Florida has many eligible veterans in Seminole & Orange County with full VA housing benefits. The VA home loan offers current active duty service members and vets advantages not seen in other conventional loan programs. Below we will discuss some VA benefits, please contact us at 800-871-2636 with questions, we are available to serve you 7 days a week.
VA Financing Benefits:
100% NO DOWN PAYMENT
Pretty much all mortgage programs in Florida today require you to make a small down payment to buy a home, especially in more populated locations like Winter Springs and Altamonte Spring . The VA mortgage is still 100% financing for eligible military home buyers. Rather than paying 5, 10, 20% or more of the home’s purchase price upfront in cash, with a VA loan you can finance up to 100 percent of the sales price. The VA loan is a true $0 down home opportunity, in fact only the only two 100% loans in Florida today are the VA loan and USDA Mortgage ( for select Rural locations in Seminole & Orange County)
NO PMI OR MONTHLY MORTGAGE INSURANCE
If you make a down payment that’s less than 20%, you must pay monthly mortgage insurance. At least that’s the case with all other loans. This insurance, referred to as private mortgage insurance (PMI) for a conventional loan or a mortgage insurance premium (MIP) for an FHA mortgage, protects the lender in the event that you default on your loan. But a VA mortgage doesn’t require a down payment or mortgage insurance. The VA loan is the only mortgage program that doesn’t have monthly mortgage insurance when the buyer is putting down less than 20%, not a bad deal!
GUARANTEED AND BACKED BY GOVERNEMENT
Lenders and banks love originating VA loans because the federal government guarantees that a portion of the loan. The loan will always be repaid to the lender even if the homeowner is unable to make monthly payments. This backing allows lenders to offer VA loans with great terms.
NO EARLY PAYOFF OR PREPAYMENT PENALTY
You can sell your home, pay off or refinance your VA loan anytime you like. There’s no prepayment penalty or early payoff fee no matter within what time frame you decide to sell your home.
VA MORTGAGE OPTIONS
A VA loan can have a fixed rate or an adjustable rate. It can be used to buy a house, condo, new-built home, duplex or other types of properties. Please note at this time we do not permit mobile or manufactured homes. VA can also be used to refinance your existing Spring Hill mortgage, make repairs or improvement to your home or even make your home more energy efficient. The choices are yours. Your Florida VA lender can help you decide.
VA LOANS ARE EASIER
Like all mortgage types, VA loans require specific documentation, an acceptable credit history and sufficient income to make your monthly payments. But, as compared to other loan programs, VA loan guidelines tend to be more flexible. This is made possible because of the VA loan guaranty. The Department of Veterans Affairs genuinely wants to make it easier for you to buy a home or refinance.
VA LOAN HAVE LOWER CLOSING COSTS
The VA limits the closing costs lenders can charge to VA loan applicants. This is another way that a VA loan can be more affordable than other types of loans. Money saved can be used for furniture, moving costs, home improvements or anything else. VA also has certain “non allowable” closing costs the home seller must pay on behalf of the home buyer.
VA FUNDING FEE
VA loans require a funding fee, basically an upfront cost based on your loan amount, your type of eligible service, your down payment size plus other factors. All government home loan programs ( USDA, FHA, VA) require this one-time funding fee. Funding fees don’t need to be paid as cash, though. The VA allows it to be financed with the loan, so nothing is due at closing. And not all VA borrowers will pay it. VA funding fees are normally waived for veterans who receive VA disability compensation and for unmarried surviving spouses of veterans who died in service or as a result of a service-connected disability.
Please visit us at www.fivestarsmortgage.com or call ph: 800-871-2636 for more information. We have specialist standing by 7 days a week to serve you.
Serving all of Florida - including homebuyers in Seminole & Orange County 7 days a week including Altamonte Springs, Casselberry, Geneva, Lake Mary, Lake Monroe, Longwood, Oviedo, Sanford, Winter Springs, Apopka, Doctor Phillips, Eatonville, Edgewood, Lake Buena Vista, Maitland, Ocoee, Orlando FL, Windermere, Winter Garden, Winter Park
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