FLORIDA

SINCE 1995

‍‍‍DIRE‍‍‍CT LENDING

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At a Glance

Minimum Down Payment

0%  

(25% for any portion exceeding $484,350)

Minimum Down Payment to avoid PMI

NA

Minimum mid-credit score

580

Min/ Max Loan Amount

$50,000 - $484,350 in most of FL

>$484,350 requires a 25% down payment for the financed portion that exceeds this amount.

Loan Repayment Terms

15 years or 30 years

Amortization

Fixed rate

Prepayment Penalties

None

GET PRE-APPROVED TODAY

3 easy steps.  No cost/obligation

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.  

VA HOME LOANS

Homeownership for qualifying Veterans

of the US Armed Services

VA loans are government-insured loans that are a benefit to qualifying veterans of the United States military in exchange for their service to our country.  The defining trait of a VA loan is that there is no down payment requirement.  Like conforming or FHA loans, qualifying is straight-forward, although income is calculated in a more comprehensive manner, and the home being purchased undergoes a more rigorous home appraisal inspection to ensure that the veteran is buying a quality home free of structural and deferred maintenance issues. VA loans are also flexible on most past credit troubles.  

For qualifying veterans, a VA home loan is arguably the best mortgage program in America, and many veterans consider it to be the easiest VA benefit they've ever received.

If you're a qualifying US Veteran, and have questions about VA financing, we'd love the opportunity to answer all of your questions.

LOAN SIZE LIMITS

For most counties in Florida, the maximum traditional loan size for a single-unit homes is $484,350 with zero down payment.  Veterans can finance over this amount, with a down payment equal to 25% of the portion that exceeds $484,350).  

ACCEPTABLE HOME TYPES

VA accepts the following property types:

OCCUPANCY

Owner-occupied homes only

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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
  • Seller Contributions - Up to 4% towards closing costs

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(813) 928-9610

HAVE A QUESTION?

VA CONDO APPROVAL

VA financing can be used to purchase condominiums; however the condo association must be approved by the VA.   CLICK HERE to search for a specific condo approval status.  If the name does not appear on the list, but the condominium insists that they are approved, please call us and we may be able to help navigate this issue.

VA

HOME LOANS

GET PRE-APPROVED TODAY

3 easy steps.  No cost/obligation

CASH-OUT REFINANCES

  • Cash-Out refinances can be up to 100% of the Notice of Value from a VA 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.