VA is the perfect home financing option for Tampa home buyers that are fortunate enough to have eligibility. The purpose of the Florida VA mortgage program is to help eligible veterans and surviving spouses in Tampa finance homes with low-interest rates, closing costs and NO down payment.
Under the Veteran Administration Loan Guaranty program, VA loans are backed by the Veterans Administration in order to provide lenders with the ability and incentive to offer loan benefits to U.S. veterans, active service members, and the qualified surviving spouses of U.S. veterans that other homebuyers are ineligible to receive. They are not offered by the VA department itself, but by Florida banks and approved VA mortgage lenders. The VA backs a portion of the loan so that the lender is assuming less risk in lending to veterans.
What Are Some Advantages of VA Mortgages in Tampa?
- VA mortgage loans can offer low or no-down-payment options. VA is currently the only 100% financing option available in Tampa.
- Unlike traditional loans, the VA limits the amount veterans will pay for closing costs.
- The buyer’s closing costs can be paid by the seller, reducing out-of-pocket expenses to the buyer.
- VA mortgage rates today are lower than conventional mortgages.
- Down payments ( if desired) and closing costs may come as a gift from family members.
- Up to 100% Financing is available for a primary residence.
- There is an additional VA Administration fee of 2.15% that may also be financed as part of the VA loan, bringing the total potential financing option up to 102%
- VA loans do NOT require monthly Mortgage Insurance (MI) like many other loans.
- Veterans do not have to be first-time homebuyers and may reuse their benefits.
- VA loans have no penalties for paying the loan off early.
If you are an active service member, reservist, member of the National Guard, or veteran you may be eligible for a VA loan. This includes certain U.S. citizens who were You may also be eligible if you are the surviving spouse of a veteran who died while on active duty or because of their military service.
Though the underwriting standards for VA mortgages are lower, veterans must still meet certain credit standards (620 scores) and reasonable income standards and must obtain a valid Certificate of Eligibility (COE) from their local Veterans Administration office. The Certificate of Eligibility verifies to the lender that the loan applicant is eligible for a VA loan. To obtain one, veterans must submit evidence of their service to their local VA office. If you need assistance, just give us a call at 800-743-7556
There are also minimum service requirements depending on the length of your service, duty status, and the characterization of your service. Note that even if your service does not meet the minimum service standards, you may still be eligible if you were discharged due to hardship, because of certain medical conditions, or because of a service-related disability. To find out if your service qualifies visit VA.gov or contact your local VA office.
How To Apply for VA Mortgage in Tampa?
- Obtain a Certificate of Eligibility. Any Florida applicants can contact us at ph: 800-743-7556 for help.
- Get together your documents needed for loan pre-approval. You will need to supply your finances (pay stub, W2’s, tax returns) employment, and other information so that they can process your application and see if you qualify for a loan.
- Credit Report – We will obtain a credit report at the time of application. Excellent credit is not necessary, but you do have to have a certain credit rating to get a loan. We currently require a 600 score to be approved.
Tampa homebuyers please contact us at 800-743-7556 7 days a week. Questions? just submit the quick Info Request Form on this page.