VA Loans for Homes Miami, Fort Lauderdale, Florida
VA Loans for Homes. Florida is an appealing destination for Miami and Fort Lauderdale veterans’ 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, health-care 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. VA Loans for Homes
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.
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 veterans’ 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 places for Miami and Fort Lauderdale veterans who want to purchase their own homes with the best mortgage rates through VA Loans for Homes.
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 establish the rules of VA mortgage loans for those who may qualify and dictate 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. VA Loans for Homes
Here we describe some VA loans guidelines for homes:
What are The VA Loan Advantages in Miami and Fort Lauderdale, Florida?
NO money down – up to 100% financing nationally.
- Low VA loan interest rates set by approved lenders, banks, and mortgage brokers.
- Secure 15, 30 year fixed rate or adjustable rate terms with no prepayment penalty.
- NO monthly mortgage insurance (PMI) like other home loans.
- Closing costs can be paid by the property seller.
- Minimal assets required to qualify.
- Qualifying with a low credit score is possible. Current min is 620.
- Eligible Veterans can use their VA loan benefits multiple times.
- VA home loans are for ANY new or existing home. Please note we currently do not permit mobile homes.
- VA loans offer you other housing-related programs to help you buy, build, repair, retain, or adapt your own home for your personal occupancy.
How Can I Get a VA Loan in Miami and Fort Lauderdale, Florida?
To get a VA loan in Miami and Fort Lauderdale, Florida 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. 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; your VA loan lender will work with you to complete your financial process.
Who is Eligible for a VA Loan in Miami and Fort Lauderdale, Florida?
In order to be eligible and qualify for a VA loan 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. VA Loans for Homes
Note: You are not eligible for VA loan 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 Loans for Homes
How I Get my VA Certificate of Eligibility (COE) in Miami and Fort Lauderdale, Florida?
VA loan applicants in Miami and Fort Lauderdale, Florida, must present a certificate of eligibility (COE), which establishes their record of military service, to the VA loan lender. VA loans, FHA loans and other loans insured by departments of the United States government are securitized by the Government National Mortgage Association. VA Loans for Homes
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. 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. 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 lenders 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).
What About the Credit Limit in Miami and Fort Lauderdale, Florida?
VA home loans have their own unique suite of approval guidelines. VA home loan guarantees which lenders like. VA loans also require the VA loan lender to verify the VA loan applicant has a responsible, stable credit history with reliable income that will cover monthly expenses, including their new VA loan payments, but does not require a minimum credit score. VA loan lenders, however, do use credit scores when approving VA loan applications. Most VA loan lenders require a minimum score of 620 to 640. VA Loans for Homes
Additionally, the VA loan requires that VA loan 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 loan applicants earning sufficient income to meet all financial obligations, and also ensures VA loan applicants have a cushion in the event of an emergency.
Private lenders who finance the home purchases have an additional set of criteria that a potential VA loan applicant must qualify, including debt, income and credit requirements, as well as examine your debt-to-income ratio. VA Loans for Homes
VA Loan Closing Cost in Miami and Fort Lauderdale, Florida?
The VA loan defines allowable fees and charges that the VA loan Miami and Fort Lauderdale, Florida veteran applicant can pay, or closing costs that may be charged to the VA loan applicant. 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 lender when you are refinancing your current VA Loans for Homes.
Between the cost that the VA loan applicant has to consider, are the VA Funding fee which is paid to the VA to help fund the VA Home Loan 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 loan 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 the insurer.
VA loans for homes offers you lower closing cost than other loans because VA limits closing cost for Miami and Fort Lauderdale, Florida veterans and allows the seller to pay most or all of those expenses. Many of our borrowers purchase a home with no money due at closing.
You can call our Miami and Fort Lauderdale lenders for a free consultation. VA Loans for Homes