The Florida VA guaranteed home loan in one of the best loans for our active and non-active military hero’s. The VA mortgage requires No down payment and there is no PMI (Private Mortgage Insurance) saving the VA borrowers thousands during the life of the loan.
Revision June 9th 2014
The VA loan program can be used for both home purchases and refinancing existing home loans.
Did you know that more than 27 million veterans and active service personnel are eligible for VA financing? Yet many don’t realize that they can use this benefit to buy a home – and they can reuse the benefit to buy another home as well, even if used prior.
Additional, the Veteran’s Administration (VA) does not make loans themselves. The VA simply guarantees a loan made by the participating lender to a Veteran. It is a great benefit because the Guarantee means that they will pay the lender a percentage of the loan balance in the event of loan default. And that allows lenders to offer that great deal – 100% financing with no monthly MI.
Be mindful that the word GUARANTY does not actually guarantee the veteran will qualify for a VA home loan; a common misconception.
The VA (as with all loan programs today) does not have a minimum credit score and criteria that is required for a VA loan approval. Since 2009, many VA lenders in the U.S. have tightened their lending and credit score requirements. As a result, getting a loan without a down payment is more difficult, though one of the few remaining options for 100% financing is a VA loan. Major lending groups have generally required a minimum credit score requirement at 620.
Below we have outlined some benefits and common Q&A for the Florida VA mortgage.
- 100% financing
- No monthly private mortgage insurance is required
- Most closing costs can be paid by the home seller.
- 30 year fixed rates with no pre payment penalty.
Frequently asked VA loan questions:
Q: What is required to prove my record of military service?
You will be required to use Standard Form 180, Request Pertaining to Military Records, to apply for proof of military service.
Q: My spouse who has passed away was an eligible veteran. I am eligible for the home loan benefit myself?
A surviving spouse is eligible if they have not remarried, and the eligible veteran died during active duty service or as a result of a service-related disability.
Q: Is a VA loan better than a conventional mortgage?
Depends on many variables like savings, credit, etc. VA guaranteed loans offer a lower interest rate than conventional mortgages, especially with a borrower that has less than a perfect credit and is not planning on a large down payment like 20%. VA loans do not require monthly private mortgage insurance when borrowing more than 80% of a home’s value like conventional or FHA loans.
Q: How long does it take to get approved for a VA loan?
About the same as other home loan options like conventional and FHA mortgages. 30 days is the typically closing time.
Questions? Please visit us at www.FiveStarsMortgage.com for more information.
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