mortgage in Miami Fort Lauderdale Florida

VA Loan VA Mortgage in Miami Fort Lauderdale Florida

Demand has been sizzling for Veterans Affairs mortgage Miami Fort Lauderdale Florida, better known as VA loans. These mortgages Miami Fort Lauderdale Florida do not always require a down payment and are available to military veterans and active military members. VA loans are made through private lenders and are guaranteed by the Department of Veterans Affairs, so they do not require mortgage Miami Fort Lauderdale Florida insurance. There’s no minimum credit score requirement. VA Loan VA Mortgage in Miami Fort Lauderdale Florida

The VA loan remains one of the few mortgage Miami Fort Lauderdale Florida options for borrowers who don’t have the money for a down payment. Available to millions of veterans and active military members, VA loans are somewhat easier to qualify for than conventional mortgage Miami Fort Lauderdale Florida.

The U.S. Department of Veterans Affairs is not a direct lender. The loan is made through a private lender and partially guaranteed by the VA, as long as guidelines are met. VA Loan VA Mortgage in Miami Fort Lauderdale Florida

If you think you may be eligible for a VA loan, here are some must-knows about the program.

Eligibility

Most members of the military, veterans, reservists and National Guard members are eligible to apply for a VA loan. Spouses of military members who died while on active duty or as a result of a service-connected disability may also apply.

Active-duty members generally qualify after about six months of service. Reservists and members of the National Guard must wait six years to apply, but if they are called to active duty before that, they gain eligibility after 181 days of service.

“Most reservists are qualifying under an active duty,” says the chief of staff for the Veterans Benefits Administration within the Department of Veterans Affairs.

Reservists, members of the National Guard and active-duty members generally are eligible after 90 days of service during war periods.

“If you were on any type of foreign soil, more than likely you are eligible,” says a veteran and president of VA Loan company.

Potential borrowers must obtain a certificate of eligibility. The form can be submitted online.

“But you don’t need the Certificate of Eligibility in hand to start the mortgage Miami Fort Lauderdale Florida process,” says the director of education for Veterans Home Loans. “Lenders in many cases can get this document for borrowers during the preapproval phase.”

Advantages of a VA loan

Loans guaranteed by the VA can be obtained without any down payment.

Another plus: A VA loan doesn’t require mortgage Miami Fort Lauderdale Florida insurance, as do Federal Housing Administration and conventional loans with less than a 20 percent down payment. The benefit translates into significant monthly savings for VA borrowers. For instance, a borrower who makes a 3.5 percent down payment on a $200,000 FHA-insured mortgage Miami Fort Lauderdale Florida pays $100 a month for mortgage Miami Fort Lauderdale Florida insurance alone.

“And with a VA loan, you don’t have to save all the money you would have to save for a conventional loan,” says he.

Fees

Although the costs of getting a VA loan are generally lower than for other types of low-down-payment mortgage Miami Fort Lauderdale Florida, they still carry a one-time funding fee that varies, depending on the amount of the down payment and the type of veteran.

VA Loan VA Mortgage in Miami Fort Lauderdale Florida

VA Loan VA Mortgage in Miami Fort Lauderdale Florida

A borrower in the armed forces getting a VA loan for the first time, with zero down payment, would pay a fee of 2.15 percent of the loan amount, he says. The fee is reduced to 1.25 percent of the loan amount if the borrower makes a down payment of 10 percent or more. Reservists and National Guard members normally pay about a quarter of a percentage point more in fees than active-duty members pay.

Those using the VA loan program for the second time, without a down payment, would pay 3.3 percent of the total loan amount.

“And if you receive disability compensation, the fee is waived,” he says.

Underwriting requirements

Veterans Affairs does not require a minimum credit score for a VA loan, but lenders generally have their own internal requirements. Most lenders ask for a credit score of 620 or higher, says he.

“There are players that would go lower, but they would probably charge a higher interest rate,” he says.

Borrowers must show sufficient income to repay the loan and shouldn’t have excessive debt, but the guidelines are usually more flexible than they are for conventional loans.

“We always tell underwriters to do their due diligence, but this is a benefits program, so there is some flexibility,” he says.

VA guidelines allow veterans to use their home-loan benefits a year or two after bankruptcy or foreclosure.

“We look at the whole credit picture, what was the reason for the credit bankruptcy and where the borrower is now,” says the director of loan policy at the VA. VA Loan VA Mortgage in Miami Fort Lauderdale Florida

VA loans are available only to finance a primary home. A VA loan cannot be used to purchase or refinance vacation and investment homes.

The VA says there is no cap on the amount you can borrow. “However, there are limits on the amount of liability VA can assume, which usually affects the amount of money an institution will lend you,” the agency says. “The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a down payment. These loan limits vary by the county since the value of a house depends in part on its location.

The limit on VA loans vary by county, but it’s $417,000 in most parts of the country and up to $625,500 in high-cost areas in the continental United States and even higher in four counties in Hawaii. VA Loan VA Mortgage in Miami Fort Lauderdale Florida

What if I stop paying the mortgage Miami Fort Lauderdale Florida?

Another advantage of a VA loan is the assistance offered to struggle borrowers. If the borrower of a VA loan can’t make payments on the mortgage Miami Fort Lauderdale Florida, the VA can negotiate with the lender on behalf of the borrower.

“We have dedicated staff nationwide committed to helping veterans who are experiencing financial difficulty,” he says.

VA’s financial counselors can help borrowers negotiate repayment plans, loan modifications and other alternatives to foreclosure, he says.

VA loan or mortgage Miami Fort Lauderdale Florida

A home loan guaranteed by the Department of Veterans Affairs (known as the Veterans Administration before 1989), which will pay the lender up to certain limits if the borrower defaults. In some instances, the VA will decide to purchase the home from the lender after default and attempt resale, calculating that the profits from a resale will make the transaction cheaper than paying off the loan. By law, it is required to do this analysis on all defaulted loans. Eligibility for a VA guarantee is complicated and depends on the borrower’s dates, length, and type of service; whether the borrower is currently active in the military; whether the borrower is in the National Guard or the Reserves; and the number of months the borrower was in peacetime or combat service.

VA Mortgage Miami Fort Lauderdale Florida

A mortgage Miami Fort Lauderdale Florida with no down payment requirement, available only to ex-servicemen and women, on which the lender is insured against loss by the Veterans Administration.

Subject to a proviso, VA loans are advantageous for veterans who need a no-down-payment loan. In most areas, VA loans can be larger than FHA loans. FHA also requires at least 1% down and the insurance premium is higher than on VAs. Conventional loans with no down payment carry interest rates .75% higher and up, depending on the borrower’s credit score. VA Loan VA Mortgage in Miami Fort Lauderdale Florida

The proviso is that VA borrowers may pay a higher price (rate or points) than is available on either FHAs or conventional. They shouldn’t—in the competitive wholesale market where lenders quote prices to mortgage Miami Fort Lauderdale Florida brokers, the prices are much the same. But the retail market is something else. Some loan providers view veterans who need no-down-payment loans, and who trust the loan provider to give them the market rate, as sheep to be fleeced.

To protect themselves, veterans should consult a Web site that prices all three types of loans.

The VA Web site, will tell you who is eligible, how you go about obtaining a Certificate of Eligibility, whether eligibility can be used more than once, the types of properties that can be purchased with a VA loan, the range of insurance premiums for different categories of veterans and different loan purposes, the conditions under which VA loans can be assumed by a buyer, the types of VA home loans, and more. VA Loan VA Mortgage in Miami Fort Lauderdale Florida

VA Home Purchase Loans

Getting a home loan and closing on a home purchase comes with costs and fees, no matter what type of loan you’re using. VA buyers benefit from limits on what they can pay, but there are still expenses that need to be paid by the buyer.

When reviewing allowable borrower fees and charges, many of the items can be paid for by the seller of the home and can be negotiable when presenting an offer on a home to the seller. VA allows sellers to pay all of a VA buyer’s mortgage Miami Fort Lauderdale Florida loan-related closing costs and up to 4 percent in concessions, which can cover prepaid expenses like property taxes and homeowners’ insurance. Please consult with your real estate professional handling the transaction to review these expenses. VA Loan VA Mortgage in Miami Fort Lauderdale Florida

Let’s take a closer look at some of the costs and fees that can be associated with getting a VA purchase loan.

CLOSING COSTS

Reasonable closing costs may be charged by the lender. These costs may not be included in the loan. The following items may be paid by the veteran purchaser, the seller, or shared. Closing costs may vary among lenders and also throughout the nation because of differing local laws and customs and can include:

  • Loan origination fee (usually 1 percent of the loan),
  • Credit report,
  • Discount points,
  • Title search and title insurance,
  • Recording fees,
  • State and/or local transfer taxes, if applicable,
  • Survey,
  • No commissions, brokerage fees or “buyer broker” fees may be charged to the veteran buyer.

The veteran can pay a maximum of all reasonable and customary amounts for any and all of the “Itemized Fees and Charges” designated by VA as defined below plus a 1% flat charge by the lender plus reasonable discount points. Some special provisions apply to construction, alteration, improvement and repair loans. VA Loan VA Mortgage in Miami Fort Lauderdale Florida

APPRAISAL AND COMPLIANCE INSPECTIONS

The veteran can pay a VA Appraiser fee and VA compliance inspectors’ fee. The veteran can also pay for a second appraisal if they are requesting a reconsideration of value. The veteran cannot pay for a second appraisal if the lender or seller is requesting a reconsideration of value or if parties other than the veteran or lender request the appraisal.

RECORDING FEES

The veteran can pay for recording fees and record taxes or other charges incident to recordation. VA Loan VA Mortgage in Miami Fort Lauderdale Florida

CREDIT REPORT

The veteran can pay for the credit report obtained by the lender.

PREPAID ITEMS

The veteran can pay that portion of taxes, assessments, and similar items for the current year chargeable to the borrower and the initial deposit for the tax and insurance account. VA Loan VA Mortgage in Miami Fort Lauderdale Florida VA Loan VA Mortgage in Miami Fort Lauderdale Florida

HAZARD INSURANCE

The veteran can pay for the hazard insurance premium. This includes flood insurance if required. VA Loan VA Mortgage in Miami Fort Lauderdale Florida

The VA mortgage Miami Fort Lauderdale Florida loans are one of the best and safest methods to use when buying a home. Now even active duty personnel can qualify. If you are a Disabled Veteran, you may qualify for additional benefits on a VA home mortgage Miami Fort Lauderdale Florida loan. The VA Home Mortgage Miami Fort Lauderdale Florida Program does not limit the number of times a veteran may use the program.

The VA mortgage Miami Fort Lauderdale Florida loans extend to not only the Army, Navy, Air Force and Marines but also to Reservists and National Guardsmen. VA Loan VA Mortgage in Miami Fort Lauderdale Florida

The Veterans Benefits Act signed recently increased the VA loan limit to $417,000 for a loan with no money down. It increased the eligibility Veteran and of active duty personnel and increased the benefits to Disabled Veterans. VA Loan VA Mortgage in Miami Fort Lauderdale Florida

Some of the benefits of the VA Mortgage Miami Fort Lauderdale Florida Loan Program are:

  • The VA Mortgage Miami Fort Lauderdale Florida Loans is guaranteed for no money down up to $417,000
  • No monthly mortgage Miami Fort Lauderdale Florida insurance is required
  • Many VA Mortgage Miami Fort Lauderdale Florida Loans are assumable
  • It is easier to qualify for a VA Loan than a conventional loan
  • VA Mortgage Miami Fort Lauderdale Florida Loans can be refinanced

You do not have to put any money down to qualify for a VA Home Mortgage Miami Fort Lauderdale Florida Loan for up to $417,000. If the seller agrees to pay the closing costs, you may be able to purchase the home with no out of pocket cost. The loan and sales contract can be set up so that the VA Home Mortgage Miami Fort Lauderdale Florida Loan cover 100% of the selling price and the seller covers the closing cost. VA Loan VA Mortgage in Miami Fort Lauderdale Florida

The VA Funding Fee

The Veterans Administration assesses a Funding Fee to all VA loans between .5% and 3.3% of the loan amount. The fee is added to the amount of the loan to be paid over the life of your VA home mortgage Miami Fort Lauderdale Florida loan. The VA Funding Fee replaces the much higher priced Mortgage Miami Fort Lauderdale Florida Insurance required when you get a conventional home loan. If you are a Disabled Veteran, you may qualify to get the fee waived completely. VA Loan VA Mortgage in Miami Fort Lauderdale Florida

Assumable VA Mortgage Miami Fort Lauderdale Florida Loans

VA loans are also assumable. If the person assuming the mortgage Miami Fort Lauderdale Florida is a veteran with VA eligibility, the original veteran will not be giving up the amount of eligibility that they used to get the loan at the beginning. Veterans should use great care and closely investigate the terms of an assumption before allowing someone to assume their mortgage Miami Fort Lauderdale Florida. It is too great a benefit to giving up. VA Loan VA Mortgage in Miami Fort Lauderdale Florida

Qualifying for a VA Mortgage Miami Fort Lauderdale Florida Loan

The VA offers excellent qualifying standards.  Even if you have experienced some financial difficulties in your life that caused your scores to be low but have maintained a good payment record over the past year or so, you may qualify for a VA mortgage Miami Fort Lauderdale Florida loan. This can be tremendous savings compared to the cost of conventional loans when the borrower’s credit scores are low. VA Loan VA Mortgage in Miami Fort Lauderdale Florida

VA Mortgage Miami Fort Lauderdale Florida Loans may be refinanced

VA mortgage Miami Fort Lauderdale Florida loans have built in features allowing a loan to be refinanced to a lower interest rate without all of the criteria normally associated with a conventional loan. This is called an Interest Rate Reduction Loan; the veteran can secure a lower interest rate without any credit checks, appraisal, and income or asset verification and can roll the costs of the transaction into the loan so there are no out of pocket costs. VA Loan VA Mortgage in Miami Fort Lauderdale Florida

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