Florida VA loans are guaranteed by the Department of Veterans Affairs and can be used to purchase a single family home, including a townhouse or condominium unit in a VA approved project, to build a home, and purchase and improve a home. Loans are assumable under certain conditions and do not have a prepayment penalty. VA loan have secure fix interest rates with the option of select adjustable rate terms.
VA Purchase Loan:
VA home purchase loans are designed to benefit veterans of the armed services, those currently in active duty or the reserves, and their spouses. In order to qualify for a VA home mortgage veterans must be eligible as defined by the Department of Veterans Affairs. Veterans can qualify to put zero down on a loan up to $417,000. Florida VA Loan Amount Limits. VA Fixed Rate Loans are full documentation loans which include all income and asset verification. Before closing, a funding fee must be collected from the borrower and can be financed into the loan. Funding fee exemption is possible upon proper verification of disability. You can read all about VA Funding Fee’s here
VA Interest Rate Reduction Refinance:
The VA Interest Rate Reduction Refinance program is only available when transferring from one VA loan to another. The terms of the refinance are similar to those of other loans carrying with it 15, 20, 25, or 30 year options on fixed rate mortgages. Loans are assumable under certain conditions without a prepayment penalty.
A VA Interest Rate Reduction Loan or a VA Refinance are two options to consider when thinking about refinancing your mortgage. The VA Rate Reduction Refinance program is only available to veterans who are refinancing their original VA mortgage utilizing their predetermined eligibility and no assumptions are allowed. The IRRRL program is very streamline and quick. Limited documentation and inpsections are needed.
To qualify for a VA Rate Reduction Refinance your current mortgage must have been paid as agreed for the last 12 months and must be up to date. The VA does not require an appraisal, credit report, or income and employment verifications. It is possible to refinance your mortgage through this program with no out of pocket expenses. This can be done by including the cost of the refinance into the new loan or by increasing the interest rate on the new loan and allowing the lender to pay the costs.
Questions about VA Loans here in Florida ? Stop by and see us at www.VaMortgageHub.com or call 904-385-3988
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