VA guaranteed home loans are made by private Florida mortgage lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible Florida veterans for the purchase of a Florida home. The VA loan guaranty means that the Florida mortgage lender is protected against loss if you fail to repay the VA loan. In most cases, no down payment is required on a VA guaranteed mortgage loan and the veteran receives a lower interest rate and no required MI mortgage insurance.
Other benefits Florida homebuyers find only with a VA loan include:
- NO MI mortgage insurance – Saves borrowers 1,000s!
- Right to prepay loan without penalties
- Negotiable interest rate.
- Closing costs comparable – and sometimes lower – than other financing types.
- No private mortgage insurance requirement.
- Mortgage can be taken over (or “assumed”) by the buyer when a home is sold.
- Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.
Although Florida mortgage insurance is not required on a VA mortgage loan, the VA does charge a VA funding fee to issue a guarantee to a Florida VA mortgage lender against default on a Florida mortgage. The Florida VA funding fee may be paid in cash by the buyer or seller, or it may be financed in the home loan amount.
A VA mortgage can be used to buy a Florida home, build a home and even improve a home with energy-saving improvements that include such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/ caulking, storm windows/doors or other energy efficient improvements approved by the Florida VA mortgage lender and VA.
Florida Veterans can apply for a VA loan with any mortgage lender that participates in the VA mortgage program. A Certificate of Eligibility and DD214 from the VA must be presented to the Florida VA mortgage lender to qualify for the loan.
WE PROVIDE VA MORTGAGES IN EVERY CITY AND COUNTY IN FLORIDA INCLUDING: