We help Veterans become Homeowners. See why more Veterans and military families chose Loan Trust for their VA home purchase as their Florida lender.
VA Loans Florida
A Florida VA mortgage loan from Loan Trust makes purchasing a home more accessible and affordable for veterans, no down payment required.
Why a VA Loan?
There are many benefits, as taken directly from the Veterans Affairs site: no down payment required (unless required by the lender or the purchase price is more than the reasonable value of the property);buyer informed of reasonable value; negotiable interest rate… and more.
How to Get A VA Loan?
A VA loan is a mortgage loan guaranteed by the U.S. Department of Veteran Affairs (VA) that is available to most US service members. It offers some very great benefits to those that have served our country.
Benefits of VA Loans
- You can buy a home with no money down.
- You can refinance your home up to 100% of the value of your home.
- You never have to pay PMI (Private Mortgage Insurance).
- Sellers can pay your closing costs.
- They are usually easier to get because the Government insures the loan so that there is much less risk to the lender.
- If you already have a VA Loan you might be eligible for a VA Streamline Refinance.
- Disabled Veterans may qualify for a waiver of the Funding Fee if they receive any disability payments from the VA or if they are considered to be at least 10% disabled.
Who is eligible for a VA Loan?
As a rule of thumb, almost all active duty or honorably discharged service members are eligible for a VA loan.
You may be eligible for a VA loan if any one of these statements describes you:
- I served 181 days during peacetime. (Active Duty)
- I served 90 days during wartime. (Active Duty)
- I served 6 years in the Reserves or National Guard.
- I am the spouse of service member who was killed in the line of duty.
- I currently receive disability payments from the VA.
What is the VA Funding Fee and is it required?
Yes, it is required. It is a fee paid directly to the Department of Veteran’s Affairs so that they can guarantee your loan and provide you with the opportunity to receive a loan with little to no money out of pocket.
How much is the VA Funding Fee?
It depends on several factors including: Whether you are Active Duty, Retired, Guard or Reserve and whether you this is a first time use, subsequent use, or a cash-out refinance as well as how much of a down payment you are putting down. The fee can range from as little as 1.25% up to 3.3% of the loan. Generally, the more money you put down the lower the VA funding fee. Please contact us and we will help you to determine how what the exact cost of the VA Funding Fee would be for your particular situation.
Do I have to pay the VA Funding Fee out of pocket?
No, you can include the VA Funding Fee in your loan and pay the funding fee over the course of your loan.
Do I still have to pay other normal closing costs like Appraisal, Title and Escrows?
Yes, however with a VA loan if you are purchasing a new home the seller can pay for all or part of your closing costs.
What is a VA Streamline Refinance?
A VA Streamline Refinance is a refinance option that is available if you already have a VA mortgage and you want to lower your interest rate with little or no out-of-pocket closing costs. You don’t have provide bank statements, W2s, job verification or paychecks.
Types of VA Loans
The VA loan benefit offers qualified Veterans multiple powerful home financing options.
VA Purchase Loan
Veterans and service members can use the VA loan to purchase new or existing homes with $0 down payment. VA purchase loans also allow Veterans to buy single-family homes, condominiums, manufactured homes, multiunit properties (like a duplex) and even new construction.
Policies and guidelines can vary by lender. Some lenders may not make all of these types of VA purchase loans.
The VA Interest Rate Reduction Refinance Loan (IRRRL) is one of the VA loan program’s two refinance options and the one most Veteran homeowners choose.
These are also known as VA Streamlines, and that’s because they’re simple, low-cost refinance loans that in some cases might not require credit underwriting, income verification or an appraisal.
The VA IRRRL is only for Veterans who currently have a VA loan, require your new rate is smaller than your old rate and have a limit on the time it takes to recoup the costs and fees. All of which help ensure Veterans realize the full financial benefit.
VA Cash-Out Refinance
The VA Cash-Out refinance allows qualified homeowners to refinance their mortgage and take out cash from their home’s equity. These loans are open to Veterans with and without current VA loans. Qualified homeowners can typically refinance up to 90 percent of their home’s value.
Lending guidelines and loan-to-value requirements can vary by lender. Homeowners are not required to take out cash with these loans, which means Veterans with non-VA mortgages can use this option as a basic rate-and-term refinance.
VA Energy Efficient Mortgage
The VA allows Veterans to borrow additional money to pay for energy efficiency improvements to a home, as part of either a home purchase or a refinance.
Veterans can finance up to an extra $6,000 to cover the cost of qualified improvements, like storm or thermal windows, heat pumps and solar heating and cooling systems. Homeowners can’t use this option to purchase appliances, window air conditioning units and other non-permanent additions.
What is the VA funding fee?
The VA Funding Fee goes directly to the VA to ensure the program keeps running for future generations of Veteran and military homebuyers by removing any additional burdens off taxpayers and Veterans.
The fee varies depending on the borrower’s circumstances. For example, if this is your first time using the VA home loan program, the funding fee is typically 2.3 percent of the purchase price of the home. For subsequent use of your VA loan benefit, the fee is 3.6 percent. The fee for an Interest Rate Reduction Refinance loan is just 0.5 percent, no matter how many times you’ve used the benefit.
VA borrowers can roll the funding fee into their overall loan amount. The VA also limits closing costs for Veterans and allows sellers to pay most or all of those expenses. Many of our borrowers purchase a home with no money due at closing, but every buyer’s situation is different.
The VA also exempts some Veterans and surviving spouses from the funding fee entirely. The most common exemption is for Veterans receiving compensation for a service-connected disability. Surviving spouses with VA loan eligibility are also exempt. Only the VA can make a determination about funding fee exemptions.
To calculate your VA Funding Fee, use Loan Trust Home Loans’ Funding Fee Calculator here.
Is the VA loan a good option?
VA loans are arguably the most powerful loan option on the market. They come with a list of big-time benefits, including $0 down payment, no mortgage insurance, flexible and forgiving credit guidelines and the industry’s lowest average fixed interest rates.
Every Veteran buyer’s situation is different, and going over all of your loan options with a home loan specialist can help ensure you make the best financial decision possible.
Our VA Loan Rates Are Low & Our Process is Quick & Painless
A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry).
We’re here to make the VA home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE VA Loan Qualifier.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you’re a first-time home buyer or a seasoned investor.
The VA Loan Process
Here’s how our home loan process works:
- Complete our simple VA Loan Qualifier
- Receive options based on your unique criteria and scenario
- Compare mortgage interest rates and terms
- Choose the offer that best fits your needs
The VA loan is a $0 down mortgage option available to Veterans, Service Members and select military spouses. VA loans are issued by private lenders, such as a mortgage company or bank, and guaranteed by the U.S. Department of Veterans Affairs (VA).
The VA home loan was created in 1944 by the United States government to help returning service members purchase homes without needing a down payment or excellent credit. This historic program has guaranteed more than 25 million VA loans, helping Veterans, active duty military members and their families purchase or refinance a home.
Today, the VA mortgage is more important than ever. Scores of Veteran and military buyers found it increasingly difficult to get home financing in the wake of the Great Recession, and many lenders tightened their guidelines again because of the 2020 global pandemic.
Over the last decade in particular, VA loans have provided a lifeline for Veterans and active Military homebuyers facing higher credit score and down payment requirements.
VA loans are a specialized loan product, but they aren’t more difficult or cumbersome than other types of home loans. This VA loan guide is here to provide you with the tools necessary to navigate your VA home purchase or refinance and get the most out of your hard-earned benefit.
If you’re ready to start your VA loan, check your eligibility or have specific questions on the VA loan, talk with a loan officer at Loan Trust today.
Exploring the VA Loan
The VA loan program has helped generations of Veterans, service members and military families achieve the dream of homeownership. At the heart of this benefit is a promise: Because of their selfless service to our country, Veterans have access to a home loan program with flexible guidelines and significant financial benefits, chiefly the ability to purchase with no down payment.
Let’s take a closer look at how VA loans work and what it takes to start the VA loan process.
What is the VA guaranty?
Although the VA loan is a federal program, the government generally does not make direct loans to Veterans. Instead, private lenders including Veterans United Home Loans finance the loan while the Department of Veterans Affairs offers a guaranty.
This guaranty protects the lender against total loss should the buyer default, which provides an incentive for private lenders to offer the VA loan with better terms than other mortgage options.
What are VA loan limits?
Qualified veterans with their full VA loan entitlement can borrow as much as a lender is willing to extend, all without a down payment. The VA loan limits only come into play for buyers with less than their full entitlement, either because they have one or more active VA loans or because they’ve lost a previous one to foreclosure. To see how the VA loan limits might affect you, give us a call at 1-888-588-2254.