VA home loan lenders in florida.  VA Jumbo Mortgage Companies

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Foundation Mortgage proudly offers Florida loans since 1998.  Many of our Loan Officers and Loan Processors have family in the Military.  Our processors have many years of experience underwriting VA loans.  Ask for one of our Government Loan Specialists for assistance with your VA Questions. 


Florida VA Mortgage Loans:
Foundation Mortgage proudly offers Florida VA loans for those who serve & have served in our Armed Forces.  Many of our Loan Officers and Loan Processors have family in the Military.  Our processors have many years of experience underwriting VA loans.  Ask for one of our Government Loan Specialists for assistance with your VA Questions.

Florida VA Mortgage Loan Limits for a 0% Down-Payment:$417,000 for all Florida counties except Monroe.  $425,000 for Monroe County.


Florida VA Jumbo Mortgage Loan Limits:   $1,000,000 for all Florida counties.
 
The Florida VA Jumbo Mortgage Loan program is one of the least understood in the market.    The VA offers the best Jumbo loan program in the country.  A “Jumbo” loan is any loan greater than $417,000.  The VA Jumbo Mortgage Loan is one of the least understood mortgage loans in the industry.  Most borrowers think that they are unable to secure a VA Mortgage Loan above $417,000 in Florida.  This is untrue.  $417,000 is the maximum loan amount in Florida if you are looking for a No Down-Payment Loan.  The VA will actually guarantee loans up to $1,000,000 with a down-payment from the borrower in Florida. 

Eligible borrowers are able to obtain large Jumbo loans with a down-payment between 2% - 20% without Mortgage Insurance at exceptional interest rates.

There is no other Jumbo Loan program in the country that can compete with a VA Jumbo Mortgage Loan when you factor in the Interest Rate, Low Minimum Credit Score Requirements, Minimal Down-Payment, and No Mortgage Insurance. Contributing to the misconceptions about VA Jumbo loans is the fact the many lenders will not participate in this Program.  This perpetuates the misconception that the loan program does not exist.  Another misconception is that the VA Funding Fee cannot be rolled into the loan amount. There are even cases where our Government Mortgage Experts can have the lender pay the Funding Fee for you so that the closing costs mirror those of a traditional Jumbo loan.  To determine the minimum down-payment, interest rate, and learn more about this fantastic program contact one of our government loan specialists today!
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Am I eligible for a Florida VA Mortgage Loan?
Who is eligible for a VA Mortgage Home loan?  VA Mortgages are available to the following:
  • Active Duty military
  • Retired Military
  • Some Surviving Spouses
  • Reservists/National Guard Members
What are the Benefits of a Florida VA Loan?
  • VA Mortgage Loans offer qualifying individuals a reduced or no down-payment.
  • VA Jumbo Mortgage loans offer the lowest down-payment Jumbo loans on the market
  • Interest Rates on VA Mortgages are often lower than those for conventional loans.Especially in situations where the borrower has a lower credit score.
  • VA Mortgage Loans do not monthly mortgage insurance.All other loans with a loan amount greater than 80% of the value of the property require mortgage insurance.
  • Underwriting Guidelines & Qualification is often easier under the VA Loan Program than conventional loans.
  • Refinance without an appraisal up to 100% of the loan amount or more.
  • Cash-out Refinances up to 85% Loan-To-Value
  • VA Mortgage Loans can be assumable
  • No Prepayment Penalty
  • Seller Contributions to your closing costs of up to 6% of the purchase price
What are the Drawbacks of a Florida VA Mortgage Loan?
  • The Closing Costs of a VA Mortgage can be higher than a conventional mortgage.Why?The VA charges a Funding Fee as a percentage of the loan amount (which can be rolled into the loan amount) on all VA Mortgage Loans.
  • The VA Funding Fee:  The amount of the Funding Fee depends on the Transaction:
    • For First-Time VA Loan Borrowers (Regular Military)
      • 0% Down Payment = 2.15% Funding Fee (Loan Amount X 2.15%)
      • 5%- 10% Down Payment = 1.5%
      • 10% and Greater Down Payment = 1.25%
    • For First-Time VA Loan Borrowers (Reservist/National Guard)
      • 0% Down Payment = 2.4% Funding Fee
      • 5%- 10% Down Payment = 1.75%
      • 10% and Greater Down Payment = 1.5%
    • For Subsequent VA Loan Borrowers (Regular Military)
      • 0% Down Payment = 3.3% Funding Fee
      • 5%- 10% Down Payment = 1.5%
      • 10% and Greater Down Payment = 1.25%
    • For Subsequent VA Loan Borrowers (Reservist/National Guard)
      • 0% Down Payment = 3.3% Funding Fee
      • 5%- 10% Down Payment = 1.75%
      • 10% and Greater Down Payment = 1.5%
  • Appraisals are looked at more carefully by VA underwriters.Minor issues such as chipped or fractured tiles, peeling paint, etc. can prevent a VA loan from being approved.
What will I need to Apply for a Florida VA Loan?
To apply for a VA Mortgage loan you will need a Certificate of Eligibility (COE) from the VA.  This can be obtained much more quickly through Foundation Mortgage than by trying to obtain it directly from the VA.  To obtain your COE, we will need the following verification documents.
  • Veterans will need to provide a DD 214 Form
    • Download a DD 214 Form Here
  • Active Duty Personnel will need to provide a Statement of Service including:
    • signed by the adjutant, personnel office, or commander of the unit or higher headquarters
    • Your full name
    • Social Security Number
    • Date of birth
    • Entry date on active duty
    • The duration of any lost time
    • The name of the command providing the information
  •  
    • Download a COE Form Here
    • Shows the character of your service and the narrative or reason for separation (item 28).
  • Surviving Spouse of a Service Member who died on Active Duty
    • If you’re already receiving Dependency and Indemnity Compensation (DIC), you don’t need to send any documents.
    • If you don’t receive DIC, please send us:
      • A copy of the DD Form 1300 (Report of Casualty) from the military
      • A copy of your marriage certificate
      • It would be a good idea to add a simple signed statement saying that you would like to apply for DIC. If you qualify for the home loan benefit, you probably qualify for monthly payments under DIC.
  • Surviving Spouse of a Service Member who died as a result of Military Service
    • If you’re already receiving Dependency and Indemnity Compensation (DIC), you don’t need to send any documents.
    • If you don’t receive DIC, please send us:
      • A copy of the veteran’s DD Form 214
      • A copy of the veteran’s death certificate
      • A copy of your marriage certificate
      • It would be a good idea to add a simple signed statement saying that you would like to apply for DIC. If you qualify for the home loan benefit, you probably qualify for monthly payments under DIC.
  • Florida VA Condo Loans
    It is possible to obtain a VA mortgage on a Condo in Florida.  The condo must be listed on the FHA Condo Approval list to be eligible for VA financing.  Please contact one of our Government Loan Specialists for assistance in determining Condo Loan Eligibility.
 Authored By Scott Jones
 

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