VA MORTGAGE LOANS
1st Florida Mortgage specializes in VA home loans and has dedicated VA consultants here to say welcome home and thank you for your service. We have Florida VA home loan specialists on standby to help guide you through application and answer any questions you may have. We are dedicated to you and your future and specialize in dealing with Florida veteran mortgages. We will work with you through the home buying process as your VA home loan consultant and insure that you maximize the government assistance with your VA home loan. If you have problems with your credit, or need help finding a realtor, or just have general questions before you begin the buying process, we are here to help.
Items you will need to help complete your VA loan application: Veteran’s VA certificate of eligibility, past 2 years w2 statements, one month of most recent less or pay stubs, two months of most recent bank statements, copy of DD214 (if the veteran has been discharged/separated from the military). For VA home loan eligibility you will need satisfactory income and sufficient income and valid certificate of eligibility.
- No Down Payment Required to conforming Limits
- No Monthly Mortgage Insurance
- Lower Rates / Easier Credit Qualifying
- Higher Debt to Income Ratios
- Lower Credit Scores / Alt Credit OK
- Jumbo Available with Down Payment
- Seller Paid Closing Costs to 4%
- Funding Fee Can Be Financed
- Streamline Refinance Available
- Manufactured Housing OK (Subject to Restrictions)
Why Choose a VA Home Loan
VA home loans in Florida are fully backed by the government and offer a myriad of advantages for your home purchase or mortgage refinance. Here are the six biggest advantages of VA home mortgages in Florida:
No money down
- While conventional loans generally require down payments that can reach up to 20%, no such thing is required with a VA home loan at or under the local conforming limit. Down payments are still an option, of course, but they are not a requirement. The VA allows you to purchase jumbo loans, but requires you to supply 25% of the difference between the loan amount and the loan limit.
No PMI
- Private Mortgage Insurance (or PMI) is a requirement when you put less than 20% down on the purchase of a home and typically adds 0.2-0.9% of expenses to your monthly mortgage. With a VA loan, you can say goodbye to PMI!
Competitive interest rates
- Since VA loans are guaranteed by the federal government this can provide lenders with a greater sense of safety and flexibility. With a VA mortgage in Florida, we can provide more competitive interest rate than you may otherwise receive.
Easier to Qualify
- Similarly to the interest rates, the VA loan being backed by the government also lets the banks assume far less of the risk. This can lead to less stringent qualification standards, once the aforementioned VA loan qualifications are met.
Fewer credit restrictions
- Reduced restrictions mean easier qualification. With a VA loan, you’re allowed a higher debt-to-income ratio and afforded more leniency with your credit score.
Seller assistance
- The VA allows sellers to assist with up to 4% of closing costs.
Easy refinance
- Borrowers can refinance their homes with a VA streamline or cash-out loan. The streamlined version lowers the mortgage rate of an already existing VA loan, usually for less than the current principal and interest. This means it doesn’t require a credit check or appraisal. The cash-out option involves a credit check and appraisal, since the home’s value represents the maximum loan amount and the new loan will be larger than the existing loan.
