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VA refinance funding fee Miami Fort Lauderdale Florida

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VA refinance funding fee Miami Fort Lauderdale Florida

VA refinance funding fee Miami Fort Lauderdale Florida. This guide offers a quick look at vital information you need in the process of buying a home using your VA benefits. You’ll learn about:

  • The difference between a VA Guaranty and a Va home loan. VA refinance funding fee Miami Fort Lauderdale Florida.
  • Uses for a Va loan
  • How to apply for a Va home loan. VA refinance funding fee Miami Fort Lauderdale Florida.
  • “No Money Down” and the “Va loans.com” High-Cost County Va loan Limit options
  • Required paperwork (military service records, employment and residence histories, plus other important documentation)
  • The Va loan funding fee. VA refinance funding fee Miami Fort Lauderdale Florida.
  • Credit ratings and your debt‐to‐income ratio
  • Closing costs
  • Credit issues This guide is intended to give you quick answers to basic questions all Veteran home buyers have about getting started. For more detailed information, contact your va loan officer at Va loans.com if you have additional questions. VA refinance funding fee Miami Fort Lauderdale Florida.

VA Funding Fee Miami Fort Lauderdale Florida. VA refinance funding fee Miami Fort Lauderdale Florida.

VA refinance funding fee Miami Fort Lauderdale Florida

VA refinance funding fee Miami Fort Lauderdale Florida

Generally, all Veterans using the Va home loan Guaranty benefit must pay a funding fee. This reduces the va loan’s cost to taxpayers considering that a Va loan requires no down payment and has no monthly mortgage insurance. The funding fee is a percentage of the va loan amount which varies based on the type of va loan and your military category if you are a first-time or subsequent va loan user, and whether you make a down payment. You have the option to finance the VA funding fee or pay it in cash, but the funding fee must be paid at closing time.

You do not have to pay the fee if you are a:

  • Veteran receiving VA compensation for a service-connected disability, OR
  • Veteran who would be entitled to receive compensation for a service-connected disability if you did not receive retirement or active duty pay, OR
  • Surviving spouse of a Veteran who died in service or from a service-connected disability. VA refinance funding fee Miami Fort Lauderdale Florida.

The Difference between Va loans and the Va loan Guaranty. VA refinance funding fee Miami Fort Lauderdale Florida.

The Veterans Administration does not lend money or issue your Va loan. Instead, the VA offers a guaranty on your home va loan equal to 25% of the approved va loan up to the current year’s maximum. (In 2011 the maximum guaranty amount is $104,250 for a maximum va loan of $417,000).  Some VA County limits go higher than this amount.

The VA Guaranty is protection for the va lender in the event of default or foreclosure. The VA guaranty makes your application for a home va loan more attractive to the va lender and allows you to purchase a home for no money down in most cases. VA refinance funding fee Miami Fort Lauderdale Florida. The va lender works together with the VA; when the paperwork is filled out and the va loan is approved, the mortgage company is the agency that lends you the money and collects your payments.

Va loans Cuts Red Tape in Your Application Process. VA refinance funding fee Miami Fort Lauderdale Florida.

Before you fill out a single form, you should know about a select group of va lenders certified by the VA with “Automatic Approval status”. These va lenders must meet a tough set of government standards and quality control regulations. We do business with Automatic Approval status, which means your Va home loan will be underwritten in the house with the va lender rather than being required to wait for approval from the VA.

Uses for Va home loans. VA refinance funding fee Miami Fort Lauderdale Florida.

There are many uses for a Va home loan, including:

  • Buying a home, condominium, or townhouse. VA refinance funding fee Miami Fort Lauderdale Florida.
  • Building a new home. VA refinance funding fee Miami Fort Lauderdale Florida.
  • Buying and improving a home at the same time. VA refinance funding fee Miami Fort Lauderdale Florida.
  • Installing energy‐efficient improvements to a home. VA refinance funding fee Miami Fort Lauderdale Florida.
  • Refinancing an existing Va loan to get a better interest rate. VA refinance funding fee Miami Fort Lauderdale Florida.

Please note that we do not finance more than 10 acres of land with the home. In some cases, you can also use a Va loan to buy a manufactured home, but several restrictions may apply depending on the type of va loan you want. VA refinance funding fee Miami Fort Lauderdale Florida. At this time, we are not financing manufactured homes.

How to Apply for a Va home loan. VA refinance funding fee Miami Fort Lauderdale Florida.

You need a good credit rating to qualify for a Va home loan.  While the VA does not require minimum credit scores, all secondary market investors have placed minimum credit scores on Va loans at 620.  VA refinance funding fee Miami Fort Lauderdale Florida. Your first step in the Va loan process should be requesting a copy of your credit report for review. You should know your credit score, the reasons for your score, and how your credit report will affect your va loan application.

Va loan experts recommend obtaining, reviewing and examining your credit report. You can obtain a free credit report by going to our site at www.va loans.com. VA refinance funding fee Miami Fort Lauderdale Florida. This can help you learn how to maximize your credit score before filling out va loan paperwork. Be sure to go over and calculate your debt‐to‐income ratio, which is crucial in the va loan approval process. Once you’ve examined your credit and taken any recommended actions, the next step is to pre‐qualify for a specific va loan amount by filling out the application form.

What is a Rate Lock? VA refinance funding fee Miami Fort Lauderdale Florida.

Your conditional pre‐qualified mortgage terms are not firm until a “rate lock” is put in place. A rate lock is enacted once all required paperwork has been submitted.

Va loan Limits. VA refinance funding fee Miami Fort Lauderdale Florida.

VA refinance funding fee Miami Fort Lauderdale Florida

VA refinance funding fee Miami Fort Lauderdale Florida

The Va loan maximum limit is $417,000 for a no‐money‐down va loan on a single‐family home, but additional amounts are available to qualified borrowers. Va loans.com offers VA High-Cost County va loan products permitting va loans up to $1,000,000. High-Cost County Limit rules:

  • A 25% down payment is required for any amount over your county limit. VA refinance funding fee Miami Fort Lauderdale Florida.
  • You are required to pay the funding fee up front. VA refinance funding fee Miami Fort Lauderdale Florida.
  • Your credit score must be 640+ if the va loan amount is above $650,000 and sufficient debt‐to‐income ratio to determine what amount you are approved to borrow. VA refinance funding fee Miami Fort Lauderdale Florida.
  • Other restrictions may apply. VA refinance funding fee Miami Fort Lauderdale Florida.

Once you have a pre‐qualified amount, it’s time to start searching for a home. Once you’ve located the property you want to buy, you’ll begin the va loan process by filling out two forms:

  1. The Uniform Residential Va loan Application. VA refinance funding fee Miami Fort Lauderdale Florida.
  2. Borrower’s Certification. VA refinance funding fee Miami Fort Lauderdale Florida.

You’ll also have a checklist of documents and paperwork which must be filled out and/or included. You are required to provide a two-year work and residence history, including the names and contact information for your landlords. VA refinance funding fee Miami Fort Lauderdale Florida.

If you have moved several times in the last two years because of military assignments or relocations, this can be a time‐consuming process. It’s good to get a head start on gathering the information. VA refinance funding fee Miami Fort Lauderdale Florida.

Documentation and Paperwork Checklist:

The following items must be supplied in order for your va loan to be processed in a timely manner:

  1. Uniform Residential Va loan Application (as mentioned above). VA refinance funding fee Miami Fort Lauderdale Florida.
  2. Borrower’s Certification and Authorization (as mentioned above). VA refinance funding fee Miami Fort Lauderdale Florida.
  3. Pay stubs for last 30 days or most recent Leave and Earning Statement. VA refinance funding fee Miami Fort Lauderdale Florida.
  4. W2s for the last two years for all borrowers and all employers. VA refinance funding fee Miami Fort Lauderdale Florida.
  5. Original or online bank statements for the last two months. VA refinance funding fee Miami Fort Lauderdale Florida.
  6. Purchase contract (if executed). VA refinance funding fee Miami Fort Lauderdale Florida.
  7. A deposit check for $400, electronic payment can be arranged, for the VA appraiser. VA refinance funding fee Miami Fort Lauderdale Florida.
  8. A Certificate of Eligibility or completed VA 26‐1880 (Determination of Eligibility) is required, but Va loans.com uses the VA Automated Certificate of Eligibility system. VA refinance funding fee Miami Fort Lauderdale Florida.
  9. Discharged or retired veterans need to supply a copy of DD214. Those still serving should furnish proof of current service with a current ID card and current re‐ enlistment paperwork. VA refinance funding fee Miami Fort Lauderdale Florida.
  10. Disabled veterans must complete a VA 26‐8937 form and attach a copy of the most recent VA disability award letter. VA refinance funding fee Miami Fort Lauderdale Florida.
  11. If you pay or receive child support, supply divorce decree and proof of timely payments. VA refinance funding fee Miami Fort Lauderdale Florida.

Do not send original paperwork unless specifically requested. Some forms such as the DD214 take up to two months or longer to get official replacement copies delivered. If you are missing an original copy of your DD214 discharge paperwork. VA refinance funding fee Miami Fort Lauderdale Florida.

The Va loan Funding Fee Explained. VA refinance funding fee Miami Fort Lauderdale Florida.

The Va loan Funding Fee is required by law and varies according to the type of va loan, military service status, and other factors. A first‐time Va home loan borrower with a no‐money‐down va loan currently pays an amount equal to 2.15% of the va loan. This amount is subject to change depending on legislation and other factors.  Some borrowers are exempt from the funding fee:

  • Veterans on VA compensation for service‐related disabilities. VA refinance funding fee Miami Fort Lauderdale Florida.
  • Veterans who would receive compensation for service‐related disabilities if they didn’t draw retirement pay. VA refinance funding fee Miami Fort Lauderdale Florida.
  • Surviving spouses of military members who died in service or from service‐related disabilities. VA refinance funding fee Miami Fort Lauderdale Florida.

When necessary, the VA reserves the right to make final exemption determination on a case‐ by‐case basis.

Closing Costs

Closing costs are not covered by your Va loan, but you can get similar results if you properly arrange your real estate contract. The va loan amount will be whichever amount is less: the purchase price or the appraised value.   To add the amount of your closing costs to the Va loan:

  • Increase your offering price. VA refinance funding fee Miami Fort Lauderdale Florida.
  • Include a stipulation in the contract for the seller to pay closing costs and prepaid expenses equal to the amount you added to the offering price. VA refinance funding fee Miami Fort Lauderdale Florida.
  • As long as the home appraises for the increased price, the closing costs will then be covered by the VA mortgage. Some other anticipated costs include:
  • A va loan origination fee, usually about 1% of the va loan. VA refinance funding fee Miami Fort Lauderdale Florida.
  • Title search. VA refinance funding fee Miami Fort Lauderdale Florida.
  • Title insurance. VA refinance funding fee Miami Fort Lauderdale Florida.
  • State and/or local transfer taxes, where applicable. VA refinance funding fee Miami Fort Lauderdale Florida.
  • Survey costs. How Your Credit Rating and Current Debts Affect Your Va loan When you apply for a Va home loan, the va lender checks your credit rating with the three major credit agencies. These include Equifax, Trans Union, and Experian. One important reason you should meet with a credit counselor before starting the Va loan process is to clear up any credit report problems that may be lurking in your file before the mortgage company does the credit check. Look for:
  • Clerical errors or erroneous information that should be contested. VA refinance funding fee Miami Fort Lauderdale Florida.
  • Bad credit information connected to identity theft. VA refinance funding fee Miami Fort Lauderdale Florida.
  • Old credit issues that should no longer appear on your report. VA refinance funding fee Miami Fort Lauderdale Florida.
  • Gaps or missing information that affects your credit score. VA refinance funding fee Miami Fort Lauderdale Florida.

Higher standards for credit ratings may apply in some cases. If you need to borrow money using the High-Cost County Limit rules for va loans above $650,000, a minimum credit score of 640 is required.

How Your Credit Cards Affect Your Va loan? VA refinance funding fee Miami Fort Lauderdale Florida.

One important factor many people aren’t aware of is how lines of credit affect your chances at getting a va loan. Let’s use John Smith as our example. John has four credit cards with a $5,000 credit limit on each card. John carries a zero balance on three of the four cards and carries a monthly balance of $800 on the fourth card. He pays his bills on time and is a good credit risk.

There’s just one problem. John has a potential debt of $19,200. He could max out his credit cards at any time for a total debt of $20,000. VA refinance funding fee Miami Fort Lauderdale Florida. This potential can affect his credit‐worthiness. A good financial advisor will tell you to limit your potential debt as much as possible by getting rid of unused lines of credit, paying off cards and canceling them, keeping only the essentials.

Your Debt‐to‐Income Ratio. VA refinance funding fee Miami Fort Lauderdale Florida.

The debt‐to‐income ratio is quite simply the percentage of how much debt you carry compared to your income.  Your debt‐to‐income can be as high as 41% and still allow you to get approved for a Va loan.  VA refinance funding fee Miami Fort Lauderdale Florida. Recently paid off debts will take the time to reach your credit report. If you are struggling to lower your debt‐to‐income ratio, try paying off excess debts as early as you can to accommodate the lag time between final payment and the update to your credit report. The more time that passes between your final payment and the credit check for your Va loan, the better.

Bankruptcy Issues. VA refinance funding fee Miami Fort Lauderdale Florida.

If you have declared bankruptcy, you may still be eligible for a Va home loan. There are many factors that can work in your favor.

  • Chapter 7 bankruptcies more than two years old may not affect your current application. VA refinance funding fee Miami Fort Lauderdale Florida.
  • Post‐bankruptcy credit that shows a history of good credit risk is very helpful. VA refinance funding fee Miami Fort Lauderdale Florida.
  • Circumstances beyond your control leading to a Chapter 7 bankruptcy are given a more favorable view. VA refinance funding fee Miami Fort Lauderdale Florida.
  • Chapter 13 bankruptcies require a full year of satisfactory payments and a letter from the Trustee or Bankruptcy Judge which states the new credit is approved. VA refinance funding fee Miami Fort Lauderdale Florida.

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