VA Mortgage Loans In Florida
VA Mortgage Loans In Florida
What is a VA Mortgage Loan?
VA loans are zero-down mortgages offered by the Department of Veteran Affairs (VA) to active or retired members of our nation’s military and their families. These mortgages are partially backed or guaranteed by the VA, meaning that there’s a level of security and insurance associated with taking out one of these specialized loans. Borrowers eligible for VA loans can use the financing to purchase properties as their primary residences or use it to refinance their existing mortgage.
According to the VA, only 12 percent of veterans are using their VA home loan benefits, so we’re here to help you better understand how you can purchase a home with government backing. If you’re interested in a VA loan, give us a call today to see how we can help get the process started with you.
FAQ's About VA Mortgage Loans
VA Home Loans VS. First Time Buyer
First Time Buyer loans, otherwise referred to as FHA loans, are accessible to new homebuyers who may not have as much established credit or financial security as more experienced purchases that may be considering JUMBO loans or conventional purchase loans. Both loan types are for primary residence purchases only, but other than that, they have very different terms and eligibility requirements.
FHA loans require 3.5% down payments at a minimum, whereas the VA will offer their homebuyers 0% down payments in most instances. For FHA loans, mortgage insurance is required both upfront and monthly, but VA loans don’t require any sort of mortgage insurance. Instead, VA home loan buyers just pay a one-time fee to the VA itself.
Both loan options are pretty forgiving to applicants, but lenders will still need to see some minimum thresholds achieved, such as solid credit (around 620 or greater for VA, 570 or greater for FHA) and DTI (Under 41% is ideal for VA, 50% or less is suitable for FHA)
How to Get a VA Mortgage Loan in Florida?
Contact a lender in Florida to see if you’re eligible for a VA loan. Assuming you’re a veteran or active military, want to purchase a primary residence, and have the financial ability to make on-time mortgage payments, you can get approved for a VA mortgage loan in Florida (or any other state you may be interested in moving to)
How to qualify for a VA Home Loan in Florida?
Whether you live in Florida or anywhere else in the country, you’ll want to check out the VA’s current policies and requirements for VA home loan approvals. Here you’ll find information about what’s needed to apply and be approved for a VA mortgage loan.
What does your credit score need to be to get a VA loan?
While every lender’s criteria are different and the VA sets no official minimum, you can reasonably expect to need at least a 620 credit score to qualify for the type of home you want. Lower scores may be acceptable with supporting documentation, but you won’t know what you’re eligible for until you get the application process started.
How do I get pre-approved for a VA Home Loan?
Before you can get pre-approved for a VA home loan in Florida you’ll want to get a handle on your financial information such as credit score, DTI, how much you can afford monthly, proof of income, etc., so that your lender can present you with the best possible options. Once you’ve applied, lenders will check your credit to ensure you meet their eligibility requirements, and then you proceed accordingly.
Is there VA Home Loans for a Surviving Spouse?
If you’re a surviving spouse and want to purchase a home using VA loan benefits, you can do so by presenting a certificate of eligibility to prove your eligibility. Keep in mind that The VA will hold you to the same financial requirements standards as your spouse would have been, so income, DTI, credit, and so forth are still critical for approval. Let us know how we can help you secure a VA home loan for your family.
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License Info
FL NMLS: #LO115222
AZ NMLS: #1019689
Groves Capital Inc. NMLS: #1678775
Licensed In: FL, AZ
For licensing information, go to NMLS Consumer Access Portal
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License Info
FL NMLS: #LO115222
AZ NMLS: #1019689
Groves Capital Inc. NMLS: #1678775
Licensed In: FL, AZ
For licensing information, go to NMLS Consumer Access Portal