Are you a Veteran or active duty military looking for purchase a home around Miami? The VA (Veterans Administration) guaranteed home loan is the perfect loan program for active, non-active, Reserve, National Guard, and retired military of the armed forces. The key benefit for VA loan is 100% financing and no private monthly mortgage insurance required. More than 27 million veterans and service personnel are eligible for VA financing. Even if you have used your VA loan benefits in the past, you may be eligible by using remaining or restored VA loan entitlement. VA home loan can be used to purchase a home or refinance an existing mortgage.
Below we will discuss the VA home purchase benefits, who is eligible for a VA loan, and the VA documentation you will need to have ready for the loan application and pre approval process. VA Mortgage Hub serves all VA home buyers across the nation including those buyers in Miami Dade, Broward County, please call us at ph: 904-385-3988 with questions (7 days a week)
Primary Benefits of a VA Home Loan:
VA Loans may offer the following benefits:
- 100% Financing for Florida home buyers
- No down payment
- Private mortgage insurance not required – this alone can save you hundreds each month.
- Competitive fixed interest rates
- Flexible income, debt, and credit requirements
- Gift money allowed
- VA funding fee can be included in the loan
- You aren’t required to be a first time buyer
- Buyers that have used their VA loan entitlement in the past may stil be eligible
- Great refinancing options available – VA IRRRL, Streamline refinance.
Who is Eligible for a VA Home Loan?
Veterans with active duty service, that was not dishonorable, during World War II and later periods, are eligible for VA loan benefits. World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31, 1955), and Vietnam era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days of service.
Veterans with service only during peacetime periods and active duty military personnel must have had more than 180 days of active service. Veterans of enlisted service which began after September 7, 1980, or officers with service beginning after October 16,1981, must in most cases have served at least 2 years.
VA Documentation Needed:
The main documentation a lender will need to determine your eligibility is: a DD214 for discharged veterans, a statement of service for active military personnel, and a certificate of eligibility (COE) to determine you have VA entitlement.
Because each lender can have slightly different qualifying guidelines, the next step is to contact us to find out if you meet the qualifying criteria such as minimum FICO/credit scores, debt-to-income (DTI) ratios. It’s also a good idea to find out what your county’s maximum VA loan amount is. We can help answer all your questions and attain your certificate of eligibility.
Note: VA Does Not Offer Loans Directly and Does Not Guaranty You Will Qualify:
VA does not actually lend the money to you directly. They offer a guaranty to approved VA lenders in Florida that protect them should you default on the loan. The word GUARANTY does not actually guaranty the veteran will qualify for a VA home loan. Like all mortgage programs today, VA has certain qualifying standards that must be met.
Getting Pre Approved For VA Home Purchase:
The VA home pre approval process is super simple and often completed in minutes. Contact us by calling Ph: (904) 385-3988 or just submit the short Information Request form on this page. Buyers may also find the short video below helpful outlining the latest 2016 VA loan guidelines.
Serving home buyers in Florida including: Deerfield Beach, Fort Lauderdale, Hallandale Beach, Hillsboro Beach, Hollywood, Lauderdale Lakes, Lauderdale-By-The-Sea, Lauderhill, Lazy Lake, Lighthouse Point, Margate, Miramar, North Lauderdale, Oakland Park, Parkland, Pembroke Park, Pembroke Pines, Plantation, Pompano Beach, Port Everglades, Sea Ranch Lakes, Southwest Ranches, Sunrise, Tamarac, West Park, Weston. Aventura, Bal Harbour, Bay Harbor Islands, Biscayne Park, Coconut Grove, Coral Gables, Cutler Bay, Doral, El Portal, Florida City, Golden Beach, Goulds, Hialeah, Hialeah Gardens, Homestead, Indian Village, Islandia, Kendall, Key Biscayne, Leisure City, Medley, Miami, North Bay Village, North Miami, North Miami Beach, Opa-Locka, Palmetto Bay, Pinecrest, Pinewood, Princeton, Richmond Heights, Sunny Isles Beach, Surfside, Sweetwater, Virginia Gardens
Miami VA Loan Lender