For Florida VA (Veterans Administration) guaranteed home loan generally provides the best loan options for active, non-active, Reserve, National Guard, and retired military of the armed forces. Biggest reasons?
- No down payment needed
- No private monthly mortgage insurance required
- Home Sellers Can Credit up to 4% to cover all the buyers closing cost!
Florida VA mortgage loans can be used towards purchasing a Florida home, building a home, or refinancing an existing Florida mortgage.
More than 20 million veterans and active-duty personnel are eligible for VA financing, yet many aren’t aware it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement?
The VA Does Not Offer Loans Directly and Does Not Guaranty You Will Qualify.
Florida VA mortgage lenders make these VA loans directly. The VA does not actually lend the money. The VA offers a guaranty (25% of the loan amount) to a Florida VA mortgage lender that if you should default on the loan, they will pay the lender a percentage of the loan balance. Think of it like an insurance policy you pay on your car: When you get into an accident the insurance company reimburses you for fixing the car. With the VA guaranty, instead of you being paid, the insurance pays the lender.
*The word GUARANTY does not actually guarantee the veteran will qualify for a VA home loan.
Primary Benefits of a Florida VA Mortgage in:
- 100% financing
- No monthly private mortgage insurance is required
- There is a limitation on buyers’ closing costs
- The loan is assumable, subject to VA approval of the assumer’s credit
- 30 year fixed loan
- Seller can pay up to 4% of the veterans closing costs and even pay down the buyer’s debt to help lower their debt-to-income ratio
- Interest rates are at least as good as—if not better than—other loan options
- You don’t need perfect credit
All things being equal, for those who meet Florida VA Qualifications, the VA Loan will usually be a better choice than either FHA or Conventional loan financing. This is especially true for those with less than 20% for a down payment.
Past perceptions are that a VA Loan is more difficult to get than other financing, but when you work with a VA Loan Specialist, it’s no more difficult—and sometimes easier—than getting other types of home loans.
Fortunately for you we can explain all the Florida VA Requirements and make it all really easy to understand.
There is so much to know about Florida VA Guidelines—more than we can completely list here—but for active-duty or military veterans, there’s just a few basic Florida VA Loan Requirements needed to get your started down the path towards VA Loan qualification.
The basic Florida VA Mortgage Lenders Requirements are as follows:
Florida VA Mortgage Approvals Require A Minimum:
- Served 90 days or more of active duty during war time
- Served 181 days or more of active duty during peace time
- No dishonorable discharge
Florida VA Mortgage Approvals Require AActive Duty
- Statement of Service from commanding officer to apply for your VA Certificate of Eligibility (COE)*
Florida VA Mortgage Approvals Require AVeteran
- Form DD214 officer to apply for your VA Certificate of Eligibility (COE)*
- Spent 90 days in a combat zone or served a minimum 6 years service in any of the following:
- Army National Guard
- Army Reserve
- Air National Guard
- Coast Guard Reserve
- Navy Reserve
- Marine Corps Reserve
- Air Force Reserve
Spouse of Active Duty or Florida Veteran
- Un-remarried and serving spouse died while in service or from service-connected disability
- Serving spouse was MIA or POW
Frequently Asked Questions:
Q: How long does it take to get approved for a VA loan?
It varies depending on the current workload of your lender, but it is typically the same as for conventional mortgages. An approval to purchase can come in as little as 2-3 days. Once you’re in contract to purchase, the closing process will take anywhere from 3 weeks to 45 days.
Q: My spouse who has passed away was an eligible veteran. Am I 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: My parent is a veteran. Can I obtain a VA loan if I have not served in the military myself?
No, the VA loan benefit does not extend to a veteran’s children.
Q: What is required to prove my record of military service?
Veteran or former National Guard, activated for Federal Active Service, your DD214; for active-duty, a Statement of Service from your commanding officer; discharged National Guard, never activated for Federal Active Service, either NGB Form 22 or 23.
Q: Is a VA loan better than a conventional mortgage?
In many cases, yes. Florida VA guaranteed loans often offer a lower interest rate than conventional Florida mortgages, unlike conventional and FHA loans, they do not require monthly mortgage insurance when borrowing more than 80% of a home’s value, and getting approved can be easier than with other loan types.