The VA home loans is one of the best mortgage loan programs available today for Florida active duty and honorably discharged Veterans. Below we will discuss some of the great benefits of the VA mortgage and how to get started.
– Zero Down Payment, 100% financing.
– No monthly mortgage insurance
– Easier credit qualifying compared to other types of mortgage loans
– Reduced credit scores down to 600 allowed
– VA Mortgage Rates are low compared to other types of home loans
Important VA eligibility requirements:
Eligible borrowers for the VA loan program may include:
- Service persons on active duty
- Members of the National Guard
- Surviving spouses of deceased veterans
- Cadets at the U.S. Military, Air Force or Coast Guard Academy
- Midshipmen at the U.S. Naval Academy
- Officers of the National Oceanic & Atmospheric Administration
VA Mortgage Closing Costs?
Although, the VA limits certain closing costs and lender fees, borrowers should expect to pay some standard closing costs. Please note, whenever these fees relate to services performed by a third party, the borrower will only pay the actual amount charged by the third party. VA is very particular on what costs can be paid by the veteran.
Below are some of the standard VA closing costs:
(1) Appraisal and compliance inspections
(2) Recording fees
(3) Credit report
(4) Prepaid items (taxes, assessments, and similar items)
(5) Hazard insurance
(6) Flood determination
(8) Title examination
(9) Title insurance
Borrowers also pay a VA funding fee. This fee (standard with all government backed home loans) is a percentage of the loan amount. The amount of the funding fee depends on the borrower’s type of service, the purpose and type of loan, the size of the borrower’s down payment, etc. Funding fee’s generally start at 2.15% of the loan amount for 100% financing. The VA funding fee can be included in the loan amount, and does not have to paid at closing. Also note if you are a disabled veteran, the funding fee normally is waived or discounted for veterans who receive VA disability compensation and unmarried surviving spouses of veterans who died in service or as a result of a service-connected disability.
So how do you qualify for a Florida VA loan in Winter Haven or Kissimmee area? You must first verify your eligibility. If you are one of the above you will need your Certificate of Eligibility (COE) The only borrowers that do not require a COE are those applying for VA IRRRL (Streamline). A COE provides the evidence that the borrower meets the minimum terms of eligibility to apply for a VA loan. Don’t have a copy? No worries as we can assist you. The next step is to get pre-approved with an experienced VA lender, one that knows the Osceola / Polk County area well. It is important that you contact a Florida VA lender that understands the VA process well as these loans are different compared to other loan programs.
The VA loan pre-approval involves a credit check and supporting documentation such as paystubs and bank statements. Even with no down payment required for VA Mortgage loans, it’s important to know that there are VA closing costs involved in every transaction, which means there may be money due at closing. Don’t confuse no down payment loans with meaning nothing is due at closing! Your VA lender should prepare you for how much is due at closing.
There are ways to finance the closing costs if you don’t have money available for closing. Your lender can help you with these options. In addition, the VA program permits the home seller to pay the vets closing costs.
Questions? Please reach out to us – for quick service please submit the “Request Contact” form at the top right side of your screen. Mobile users can find the short Request Contact Form here. Please also be sure to call ph: 800-871-2636 and visit https://www.fivestarsmortgage.com/floridavaloan for the latest mortgage info.
Five Stars is a leader in Florida VA loans serving Osceola County and Polk County VA applicants 7 days a week including: Celebration, Kenansville, Kissimmee, Poinciana, Reunion and St. Cloud. Auburndale, Bartow, Davenport, Dundee, Frostproof, Haines City, Highland Park, Lake Alfred, Lake Hamilton, Lake Wales, Lakeland, Mulberry, Nalcrest, Polk City, Winter Haven FL
VA Home Loan Qualifying in Osceola Polk County