​VA Home Loans – The Best Veteran Benefit of All

​VA Home Loans are one of the easiest and most rewarding benefits veterans get--often referred to as "the best home loan in America"; but shockingly only 6% of veterans use their benefit. 

At Fidelity Funding Mortgage Corp, we make it easy to use your benefits. We’ll even look up your eligibility if you don’t have your DD-214. We make it easier than ever to get use your VA home loan benefit. 

Why Use your VA Benefits? 

Veterans have the distinct advantage of securing VA financing with no money down. That's reason enough to consider using your VA loan benefits. There isn’t a maximum loan amount either – as long as you qualify for the loan (more on this below), you can borrow as much as you need. 

You have only to prove you have the entitlement – or benefit – from the VA. If you left the military with anything but a dishonorable discharge and you served at least 181 days during peacetime, chances are you are eligible. 

Other benefits of the VA loan include:

• Flexible guidelines – There isn’t a more flexible loan available today. The VA sets very loose guidelines to make it easy for veterans to secure financing. Our experience with Veterans also helps us structure your new loan for the best possible experience--we've seen the obstacles and we know how to help you avoid them.
• The VA Guarantee – The VA guarantee is what encourages lenders to write VA loans. The VA promises to pay the lender back should the borrower default. This makes it a lot easier for lenders to write VA loans.
• No monthly PMI (Private Mortgage Insurance) - with VA loans, the VA does not require the Veteran to pay monthly PMI premiums, even if your down payment is less than 20%.  On average, this saves the Veteran $1,000's of dollars per year over that of a Conventional mortgage with PMI. 
• Low fees – The VA only allows veterans to pay certain fees. You don’t have to worry about excessive closing costs and you can even get help from the seller, who can pay 100% of your closing costs. 
• Lower rates - Interest rates for VA loans are typically lower than their Conventional loan counterparts. And our rates in particular are certainly competitive.  

If you have a questionable credit history or you had some hiccups in the past and don’t think it’s been long enough to qualify for a mortgage, check out your VA benefits. Our VA loan program is as flexible and forgiving as they come today. Chances are you’ll be able to secure a loan much faster using your VA benefit than waiting to use conventional financing. 

How to Qualify for a VA Loan 

We genuinely love helping veterans from MacDill use their VA benefits because the qualifying factors are so simple to meet:

• Minimum 640 credit score – This is much lower than conventional loans and allows veterans who don’t have perfect credit to still use their VA loan.
• No down payment – VA loans provide 100% financing, which means no down payment, and if your seller helps with the closing costs, you can come to the table with no money. 
• Max loan amount – Veterans who borrow $548,250 or less for a Florida property don’t need a down payment. If you borrow over $548,250, though, you’ll need a 25% down payment on the difference between the loan amount and $548,250.  For example, if the purchase price is $558,250, then the Veteran would need a $2,500 down payment. (25% of the $10,000 amount over $548,250)
• Stable employment and income – You must prove you have stable income and employment, preferably for the last 2 years.
• Interest Rates – VA loans have some of the lowest rates in the marketplace.

• No prepayment penalty – You can pay off your VA loan at any time without a penalty. 

VA Loan Property Requirements 

There aren’t any geographic limitations to specific areas here in Florida that limit where you can use your VA home loan benefit. While there are amazing properties near MacDill AFB in the Greater Tampa Bay area, we service all areas in Florida including South Tampa, Clearwater, Wesley Chapel, Lutz, Odessa, St Petersburg, Lithia, Riverview, FishHawk Ranch, Apollo Beach, Fort Lauderdale, Wilton Manors, Davie, Orlando, Winter Garden, and Miami, among others. 

You can buy any home in Florida that’s a single-family home, townhome, or condo. If you buy a condo, though, check out our list of currently approved condo projects. If you fall in love with a condo that’s not on the list, don’t worry – we have experience getting Single Unit Condo Approvals. We have connections within the VA Service Center to get it done fast, too. 

Another myth many people believe is the VA appraisal is hard to pass – it’s not. The VA wants to ensure that the home you're buying is in good condition and ready for the veteran to move in, but all appraisals require the same thing. While the home must pass specific property requirements, they aren’t anything out of the ordinary, making it harder to secure financing. 

The VA Funding Fee 

Many people avoid using their VA loan benefit because of the VA funding fee, so let's set the record straight. 

First--although the VA Funding Fee is an upfront fee, you can roll it into your new VA home loan, meaning you don't have to pay for it out-of-pocket.  It's financed into your new loan and only makes a small difference to the payment---usually only a few extra dollars.  

Most veterans using their benefit for the time pay a 2.3% funding fee, which means you pay 2.3% of your loan amount to the VA for providing the benefit. Again, although this is an upfront fee, you can wrap it into your loan amount if you don’t have the funds available, or the seller can even pay it for you.  

Certain people are exempt from paying the funding fee too, which means even more benefits:

• You receive VA disability pay for a service-connected disability. 
• You receive VA retirement pay but were eligible for VA disability pay for service-connected disability
• You are a surviving spouse of a veteran who died while in service or due to his injuries/illness from the service
• You’re a veteran who received the Purple Heart 

It’s a chance to secure financing with no down payment, low closing costs, and flexible guidelines. What could be better?

Whether you’re a great credit borrower or even if you’ve had some hiccups, there is a loan for you. 

Our specialists work well with veterans, helping you understand your benefits, pulling your eligibility if you don’t have it, and walking you through the process. We want as many veterans here in the MacDill and surrounding Tampa Bay Areas as possible to take advantage of their VA home loan benefits. 

For more information on the VA Funding Fee, be sure to check out VA Home Loan Resource page--it's packed with all sorts of great information designed to help Veterans answer their questions and provide everything you need for a great homebuying experience.  

WRAPPING UP...

As always, if you’re looking to purchase, refinance or get preapproved to purchase a home anywhere in the state of Florida using your VA benefit, we’d love to help.  Simply give us a call so we run some numbers for you and answer all your questions! 

You can also drop us a line HERE »

Yours in successful homeownership,

Derek Bissen
Loan Originator
NMLS#365627
Unconventional Lending Program Director