VA approved; Iconic Mortgage Corp – NMLS #1547953. Not affiliated with the Dept. of Veterans Affairs or any government agency.

VA Refinance Miami Fort Lauderdale Florida

2.75% (2.949% APR) RATES 15 YEARS TERM
Find out which new VA benefits you are missing out on in 2017.
See if you Qualify for an Escrow Refund check up to $5,000
VA Home Loans Benefits:
  • culito 0 Down loans
  • culito No cash out of pocket
  • culito Qualify within 24hrs
  • culito Escrow refund check up to 5k

FREE RATE QUOTE


What is your branch of service?

Where is your home located?


What is your price range?


What is your ZIP code?


What is your email address?


What is your name?


What is your current street address?


What is your phone number?


THANK YOU!

We Will Contact You Shortly!

What is your branch of service?

Lower Rates, Better Service. That’s the Iconic Difference

97.8% Customer Recommendation Rating!

4.7 out of 5 Average Customer Satisfaction Rating

VA Refinance Miami  Fort Lauderdale Florida

VA Refinance Miami Fort Lauderdale Florida

VA Refinance Miami Fort Lauderdale Florida

The main purpose of the VA home loan program in Miami  Fort Lauderdale Florida is to help veterans finance the purchase of homes with favorable loan terms and at a rate of interest which is usually lower than the rate charged on other types of mortgage loans. VA Refinance Miami  Fort Lauderdale Florida. For VA housing loan purposes in Miami  Fort Lauderdale Florida, the term “veteran” includes certain members of the Selected Reserve, active duty service personnel and certain categories of spouses.

This pamphlet should help you to understand what VA can and cannot do for the home purchaser in Miami  Fort Lauderdale Florida. However, it is not a legal document and should not be interpreted as one. Nothing should be taken as a change of law or regulations. VA Refinance Miami  Fort Lauderdale Florida. The pamphlet does not attempt to go into detail or into unusual problems. Information about VA loans is given in a narrative format followed by questions and answers in those areas of the greatest concern.

It is suggested that the pamphlet is read in its entirety. VA Refinance Miami  Fort Lauderdale Florida. Please pay particular attention to the information about your responsibility to determine the condition of the property you purchase and to the information about the assumption of your VA loan and obtaining a release of liability. Miami  Fort Lauderdale Florida. Any questions you have which are not answered should be directed to your VA Regional Loan Center, or to your lender who will take them up with VA, if necessary.

6 STEPS IN ARRANGING A VETERAN’S GUARANTEED LOAN. VA Refinance Miami  Fort Lauderdale Florida.

  1. Find the property suitable for your needs in Miami Fort Lauderdale Florida. VA Refinance Miami Fort Lauderdale Florida.
  2. Go to a lender and apply for the loan.
  3. Present your discharge or separation papers relating to the latest period of service and/or a Certificate of Eligibility. VA Refinance Miami Fort Lauderdale Florida.
  4. The property is appraised by approved appraiser.
  5. Estimate of property’s reasonable value is determined. VA Refinance Miami Fort Lauderdale Florida.
  6. If the application is approved, you get the loan In Miami Fort Lauderdale Florida.

WHAT VA CAN DO . VA Refinance Miami  Fort Lauderdale Florida.

VA loans in Miami Fort Lauderdale Florida offer the following important features:

  • Ensure that all veterans are given an equal opportunity to buy homes with VA assistance, without regard to their race, color, religion, sex, handicap, familial status, or national origin; VA Refinance Miami Fort Lauderdale Florida.
  • No down payment (unless required by the lender, the purchase price is more than the reasonable value of the property as determined by VA, or the loan is made with graduated payment features); VA Refinance Miami Fort Lauderdale Florida.
  • A freely negotiable fixed interest rate competitive with conventional mortgage interest rates;
  • The buyer is informed of the estimated reasonable value of the property;
  • Limitations on closing costs; VA Refinance Miami Fort Lauderdale Florida.
  • An assumable mortgage. However, for loans closed on or after March 1, 1988, the assumption must be approved in advance by the lender or VA. Generally, this involves a review of the creditworthiness of the purchaser (ability and willingness to make the mortgage payments). Be sure to see section entitled “Loan Repayment Terms”;
  • Long amortization (repayment) terms; VA Refinance Miami Fort Lauderdale Florida.
  • Right to prepay without penalty (lenders may require that any partial prepayments be in the amount of at least 1 monthly installment of principal or $100, whichever is less);
  • For houses inspected by VA during construction, a warranty from the builder and VA assistance in trying to obtain the builder’s cooperation in correcting any justified construction complaint; and
  • Forbearance extended to VA homeowners experiencing temporary financial difficulty. VA Refinance Miami Fort Lauderdale Florida.

WHAT VA CANNOT DO. VA Refinance Miami  Fort Lauderdale Florida.

  • , GUARANTEE THAT THE HOUSE YOU BUY IN Miami Fort Lauderdale Florida, WHETHER IT IS NEW OR PREVIOUSLY OCCUPIED, WILL BE FREE OF DEFECTS. VA Refinance Miami Fort Lauderdale Florida. The VA appraisal is NOT intended to be an “inspection” of the property. It is in your best interest to seek expert advice BEFORE you legally commit yourself to a purchase agreement, particularly if you have any doubts about the condition of the house. Most sellers in Miami Fort Lauderdale Florida will permit you, at your expense, to arrange for an inspection by a qualified residential inspection service and negotiate with you concerning repairs to be included in the purchase agreement. Such action can prevent later problems, disagreements, and disappointments. VA Refinance Miami Fort Lauderdale Florida. Remember, VA guarantees only the loan, NOT the condition of the property. It is your responsibility to be an informed buyer and assure yourself that what you are buying is satisfactory to you in all respects.
  • If you have a home built, VA cannot compel the builder to correct construction defects or otherwise live up to the contract. VA authority is limited to suspension of the builder from participation in the VA Loan Guaranty program. VA Refinance Miami Fort Lauderdale Florida.
  • VA cannot guarantee that you are making a good investment or that you can resell the house at the price you paid. · VA does not have the authority to provide you with legal services. VA Refinance Miami Fort Lauderdale Florida.

REQUIREMENTS FOR VA LOAN APPROVAL. VA Refinance Miami  Fort Lauderdale Florida.

To get a VA loan the law requires that:

  • You must be an eligible veteran who has available home loan entitlement (except in the case of an interest rate reduction refinancing loan–see “Interest Rates” below. VA Refinance Miami Fort Lauderdale Florida.
  • The loan must be for an eligible purpose. The purchase price should not exceed the appraised value. Otherwise, you will have to pay the difference from your own resources; · You must occupy or intend to occupy the property as your home within a reasonable period of time after closing the loan; VA Refinance Miami Fort Lauderdale Florida.
  • You must have enough income to meet the new mortgage payments on the loan, cover the costs of owning a home, take care of other obligations and expenses, and still have enough income left over for family support (a spouse’s income is considered in the same manner as the veteran’s); and
  • You must have a good credit record. VA Refinance Miami Fort Lauderdale Florida.

THE GUARANTY. VA Refinance Miami  Fort Lauderdale Florida.

VA-guaranteed loans are made by private lenders such as banks, savings and loan associations, or mortgage companies. VA Refinance Miami  Fort Lauderdale Florida. To get a loan, you apply to the lender. If the loan is approved, VA guarantees the loan when it is closed. The guaranty means the lender is protected against loss if you or a later owner fail to repay the loan.

  1. How much is the guaranty? VA Refinance Miami Fort Lauderdale Florida.

VA will guarantee up to 50 percent of a home loan up to $45,000. For loans between $45,000 and $144,000, the minimum guaranty amount is $22,500, with a maximum guaranty, of up to 40 percent of the loan up to $36,000, subject to the amount of entitlement a veteran has available. VA Refinance Miami  Fort Lauderdale Florida. For loans of more than $144,000 made for the purchase or construction of a home or to purchase a residential unit in a condominium or to refinance an existing VA-guaranteed loan for interest rate reduction, the maximum guaranty is the lesser of 25% or $104,250 which is 25% of the Freddie Mac conforming loan limit for a single-family residence for 2007. This figure will change yearly. (For information about entitlement see “Service Eligibility” below.)

  1. Is $36,000 the biggest loan a veteran can get? VA Refinance Miami Fort Lauderdale Florida.

No. You may generally borrow up to the reasonable value of the property or the purchase price, whichever is less, plus the funding fee if required. VA Refinance Miami  Fort Lauderdale Florida. For certain refinancing loans, the maximum loan is limited to 90 percent of the value of the property, plus the funding fee, if required. To determine the reasonable value, VA requires an appraisal of the property. (Also see “Down payment Requirements” below.

  1. What is the maximum VA loan? VA Refinance Miami Fort Lauderdale Florida.

There is no maximum VA loan, except that the loan cannot exceed the lesser of the appraised value or purchase price, plus VA funding fee and energy efficient improvements, if applicable. VA Refinance Miami  Fort Lauderdale Florida. However, lenders usually won’t make a no-down payment loan larger than $417,000 ($625,500 in Alaska, Hawaii, Guam, and U.S. Virgin Islands) due to secondary market limitations.

  1. Must the loan be repaid? VA Refinance Miami Fort Lauderdale Florida.

Yes. A VA-guaranteed loan is not a gift. It must be repaid, just as you must repay any money you borrow. VA Refinance Miami  Fort Lauderdale Florida. The VA guaranty, which protects the lender against loss, encourages the lender to make a loan on terms favorable to the veteran. But if you fail to make the payments you agreed to make, you may lose your home through foreclosure, and you and your family would probably lose all the time and money you had invested in it. If the lender does take a loss, VA must pay the guaranty to the lender, and the amount paid by VA must be repaid by you. If your loan closed on or after January 1,1990, you will owe the Government in the event of a default only if there was fraud, misrepresentation, or bad faith on your part.

  1. Does VA make any loan directly to eligible veterans? VA Refinance Miami Fort Lauderdale Florida.

Yes, but only to Native Americans on trust land or to supplement a grant to get a specially adapted home for certain eligible veterans who have a permanent and total service-connected disability(ies).

SERVICE ELIGIBILITY. VA Refinance Miami  Fort Lauderdale Florida.

You are eligible for VA financing if your service falls within any of the following categories: Wartime Service. If you served any time during:

  • World War II (September 16, 1940, to July 25, 1947), VA Refinance Miami Fort Lauderdale Florida.
  • Korean Conflict (June 27, 1950, to January 31, 1955),
  • Vietnam Era (August 5, 1964, to May 7, 1975), the Vietnam Era begins February 28, 1961, for individuals who served in the Republic of Vietnam. VA Refinance Miami Fort Lauderdale Florida.
  • Persian Gulf War (August 2, 1990, to present (requires service for 2 years or the full period for which called to active duty, except that exceptions applying to service between September 7, 1980, and August 1, 1990, also apply to Persian Gulf War).) See below. You must have served at least 90 days on active duty and been discharged or released under other than dishonorable conditions. VA Refinance Miami Fort Lauderdale Florida. If you served less than 90 days, you may be eligible if discharged because of a service-connected disability.

Peacetime Service. If your service fell entirely within any one of the following periods:

  • July 26, 1947, to June 26, 1950, VA Refinance Miami Fort
    VA Refinance Miami Fort Lauderdale Florida

    VA Refinance Miami Fort Lauderdale Florida

    Lauderdale Florida.

  • February 1, 1955, to August 4, 1964, or May 8, 1975, to September 7, 1980 (if enlisted) or to October 16, 1981 (if officer, you must have served at least 181 days of continuous active duty and been discharged or released under conditions other than dishonorable). If you served less than 181 days, you may be eligible if discharged because of a service-connected disability. VA Refinance Miami  Fort Lauderdale Florida.

Service between September 7, 1980 (enlisted) or October 16, 1981 (officer) and August 1, 1990. If your entire period of service was between September 7, 1980 (October 16, 1981) and August 1, 1990, you must have:

  • Completed 24 months of continuous active duty or the full period (at least 181 days) for which you were called or ordered to active duty and been discharged or released under conditions other than dishonorable. VA Refinance Miami Fort Lauderdale Florida.
  • You may also be determined eligible if you were discharged for a service-connected disability, or you were discharged for the convenience of the Government after completing at least 20 months of a 2-year enlistment, or you completed 181 days of active duty and:
  • were discharged because of a hardship, or VA Refinance Miami Fort Lauderdale Florida.
  • were determined to have a service-connected compensable disability, or
  • were discharged or released from active duty for a medical condition which preexisted service and has not been determined to be service-connected, or VA Refinance Miami Fort Lauderdale Florida.
  • Received an involuntary discharge or release from active duty for the convenience of the Government as a result of a reduction in force, or VA Refinance Miami Fort Lauderdale Florida.
  • were discharged or released from active duty for a physical or mental condition not characterized as a disability and not the result of misconduct, but which did interfere with your performance of duty. VA Refinance Miami Fort Lauderdale Florida.

Active Duty Service Personnel. VA Refinance Miami  Fort Lauderdale Florida.

If you are now on active duty, eligibility can be established after having served on continuous active duty for at least 90 days. Upon discharge or release from active duty, eligibility must be reestablished. VA Refinance Miami  Fort Lauderdale Florida.

Members of the Selected Reserve. Individuals who are not otherwise eligible and who have completed at least 6 years in the Reserves or National Guard, or been discharged because of a service-connected disability, and VA Refinance Miami  Fort Lauderdale Florida.

  • have been discharged with an honorable discharge, or VA Refinance Miami Fort Lauderdale Florida.
  • have been placed on the retired list, or
  • have been transferred to an element of the Ready reserve other than the Selected Reserve, or VA Refinance Miami Fort Lauderdale Florida.
  • continue to serve in the Selected Reserve are eligible for a GI loan.

Speak with a Home Loan Specialist today

Contact us: (888) 352-9005

service@iconicmortgage.com 

AbbevilleAshvilleBessemerCentreville, Daphne, Livingston, Monroeville, OneontaRainbow CitySpringvilleAlamedaLos ÁngelesMonterrey, Pasadena‎, San FranciscoSan José, Santa Bárbara‎, Long Beach‎, Orange, Palm Springs, Colorado Springs‎ Denver‎Central CityFort LuptonLouisville, WestminsterDelaware CityHarrington, Lewes, New CastleRehoboth BeachWilmington, MilfordCoral GablesDoral, Fort LauderdaleHialeah‎Homestead‎, JacksonvilleMiami Beach, North Miami Beach‎, Orlando‎, South MiamiAthens, Boston, ColumbusGeorgetown, Kennesaw, Doraville, Aberdeen, Cambridge, College Park, FrederickGaithersburgHagerstown, Seat PleasantWestminsterAnn Arbor‎, Algonac, Bay City, BrightonCharlotte, Croswell, Farmington, Albemarle, BelmontClinton,  Greenville, Kings MountainLexington, Morganton, Oxford, Washington, Wilmington, Winston-SalemAdair Village, Adrian, Astoria, Banks, Brownsville, Central Point, DallasGold BeachJacksonville, McMinnvilleAllentownBethlehemBradfordGreensburg, JohnstownPittston,  Warren, Adams, Baneberry,  Brownsville, Clarksville, Dayton,  Elkton,  Germantown, Hendersonville, Kingsport, MadisonvilleMitchellville New HopePortland, Virginia, Washington 

Ready to Apply? Get Started With Your VA Home Loan Today!