Florida Loans Rates:  Call  866.215.9226 

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 Loan Limits for a 0% Down-Payment:

• $417,000 for all Florida counties except Monroe County.
• $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 some of the best Jumbo loan Rates in the country.  A “Jumbo” loan is any loan greater than $417,000.  Please click here (Goto VA Jumbo Page) to visit our VA Jumbo Loan page for more details or contact one of our Government Loan Specialists for assistance.

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 Home 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 Personnelwill need to provide a Statement of Service including:
• signed bythe 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
• 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.