Florida VA Mortgage Questions
Pre-Qualifying for a VA Loan
The first step in the Florida VA mortgage loan process is answering a few questions about your loan in order to become pre-qualified. Once you have pre-qualified, your Florida VA mortgage lenders will be able to answer any questions you may have about a VA Loan, and will be able to provide personal feedback to specific questions about your VA mortgage situation.For general help with Florida VA Mortgage questions please see the list provided below.
VA Florida Mortgage FAQ’s
- Are you the VA? Are you a branch of the VA?
- What is a COE? Where can I get it?
- How do interest rates fluctuate?
- Why use my VA home loan benefit?
- What is a funding fee? Do I have to pay for this?
- What do I need to get qualified for a Florida VA mortgage loan? Am I eligible?
- What are the benefits of a Florida VA mortgage loan?
- Can I get an interest only loan?
- May I purchase land with the VA?
- May I use my Florida VA mortgageeligibility more than once?
- What is the fee for a 2nd time use of a VA loan?
- Does it matter what your credit score is with the VA?
- May I use my grandfather/father VA eligibility for myself?
- May I use a co-borrower to help get approved?
- May I use my spouse as a cosigner so that I can get a larger VA Home Loan?
- May I use a VA loan to start a business?
- May I get two VA loans at once?
- Does it cost anything to get pre-qualified?
- What is the difference between a VA loan and a conventional loan?
- Are the VA rates the same as conventional rates (better/worse)?
- Does my credit score affect my rate?
- May I get a VA loan with having a bankruptcy? How long must I wait after filing?
- I have bad credit, is a VA Loan still guaranteed to me?
- Can I have a friend on the loan with me?
- Does my veteran home loan entitlement expire?
- How much can I borrow with my VA Home Loan?
- May I use a VA Loan to invest in real estate?
- Are VA guaranteed loans, loans from the government?
- How do I find out how much I can afford?
No we are not the Veteran’s Administration. The VA does not lend money, they insure the money that we lend. We are a Florida VA mortgage company that specializes in VA insured home loans.
COE stands for Certificate of Eligibility. It is the certificate that proves that you as the veteran are eligible for a VA guaranteed Florida mortgage loan. Veteran Loan Center can get these for you during the loan process.
Interest rates can change daily, sometimes even a couple times in the same day. They are based on the 30 year mortgage bond and many other market factors. Credit, employment status, loan program, and many other things can also affect your interest rate.
The Florida VA mortgage is a program set up to help active duty and retired military personnel into homes. They will give you 100% financing on a Florida home without having to pay mortgage insurance at a very competitive rate. The VA also limits the types of fees that can be charged protecting against predatory lending.
YES – The VA funding fee is a fee added to your loan that goes to the Veterans Administration. For your first time use of a VA loan, your funding fee is 2.15% of your loan amount. For each subsequent use it is 3.3%. You will be required to pay it unless you have a service related disability of 10% or greater in which case the funding fee is waived.
We have a few quick questions to ask to get you qualified. That includes your income, debts and SSN to pull you credit history. We will contact you in a few hours to give you the status and possibility of you obtaining a loan.
The VA loan offers 100% financing with no mortgage insurance. The loan is assumable and you are eligible for a streamline refinance if rates go down. It offers great rates and is less strict on credit than most conventional loans.
The VA loan does not offer an interest only option at this time. We do have access to interest only conventional programs and would be happy to put you into one of these programs.
No, the VA loan is designed for existing home purchases or new construction. They are unable to do land loans at this time.
Yes, but in most cases you will only be able to hold one VA loan at a time.
3.3 %, unless you have 5% to put down in which case it is only 1.5%
The VA doesn’t put an extraordinary amount of weight on credit scores, but does look for a clear 12 month history.
No, only the veteran themselves or the surviving spouse of a veteran killed during active duty is eligible for the VA benefits.
VA guidelines will only allow a spouse to be a co-signer. We are able to provide conventional financing as well which may be more suitable if a co-signer other than a spouse is needed for qualification.
Your may use your spouse to qualify. However, if a spouse’s income is used, their liabilities must be included as well.
At this time the Veteran Loan Center does not do any business lending. If you have other questions regarding commercial loans please contact your regional VA office.
You may be able to have two VA loans if you have entitlement available. The best way to determine your entitlement and eligibility is to contact one of our VA Specialist.
No, it does not. Our professional loan specialists take great pride in helping veterans and military personnel get into homes.
VA Loans are guaranteed by the Veterans Administration and allow for no money down and easier qualification most of the time. Conventional loans require 5% down and often times mortgage insurance.
They are not exactly the same. Some days they are better, some days they are worse. They always are very close to conventional rates though.
Not with the VA, credit score has no impact on your rate. It can with some conventional programs.
Yes. You must be at least 1 year out of a Chapter 13 and 2 years out of Chapter 7. You also must have no late payments in the last year.
It’s guaranteed to you if you qualify for it. If you can’t qualify right now you can repair your credit and try again in a few months.
Depends on the type of loan you want and if it is conventional or FHA. VA loans will only allow a spouse to co-sign on a VA home loan.
Your entitlement never expires. However, your COE may need to be renewed if it is older than 12 months.
You can borrow 100% up to 359,650 as long as you can qualify for it. On a refinance you can borrow up to 90% of the appraised value of your home.
At this time you can only use the VA loan for a home that you intend on living in as your primary residence.
The Veterans Administration does not give you the loan directly. They insure the loans that we originate for you, allowing you to get 100% of the appraised value of the home you are purchasing.
The best way to find out how much you can afford is to call
- If I get a VA Home Loan that has an Adjustable Rate, what does that mean?
- Do I need to put money down in order to purchase a house with my VA Loan?
- May I use my Veteran loan benefit to purchase a vacation home?
- I am currently active in the armed forces; may I still receive a VA home loan?
- My realtor has suggested that VA appraisers are bad. Is this true?
- and talk to a specialist.
Having an adjustable rate means that once you term is reached whether it is 3 years or 5 years, your rate will start moving with the market. If rates go up so does yours. If rates go down you can expect yours to go down as well.
A VA loan covers 100% of the value of the home, you will however have to pay for any closing costs. The seller can pay up to 6%, which should cover more than enough of costs so you can get into your new home with no money out of pocket.
No, your VA loan has to be your primary residence.
Yes. If it is a permanent resident and you are within 60 days of moving in.
No. The VA appraiser is out to protect the buyer. It is a government backed loan and they need to make sure the home meets specific safety and quality guidelines.