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VA HOME LOANS

THE BEST HOME LOAN IN AMERICA.


VA mortgages are widely considered to be America's best mortgage program. Our customers agree that the VA home loan benefit is the easiest VA benefit they've ever accessed.

A VA home loan is a mortgage loan that is insured by the Department of Veterans Affairs (VA). It has several loan benefits that set it apart from other types of loan programs on the market, including:

  1. VA LOANS HAVE NO DOWN PAYMENT REQUIREMENT

  2. VA LOANS HAVE NO MONTHLY PRIVATE MORTGAGE INSURANCE (PMI) PREMIUM IN THE MONTHLY PAYMENT


What's Needed for a VA loan?


You simply provide either your DD-214 or your VA certificate of eligibility (COE). If you need help doing obtaining this, our staff is ready to help with this step.

For a complete list of items, CLICK HERE TO DOWNLOAD A FREE VA DOCUMENT CHECKLIST.

VA Home Appraisal Inspections are known for being more rigorous than a standard appraisal, and it's done this way to ensure that veterans are buying a quality home that is free from structural problems and/or delayed maintenance issues.

Credit Flexibility


VA loans are generally more flexible about past credit problems. For example, have you recently experienced a negative credit event, such as a foreclosure, bankruptcy, short sale, or deed-in-lieu of foreclosure?  If so, be sure to check our WAITING PERIOD CHART to see how soon you may be eligible for a VA home loan.

 

Where you get your VA home loan is important.


We are a Veteran-led business, and our office has over 75 years of combined VA lending experience. We are a Florida-based direct mortgage lender, not a big bank, credit union or broker, which means that we underwrite and make the lending decisions within our offices and we understand the unique nature of the Florida real estate marketplaces. All of these are enormous benefits to our clients.

We work hard to make sure that you have a great lending experience.


If you are one of the many active duty service members that are stationed at MacDill Air Force Base, Elgin Air Force Base, Tyndall Air Force Base, Mayport or Homestead Air Force Base, we can help make the transition process easier.

If you are moving in and around the greater Tampa Bay area, such as Tampa, South Tampa, Riverview, Fishhawk Ranch, New Tampa, Wesley Chapel, Trinity, Apollo Beach, Hyde Park, Clearwater, Safety Harbor, St. Petersburg, Carrollwood, Westchase, Lutz, or Lithia, we know all the neighborhoods here.

 

Ready to Serve Your Needs


If you are an eligible US Veteran seeking financing anywhere in the state of Florida, we would love the opportunity to be your lender. Your military service has earned you a VA home loan benefit, and together we'll help you make the most of it for both you and your family. Give us a call today, or drop us a line HERE.

VA Financing at a Glance

Minimum Down Payment

0%  

 

Minimum Down Payment to avoid PMI

NA

Minimum mid-credit score

620

 

Min/ Max Loan Amount

$50,000 - No Upper Loan Amount Limit

 

Loan Repayment Terms

15 years or 30 years 

Amortization

Fixed rate

 Prepayment Penalties

None

View Current VA Funding Fee Chart

Search VA-Approved Condominiums

View Waiting Period Chart

          DOWNLOAD VA LOAN    

       DOCUMENT CHECKLIST

HELPFUL LINKS FOR VA LOANS

Veteran Led Business

KEY FEATURES

  • No Down Payment (However, a 5% down payment offers a reduced VA Funding Fee.)
  • Flexible Underwriting Requirements
  • More flexible credit score requirements– scores as low as 580.
  • Flexible with debt load requirements
  • Flexible with extenuating circumstances – Change of job, moves, etc.
  • Flexible for veterans with past derogatory mortgage & credit history (Bankruptcy, Foreclosures, Short Sales)
  • Ideal for any qualifying discharged or active-duty veteran with VA eligibility.
  • Gift funds from a family member are acceptable
  • Interested Party Contributions (Sellers, Realtors, etc.) - Up to 4% total towards closing costs

LOAN SIZE LIMITS

$50,000 Minimum Loan Size

There is no upper limit to VA loan size in Florida.

VA FUNDING FEE

VA collects a one-time funding fee at closing, and the veteran can finance this into the new home loan, instead of having to pay it out-of-pocket at closing.  For a Veteran using their benefit for the first time with a down payment < 5%, the funding fee is equal to 2.3%.  For a Veteran using their benefit *after the first use*, with the a down payment < 5%, the funding fee is equal to 3.6%,  If you have a service-connected disability, you may be entitled to have the funding fee waived entirely.  

ACCEPTABLE HOME TYPES


VA accepts the following property types:

OCCUPANCY

Owner-occupied homes only

CASH-OUT REFINANCES

  • Cash-Out refinances can be up to 90% of the Notice of Value from a VA certified appraisal.
  • Title Seasoning: If the mortgage being paid off is an existing VA loan, than the Veteran must have owned the home for at least 6 months and must have made at least 6 months of payments on the existing loan.
  • The purpose of the loan must present a Net Tangible Benefit to the Veteran and pass a Net Tangible Benefit test.  Must meet one of the following criteria (criteria is subject to change):
    • The new loan eliminates monthly mortgage insurance, whether public or private, or monthly guaranty insurance
    • The term of the new loan is shorter than the term of the loan being refinanced
    • The interest rate on the new loan is lower than the interest rate on the loan being refinanced.
    • The payment on the new loan is lower than the payment on the loan being refinanced.
    • The new loan results in an increase in the borrower's monthly residual income.
    • The new loan refinances an interim loan to construct, alter, or repair the home
    • The new loan amount is equal to or less than 90 percent of the reasonable value of the home, -OR- The new loan refinances an adjustable rate loan to a fixed rate loan.
  • All closing costs must be recouped within 36 months for Type 1 Cash-out Refinances.*

* Type 1 Refinance - A cash out refinance of any existing VA loan where the new loan amount and funding fee do NOT exceed the payoff amount of the existing loan.

 

CONDO APPROVAL WITH VA

Yes, VA financing can be used to purchase condominiums. The condominium association must be approved by the VA.

NOTE: If the name does not appear on the list below, but the condominium association insists that they are approved, please call us and we may be able to help resolve this issue.

This is not a commitment to lend.  Not all borrowers will qualify for the loan programs listed.  All program terms and conditions are subject to change and may be discontinued without prior notice.  Contact loan originator for program questions and scenarios.