VA Mortgage Miami Fort Lauderdale Florida
VA Mortgage. 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 loan, which offers you the opportunity to buy a home for you and your family. The VA mortgage loan also provides you a federally guaranteed 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 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 funding fee may be borrowed. All Miami and Fort Lauderdale, Florida veterans must qualify for. They’re not automatically eligible for the VA mortgage loan program.
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, mortgage loan amount, down payment and subsequent VA mortgage 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 homeowner’s insurance is roughly 0.35% of the home’s value but can change based on the insurer.
VA mortgage loan offers you lower closing cost than other mortgage 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.
So if you are thinking to apply for a VA mortgage loan in Miami and Fort Lauderdale, Florida, you must know all the requirements and guidelines that are described belong.
What are The VA Loan Advantages in Miami and Fort Lauderdale, Florida?
NO money down – up to 100% financing nationally.
- Low interest rates set by approved VA mortgage loan lenders, banks, and mortgage brokers. VA mortgage loan rates are often times lower than conventional, FHA or USDA loan programs. In fact, VA mortgage loan interest rates are some of the lowest rates available today.
- Secure 15, 30 year fixed rate or adjustable rate terms with no prepayment penalty.
- NO monthly mortgage insurance (PMI) like other mortgage loans. This alone can save home buyers hundreds $ each month on their loan payments.
- Closing costs can be paid by the property seller. This limits buyers out of pocket money needed to close.
- Minimal assets required to qualify.
- Qualifying with a low credit score is possible. Current min is 620.
- Eligible Miami and Fort Lauderdale, Florida Veterans can use their VA mortgage loan benefits multiple times.
- Are for ANY new or existing home. Please note we currently do not permit mobile homes.
- VA mortgage loans offer you other housing-related programs to help you buy, build, repair, retain, or adapt your own home for your personal occupancy.
- For Native American veterans the program Native American Direct Loan (NADL) program reduce the interest rate on a VA mortgage loan.
- After you obtain a VA mortgage 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.
Who is Eligible for a VA Mortgage Loan in Miami and Fort Lauderdale, Florida?
In order to be eligible and qualify for a VA mortgage 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.
Note: You are not eligible for VA mortgage 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.
How I Get my VA Certificate of Eligibility (COE) in Miami and Fort Lauderdale, Florida?
VA mortgage 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 mortgage loan lender. 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 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).
How long is VA Home Mortgage Loan Process in Miami and Fort Lauderdale, Florida?
The duration of a VA mortgage loan buying process in Miami and Fort Lauderdale, Florida take no longer to close than FHA or conventional mortgage 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 mortgage loan closed in 38.9 days for regular mortgage loans, compared to 39.6 days for VA mortgage loans. So “Why did the lender say that VA mortgage loans take 45-60 days? the reason is that specific lending company use these extra days to close the mortgage loan not VA. You may want to look for another mortgage loan company in Miami and Fort Lauderdale, Florida that can close on your mortgage loan sooner saving you time, energy, and of course, money.
What About the Credit Limit in Miami and Fort Lauderdale, Florida?
The VA mortgage loan requires that VA mortgage 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 mortgage loan applicants earning sufficient income to meet all financial obligations, and also ensures VA mortgage 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 applicant must qualify, including debt, income and credit requirements, as well as examine your debt-to-income ratio.
How to Choose a Lender in Miami and Fort Lauderdale, Florida?
Choose a loan lending institution in Miami and Fort Lauderdale, Florida that can manage your VA mortgage loan. A lender can help you review your credit history and determine how much of a VA mortgage loan you can qualify for. Be aware that different lenders have different closing costs and other fees, so it pays to shop around in Miami and Fort Lauderdale, Florida. Also, seek for a lender who cares and connect with your own real needs and your family’s.
As we know VA mortgage 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 applicant must qualify, including debt, income and credit requirements, as well as examine your debt-to-income ratio.
If you are in Miami or Fort Lauderdale, Florida, Call us for a free consultation.