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CALL TODAY:
(813) 928-9610

FLORIDA
SINCE 1995
DIRECT LENDING

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

Home ownership for qualifying Veterans

of the US Armed Services


For qualifying veterans, VA loans are arguably the best mortgage program in America, and many veterans consider it to be the easiest VA benefit they've ever used.  Sadly, only about 6% of qualifying US veterans use this incredible benefit.


VA loans are government-insured home loans that are a military 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 Conventional or FHA loans, qualifying is straight-forward, although income is calculated in a slightly more comprehensive manner.  The home being financed undergoes a more rigorous home appraisal inspection to ensure that the veteran is buying a quality home free of structural and/or deferred maintenance issues. Additionally, VA loans tend to be more flexible on past credit troubles.  


Have you experienced a recent housing event, such as a foreclosure, bankruptcy, short sale, deep-in-lieu? Be sure to check our WAITING PERIOD CHART to make sure that the proper waiting period has elapsed.

 

 

 

If you are relocating to the Greater Tampa Bay area and surrounding communities, like Tampa, Riverview, Wesley Chapel, Trinity, Apollo Beach, Hyde Park, Clearwater, Safety Harbor, St Petersburg, Carrollwood, Westchase, Lutz or Lithia, we understand the local communities. If you are Active-Duty and are being stationed at MacDill AFB, we can make the transition go smoothly.


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

$50,000 Minimum Loan Size

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

ACCEPTABLE HOME TYPES


VA accepts the following property types:

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

VA

HOME LOANS

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CALCULATE YOUR VA MONTHLY PAYMENT

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TIP: Start by selecting VA first to see VA payment options

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.  

VA Financing at a Glance

Minimum Down Payment

0%  

 

Minimum Down Payment to avoid PMI

NA

Minimum mid-credit score

640

 

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

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.

 

OCCUPANCY

Owner-occupied homes only

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.

View Current VA Funding Fee Chart

View Condominiums Approved by VA

VIEW WAITING PERIOD CHART

GET PRE-APPROVED TODAY

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