VA Home Loans (Mortgages for Veterans)

Backed by the U.S. Department of Veterans Affairs, VA home loans are designed to help active-duty military personnel and veterans become homeowners at an affordable cost. These mortgages offer unique benefits that simply can’t be matched by conventional and FHA home loans.

The Core Mortgage Team specializes in the area of VA mortgages in Florida, with licensed loan originators who have served in the U.S. military and understand the complexities of the program. We make the VA loan process fast and easy to understand.

You’ve done your best serving our country. How about letting the Core Mortgage Team do its best to help you purchase or refinance your home?!

Whether you’re an active member of the Army, Navy, Air Force, Marines, Coast Guard or National Guard, a veteran, a Reservist or surviving spouse of a veteran; or if you’re a cadet at the Air Force, U.S. Military or Coast Guard Academy, or a midshipman at the U.S. Naval Academy, you may qualify for a VA mortgage and the many benefits that come with it.

Benefits of VA Mortgages for Veterans

The VA doesn’t make actual loans, nor does it set interest rates. Instead, it partially guarantees loans and refinancing through private lenders such as banks, credit unions and mortgage companies.  This guarantee encourages lenders to offer borrowers better terms than conventional loans, such as:

  1. No Down PaymentMost home mortgage programs require at least a small down payment ranging from 3% to 20% or more of the home’s purchase price. VA Home Mortgages allow borrowers to finance 100% of the price of the home. The VA also limits the closing costs lenders can charge to VA borrowers.
  1. Flexible Loan LimitsUnless borrowers are putting no money down, there are generally no loan limits. The VA loan limit for 100% financing, however, is $417,000 in most markets in 2015. But there are exceptions! In more expensive “high-cost” counties, the limits are higher. For example, the limit in Florida’s Collier County is $448,500 and $529,000 in Monroe County.
  1. No Mortgage Insurance PremiumsMost lenders will require you to pay some form of mortgage insurance premium if you make a down payment under 20%, including for FHA loans. A VA loan requires no mortgage insurance of any kind, making these mortgages very affordable. There may be a special “funding fee” at closing, which can be added to the loan amount. They range from 1.25% to 3.30% of the loan amount, depending on various factors, but are usually waived for veterans with service-related disabilities.
  1. No Prepayment PenaltiesWith a VA mortgage, borrowers can sell their homes at any time without restrictions or fees. Borrowers are also free to refinance their existing VA loans into lower interest rate VA loans or non-VA loans.

Jusr a Few of the Areas We have Served Veterans

Who Qualifies for VA Mortgages?

VA loans are somewhat easier to qualify for than conventional mortgages. You will need a Certificate of Eligibility from the VA to show that you meet the military service requirements and will have to prove your ability to repay the loan, as you would with any other type of mortgage.

The VA doesn’t set a minimum credit score for applicants, but lenders often have their own internal requirements. Compared to other loan programs, however, VA loan guidelines are more flexible than other types of mortgage loans, allowing for lower credit scores and higher debt-to-income ratios.

The Core Mortgage Team is dedicated to meeting the home financing needs of active duty military and veterans. 

We can help you learn more about VA home loans in Florida, find out if you qualify, and avoid the red tape and bureaucratic hassles that often come along with government loan programs.

Call us 24/7 at (855) 554-CORE or (239) 431-5889 to find out how to get the VA benefits you’ve earned!