KEY FEATURES

• No Down Payment (However, a 5% down payment offers a reduced VA Funding Fee.)
• Flexible Underwriting Requirements
• More flexible credit score requirements– scores as low as 580. Flexible with debt load requirements
• Flexible with extenuating circumstances – Change of job, moves, etc.
• Flexible for veterans with past derogatory mortgage & credit history (Bankruptcy, Foreclosures, Short Sales)
• Ideal for any qualifying discharged or active-duty veteran with VA eligibility.
• Gift funds from a family member are acceptable
• Interested Party Contributions (Sellers, Realtors, etc.) - Up to 4% total towards closing costs

LOAN SIZE LIMITS

$50,000 Minimum Loan Size

There is no upper limit to VA loan size in Florida.

VA FUNDING FEE

VA collects a one-time funding fee at closing, and the veteran can finance this into the new home loan, instead of having to pay it out-of-pocket at closing.  For a Veteran using their benefit for the first time with a down payment < 5%, the funding fee is equal to 2.3%.  For a Veteran using their benefit *after the first use*, with the a down payment < 5%, the funding fee is equal to 3.6%,  If you have a service-connected disability, you may be entitled to have the funding fee waived entirely.  

ACCEPTABLE HOME TYPES

VA accepts the following property types:

• Single Family Homes
• Multi-Unit Homes (2-4 units)
• Townhomes / Villas
• Condominiums (Condo association must be VA-approved)

CASH-OUT REFINANCES

• Cash-Out refinances can be up to 90% of the Notice of Value from a VA certified appraisal.
• Title Seasoning: If the mortgage being paid off is an existing VA loan, than the Veteran must have owned the home for at least 6 months and must have made at least 6 months of payments on the existing loan.
• The purpose of the loan must present a Net Tangible Benefit to the Veteran and pass a Net Tangible Benefit test.  
• Must meet one of the following criteria (criteria is subject to change):
  • The new loan eliminates monthly mortgage insurance, whether public or private, or monthly guaranty insurance
  • The term of the new loan is shorter than the term of the loan being refinanced
  • The interest rate on the new loan is lower than the interest rate on the loan being refinanced.
  • The payment on the new loan is lower than the payment on the loan being refinanced.
  • The new loan results in an increase in the borrower's monthly residual income.
  • The new loan refinances an interim loan to construct, alter, or repair the home
  • The new loan amount is equal to or less than 90 percent of the reasonable value of the home, -OR- The new loan refinances an adjustable rate loan to a fixed rate loan.
• All closing costs must be recouped within 36 months for Type 1 Cash-out Refinances.*

* Type 1 Refinance - A cash out refinance of any existing VA loan where the new loan amount and funding fee do NOT exceed the payoff amount of the existing loan.

CONDO APPROVAL WITH VA

Yes, VA financing can be used to purchase condominiums. The condominium association must be approved by the VA.

NOTE: If the name does not appear on the list below, but the condominium association insists that they are approved, please call us and we may be able to help resolve this issue.

OCCUPANCY

Owner-occupied homes only