How do VA loans work in Florida? If you are considering applying for VA loans, as an honor given to our service members and their families, you get a competitive mortgage interest rate with no downpayment! You can well be on your way to owning your primary residence if you are a veteran, an eligible service member or if you are a qualified surviving spouse of a veteran.
What are the requirements for a VA loan in Florida?
Lenders have a say regarding credit score requirements for VA loans. So, even if you are in the 580 range in your credit score, it can be considered good enough for a VA loan. Another requirement you must comply with before applying for this kind of mortgage is the VA Form 26-1880, as a precursor to applying for a Certificate of Eligibility (COE). The COE is proof that you qualify for a VA loan, and that is what your lender will ask of you when you apply.
There may be exemptions for the one-time VA funding fee, like veterans who receive compensation for service-connected disabilities. However, those not exempted need to prepare for a VA funding fee of not more than 3.6% depending on the kind of loan they will take out. Another requirement to prepare for is a 40% or lower debt-to-income ratio which is ideal for a VA loan.
How do VA loans work in Florida?
The Department of Veteran Affairs backs VA loans, which is the primary reason lenders can offer competitive rates and even a $0 down payment. With these lenient requirements and guidelines, qualified veterans can make their dream of owning a home a reality.
To see if you qualify, and if you still have more questions and clarifications about how VA loans work in Florida, contact us, and we’d be glad to show a veteran like you, or your spouse, our appreciation of the service you have done for the country.