The Veteran’s Administration (VA) home loan mortgage is perfect for past or present military looking to purchase a Florida home for little or no money down. The VA loan program is a government mortgage program backed by U.S. Department of Veterans Affairs and provides a number of homeownership opportunities in Florida with no down payment needed.
The government-backed VA home loan is available to active duty military personnel, honorably discharged veterans or their widows. This is one of the last remaining mortgage programs that still allow home buyers to purchase their Florida home with NO MONEY DOWN.
First time home buyers and current homeowners in Florida with a VA certificate of eligibility are permitted. Regardless of your financial or mortgage knowledge, Five Stars would be more than happy to assist you. We take the time to answer all your questions and educate you on the tremendous advantages of VA home loans here in Florida. Listed below are some of the highlights for the Florida VA purchase and VA refinancing program.
The VA Mortgage Advantage:
• VA home loans require NO money down – up to 100% financing in Florida.
• There is NO monthly mortgage insurance (PMI) like other home loans.
• Most closing costs can be paid by the property seller.
• Very little assets required to qualify.
• Qualifying for a VA loan with a low credit score is possible (min 620 credit score is required)
• Mortgages are a secure low 30-year fixed rate or adjustable rate – No prepayment penalty.
• VA home loans are for new & existing properties. Only primary homes – no investment or 2nd homes
Florida VA Mortgage Purchase
The Florida VA home loan program requires no down payment and you may finance up to 100% of the appraised value. The VA home loan program along with the 100% USDA loan has become the popular 100% home loans in Florida. With many conventional loans in Florida now requiring 10-20 percent down payment, the Veteran’s Assistance home loan is a great choice for home buyers with limited or no down payment.
More than 29 million veterans and service personnel are eligible to receive VA Home Loans. VA home loans were established to provide financial assistance in purchasing your home with a limited or no down payment. However, many of the Americans that qualify for this beneficial home loan never take advantage of it.
For qualified applicants, the VA guarantees 100% home loan amounts up to $806,500, some Florida counties are slightly higher. That means you can purchase your home with NO money down and NO monthly mortgage insurance. VA home loans also allow for seller contributions towards the home buyers closing costs.
NOTE: Veterans who qualify as 10% disabled or greater as a result of active military service are not required to pay a funding fee. Those who are not exempt from a funding fee may lower their fee by putting money down on their VA home purchase. For all VA home loans, the funding fee may be paid in cash or it may be rolled into the loan.
Florida VA Refinance-Streamline and Cash Out
Florida Streamline Refinance:
The VA has created a program called the Streamline Refinance to provide a way for current VA homeowners to lower their interest rate with little or no out-of-pocket costs. These loans can also be made faster “streamlined” and with less much documentation than a typical loan.
An Interest Rate Reduction Refinance Loan or “Streamline Refinance” allows you to refinance your current mortgage interest rate to a lower rate than you are currently paying. This is only available to veterans who are refinancing their original VA mortgage and utilized their original eligibility. No cost Streamline refinance lets you refinance your mortgage with no out-of-pocket expenses.
Florida VA Streamline Refinance Basics:
- Loan assumptions are not permitted.
- The homeowner cannot receive any cash back.
- Streamlined Process – VA does not require an appraisal, any income or employment verifications, no credit report and no termite report, yet the mortgage must have been paid as agreed for the last twelve (12) months and must be up-to-date at the time of refinancing.
- Any other liens must be subordinated to the VA loan.
- This loan can be done with “zero out of pocket money” by including all costs in the new loan, or by making the new loan at an interest rate high enough to enable the lender to pay the costs.
Florida VA Cash Out Refinance:
Life is full of surprises and sometimes you may need additional cash quick. Maybe you need to pay school tuition or make some long needed improvements that will increase the value of your home prior to sale. Maybe you just want to take advantage of lower interest rates so you can keep more of your hard-earned money in your own pocket. It may be the time to consider the many options available for refinancing your VA Home Loan.
Whether you need money to consolidate high interest credit card debt, pay for school tuition, buy a new car, or make home improvements to your home, VAMortgageDepot.com can provide all the necessary information to get you the cash you need through refinancing.
A VA refinance transaction involves repayment of your current real estate debt from the proceeds of your new VA mortgage that has the same borrower(s) using the same property. This is called a “Cash Out” Refinance. Cash-Out Refinances are used for homes that are used as a principal residence by its owner. That owner can refinance for up to 90% of the appraised value, plus all closing costs. There is no minimum amount of time that you must own your home, yet your home must have sufficient equity to qualify for the loan.
NOTE: Veterans who qualify as 10% disabled or greater as a result of active military service are not required to pay a funding fee. Those who are not exempt from a funding fee may lower their fee by putting money down on their VA home purchase. For all VA home loans, the funding fee may be paid in cash, or it may be rolled into the loan.
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