Did you know that Florida has many eligible veterans in Hillsborough and Manatee County with full VA housing benefits. Many of them don’t even take advantage of this wonderful benefit. The VA home loan offers current active duty service members and vets huge benefits not seen in other conventional loan programs. Below we will discuss some VA benefits, please contact us at 904-385-3988 or visit http://vamortgagehub.com with any questions, we are available to serve you 7 days a week.
2018 VA Mortgage Benefits:
100% financing, No Money Down
Pretty much all mortgage programs in Florida today require you to make a small down payment to buy a home, especially in more populated locations like St. Petersburg and Tampa. The VA mortgage is still 100% financing for eligible military home buyers. Rather than paying 5, 10, 20% or more of the home’s purchase price upfront in cash, with a VA loan you can finance up to 100 percent of the sales price. The VA loan is a true $0 down home opportunity, in fact only the only two 100% loans in Florida today are the VA loan and USDA Mortgage ( for select Rural locations in Manatee and Hillsborough County)
NO PMI OR MONTHLY MORTGAGE INSURANCE
If you make a down payment that’s less than 20%, you must pay monthly mortgage insurance. At least that’s the case with all other loans. This insurance referred to as private mortgage insurance (PMI) for a conventional loan or a mortgage insurance premium (MIP) for an FHA mortgage, protects the lender in the event that you default on your loan. But a VA mortgage doesn’t require a down payment or mortgage insurance. The VA loan is the only mortgage program that doesn’t have monthly mortgage insurance when the buyer is putting down less than 20%, not a bad deal!
BACKED AND GUARANTEED BY GOVERNMENT
Lenders and banks love originating VA loans because the federal government guarantees that a portion of the loan. The loan will always be repaid to the lender even if the homeowner is unable to make monthly payments. This backing allows lenders to offer VA loans with great terms.
NO EARLY PAYOFF OR PREPAYMENT PENALTY
You can sell your home, pay off or refinance your VA loan anytime you like. There’s no prepayment penalty or early payoff fee no matter within what time frame you decide to sell your home.
VA MORTGAGE OPTIONS
A VA loan can have a fixed rate or an adjustable rate. It can be used to buy a house, condo, new-built home, duplex or other types of properties. Please note at this time we do not permit mobile or manufactured homes. VA can also be used to refinance your existing Tampa mortgage, make repairs or improvement to your home or even make your home more energy efficient.
EASY TO QUALIFY
Like all mortgage types, VA loans require specific documentation, an acceptable credit history and sufficient income to make your monthly payments. But, as compared to other loan programs, VA loan guidelines tend to be more flexible. This is made possible because of the VA loan guaranty. The Department of Veterans Affairs genuinely wants to make it easier for you to buy a home or refinance.
VA LOAN HAVE LOWER CLOSING COSTS
The VA limits the closing costs lenders can charge to VA loan applicants. This is another way that a VA loan can be more affordable than other types of loans. Money saved can be used for furniture, moving costs, home improvements or anything else. VA also has certain “non-allowable” closing costs the home seller must pay on behalf of the home buyer.
VA FUNDING FEE
VA loans require a funding fee, basically an upfront cost based on your loan amount, your type of eligible service, your down payment size plus other factors. All government home loan programs ( USDA, FHA, VA) require this one-time funding fee. Funding fees don’t need to be paid as cash, though. The VA allows it to be financed with the loan, so nothing is due at closing. And not all VA borrowers will pay it. VA funding fees are normally waived for veterans who receive VA disability compensation and for unmarried surviving spouses of veterans who died in service or as a result of a service-connected disability.
Questions about getting approved and qualified for VA loan? VA Mortgage Hub is national VA loan resource serving military homebuyers 7 days a week. Questions? Reach out to us by calling at Ph: 800-691-8826
Serving all of Florida – including homebuyers in Hillsborough and Manatee County FL – Bradenton, Longboat Key, Palmetto and Parrish. Apollo Beach, Bloomingdale, Brandon, Carrollwood Village, Dover, Gibsonton, Lithia, Lutz, Mango, Orient Park, Plant City, Riverview, Ruskin, Sun City Center, Tampa, Thonotosassa, Valrico. 2018, VA Home Loan Manatee, Hillsborough County