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Florida VA loans

What are Veterans Affairs Home Loans?
VA home loans provide our military veterans as well as qualifying active duty service members that qualify a clear advantage when purchasing or refinancing. Present day VA home loans usually have the most beneficial terms available for veterans. VA home loans can be used to buy a home with no money down and no mortgage insurance or they can help veterans refinance their home's equity up to 90% of it's appraised value.




What are the VA home loan eligility requirements in Florida?
There are two methods currently used to qualify a veteran's income for a VA loan in Florida. The primary method is called the residual income method. This method determines if the veteran will have sufficient income to cover all of their daily living expenses once the housing, taxes, home insurance and all other credit payments such as credit cards and car notes are made. The second method is called a debt to income ratio (DTI). To calculate a DTI ratio, the veteran's total debt burden can not exceed 41% of the their total income. The veteran's credit score will also be carefully reviewed. Many lenders require a minimum credit score of 620 or above for approval.

How much can be financed using a VA home loan?
The maximum amont that can financed is determined by a couple things:

The maximum VA home loan amount in Florida: The largest loan allowed for VA mortgages with zero down is $575,000 in FL. You can learn more about the loan limits for your area on the Florida VA loan Limit chart below.

The maximum finance limit (LTV): For home purchases, the maximum LTV for VA home loan is 100% of either lower the sales price or the appraised value, whichever is lower. For VA Refinance, the maximum LTV amount is 100% of the appriased value for a Streamline Interest Rate Reduction Refinance Loans or 90% of the appraised value for a Cash Out Refinance.

What about the down payment and closing costs?
Florida VA loans dont require a down payment up to $417,000 in most counties. As far as closing costs go, the Department of Veterans Affairs only permits the veteran to be charged for certain items. These allowable items may include the appraisal, recording fees, credit report, prepaid items, flood zone determination, survey, mailing fees, title exam and insurance and the VA funding fee.

What property types can I use a VA loan to purchase or refinance in Florida?
VA home loans can be used to buy or refinance a currently owned single family residence or VA approved condo project. The property must be the veteran's primary residence.

What are my VA loan refinance options in Florida?
There are a few VA Refinance programs are available for veterans in Florida.

. Rate/Term VA Refinance
VA home loans can be used can be used to change the rate and/or term of a current conventional, FHA or subprime mortgage into a new, fixed rate VA mortgage.

. VA Cash-Out Refinance
A VA cash-out refinance is a great way for veterans to access the equity that they have built up in their home. VA cash-out refinance can be used to refinance up to 90% LTV of the home's current appriased value and the veteran may take cash out for any reason they want.


. VA Interest Rate Reduction Refinancing Loan (IRRRL) "Streamline Refinance"

A VA Streamline refinance, otherwise known as an interest rates reduction refinancing loan (IRRRL) can reduce the interest and monthly payment on current VA loans with no appraisal or income verification. VA Interest Rate Reduction Refinancing Loans are only used for VA to VA refinances.

What is the maximum VA refinance amount in Florida?
The maximum refinance loan amount for an FL VA loan is determined by:

. The maximum VA home loan amount in Florida: The maximum loan amount allowed by Florida VA Refinance guidelines varies from county to county. The highest maximum VA Mortgage right now is $1,094,625. The lowest maximum VA Mortgage amount available in any county is $417,000. To see what the limit is in the county in which you're interested, visit the following page http://www.homeloans.va.gov/docs/2009_county_loan_limits.pdf.

. The maximum finance limit (LTV): In Florida, The maximum VA refinance loan amount can be up to 100% loan-to-value (LTV) of the current appraised value of the home if the refinance is rate/term (no cash out) or 90% LTV of the appraised value if it is a VA cash out refinance.

What factors determine if I am eligible for a VA refinance loan?
VA refinance loans use two methods to qualify a borrowers income in Florida. The primary method of evaluating a veteran's income is the residual income method. Under this method, the underwriter determines that a veteran has sufficient income to cover day-to-day living expenses after paying housing expenses, taxes, and other debts such as car payments and credit card payments. Florida VA Refinance guidelines also use a debt-to-income ratio method like many programs. However, VA uses only one ratio (41%) which is the ratio of total debt (both housing and other debt) to income. Your credit background will be fairly considered. At least a 620 FICO credit score is very helpful to obtain a VA approval.

More information about VA Refinance.

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Florida VA loan Limits
Updated 03/05/2008
County Name                 
Maximum Single Family Mortgage
(No Money Down)
Maximum VA Jumbo
(No Money Down to 417k, 25% Down Above)
OSCEOLA  
417,000
 
1,094,625
ORLANDO-KISSIMMEE, FL (MSA)
NASSAU  
417,000
 
1,094,625
JACKSONVILLE, FL (MSA)
OKEECHOBEE  
417,000
 
1,094,625
OKEECHOBEE, FL (MICRO)
HARDEE  
417,000
 
1,094,625
WAUCHULA, FL (MICRO)
LEE  
417,000
 
1,094,625
CAPE CORAL-FORT MYERS, FL (MSA)
VOLUSIA  
417,000
 
1,094,625
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (MSA)
HIGHLANDS  
417,000
 
1,094,625
SEBRING, FL (MICRO)
PALM BEACH  
417,000
 
1,094,625
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL METRO
SUWANNEE  
417,000
 
1,094,625
NON-METRO
HOLMES  
417,000
 
1,094,625
NON-METRO
GADSDEN  
417,000
 
1,094,625
TALLAHASSEE, FL (MSA)
ST. JOHNS  
417,000
 
1,094,625
JACKSONVILLE, FL (MSA)
ST. LUCIE  
417,000
 
1,094,625
PORT ST. LUCIE-FORT PIERCE, FL (MSA)
OKALOOSA  
417,000
 
1,094,625
FORT WALTON BEACH-CRESTVIEW-DESTIN, FL (MSA)
LEVY  
417,000
 
1,094,625
NON-METRO
HAMILTON  
417,000
 
1,094,625
NON-METRO
ESCAMBIA  
417,000
 
1,094,625
PENSACOLA-FERRY PASS-BRENT, FL (MSA)
UNION  
417,000
 
1,094,625
NON-METRO
MARION  
417,000
 
1,094,625
OCALA, FL (MSA)
GULF  
417,000
 
1,094,625
NON-METRO
JACKSON  
417,000
 
1,094,625
NON-METRO
WALTON  
417,000
 
1,094,625
NON-METRO
MANATEE  
417,000
 
1,094,625
SARASOTA-BRADENTON-VENICE, FL (MSA)
BREVARD  
417,000
 
1,094,625
PALM BAY-MELBOURNE-TITUSVILLE, FL (MSA)
MIAMI-DADE  
417,000
 
1,094,625
MIAMI-MIAMI BEACH-KENDALL, FL METROPOLITAN DIVISION
BRADFORD  
417,000
 
1,094,625
NON-METRO
COLUMBIA  
417,000
 
1,094,625
LAKE CITY, FL (MICRO)
BAKER  
417,000
 
1,094,625
JACKSONVILLE, FL (MSA)
MADISON  
417,000
 
1,094,625
NON-METRO
CHARLOTTE  
417,000
 
1,094,625
PUNTA GORDA, FL (MSA)
BROWARD  
417,000
 
1,094,625
FORT LAUDERDALE-POMPANO BEACH-DEERFIELD BEACH, FL
ALACHUA  
417,000
 
1,094,625
GAINESVILLE, FL (MSA)
PUTNAM  
417,000
 
1,094,625
PALATKA, FL (MICRO)
GLADES  
417,000
 
1,094,625
NON-METRO
CLAY  
417,000
 
1,094,625
JACKSONVILLE, FL (MSA)
CITRUS  
417,000
 
1,094,625
HOMOSASSA SPRINGS, FL (MICRO)
LIBERTY  
417,000
 
1,094,625
NON-METRO
SEMINOLE  
417,000
 
1,094,625
ORLANDO-KISSIMMEE, FL (MSA)
ORANGE  
417,000
 
1,094,625
ORLANDO-KISSIMMEE, FL (MSA)
COLLIER  
487,500
 
1,094,625
NAPLES-MARCO ISLAND, FL (MSA)
GILCHRIST  
417,000
 
1,094,625
GAINESVILLE, FL (MSA)
INDIAN RIVER  
417,000
 
1,094,625
SEBASTIAN-VERO BEACH, FL (MSA)
SARASOTA  
417,000
 
1,094,625
SARASOTA-BRADENTON-VENICE, FL (MSA)
MONROE  
575,000
 
1,094,625
KEY WEST-MARATHON, FL (MICRO)
HILLSBOROUGH  
417,000
 
1,094,625
TAMPA-ST. PETERSBURG-CLEARWATER, FL (MSA)
TAYLOR  
417,000
 
1,094,625
NON-METRO
MARTIN  
417,000
 
1,094,625
PORT ST. LUCIE-FORT PIERCE, FL (MSA)
JEFFERSON  
417,000
 
1,094,625
TALLAHASSEE, FL (MSA)
WASHINGTON  
417,000
 
1,094,625
NON-METRO
POLK  
417,000
 
1,094,625
LAKELAND, FL (MSA)
CALHOUN  
417,000
 
1,094,625
NON-METRO
DUVAL  
417,000
 
1,094,625
JACKSONVILLE, FL (MSA)
DE SOTO  
417,000
 
1,094,625
ARCADIA, FL (MICRO)
PASCO  
417,000
 
1,094,625
TAMPA-ST. PETERSBURG-CLEARWATER, FL (MSA)
HENDRY  
417,000
 
1,094,625
CLEWISTON, FL (MICRO)
HERNANDO  
417,000
 
1,094,625
TAMPA-ST. PETERSBURG-CLEARWATER, FL (MSA)
BAY  
417,000
 
1,094,625
PANAMA CITY-LYNN HAVEN, FL (MSA)
DIXIE  
417,000
 
1,094,625
NON-METRO
LEON  
417,000
 
1,094,625
TALLAHASSEE, FL (MSA)
LAFAYETTE  
417,000
 
1,094,625
NON-METRO
LAKE  
452850
 
1,094,625
ORLANDO-KISSIMMEE, FL (MSA)
FRANKLIN  
417,000
 
1,094,625
NON-METRO
WAKULLA  
417,000
 
1,094,625
TALLAHASSEE, FL (MSA)
PINELLAS  
417,000
 
1,094,625
TAMPA-ST. PETERSBURG-CLEARWATER, FL (MSA)
SUMTER  
417,000
 
1,094,625
THE VILLAGES, FL (MICRO)
FLAGLER  
417,000
 
1,094,625
PALM COAST, FL (MICRO)
SANTA ROSA  
417,000
 
1,094,625
PENSACOLA-FERRY PASS-BRENT, FL (MSA)

More Information on VA Mortgages and VA Refinance

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 Why choose a VA home loan?

  • Florida VA Mortgages require no down payment.
  • There are no prepayment penalties for VA home loans.
  • A Florida VA Loan is fully assumable, provided the person assuming is qualified.
  • VA Mortgage Loans have no PMI premiums.
  • A VA Mortgage Loan is eligible for non-credit qualifying, Streamline Refinance or "IRRRL".
  • A VA Home Mortgage is available all areas of the country, provided a market exists for the property and the home meets VA's property standards.
  • A VA home loan may be used to purchase or refinance a new or existing home.
  • Florida VA Loans are offered at terms of 15 or 30 years.


. VA Refinance Questions & Answers

What are the guidelines for a VA Refinance?
If the borrower wishes to take cash out of the property, then the maximum financing amount is 90% of the appraised value, depending on the borrowers qualifications. If the borrower does not take cash out then the maximum financing will be 100% of the appraised value of the home or the amount you are refinancing plus closing costs, whichever is lower.

Why should I consider refinancing into a VA-insured mortgage?
VA refinance mortgages do not come with prepayment penalties, have no teaser rates nor balloon payments. They are offered at market rate with terms up to 30 years and are fully amortized, meaning that you pay towards principal and interest every month.

What if I have a prepayment penalty and other refinancing costs and there isn’t enough equity in my home to refinance?
If you do not have sufficient equity in your home to add your prepayment penalty and/or other refinancing costs into your new VA mortgage, then you should ask your current lender to consider a second mortgage to pay the difference or a short payoff on your existing loan. Offering either of these options is at the discretion of the lender.

Does it matter that the value of my home is now less than what I still owe?
Not to VA, but the current mortgage lender considering the refinance would have to be willing to accept a short payoff on the existing loan OR to hold a second mortgage to make up the difference needed to pay off the existing mortgage and the home’s value.

I have already obtained one VA loan. Can I get another one?
Yes, your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property.

Only a portion of my eligibility is available at this time because my prior loan has not been paid in full even though I don’t own the property anymore. Can I still obtain a VA guaranteed home loan?
Yes, depending on the circumstances. If a veteran has already used a portion of his or her eligibility and the used portion cannot yet be restored, any partial remaining eligibility would be available for use. The veteran would have to discuss with a lender whether the remaining balance would be sufficient for the loan amount sought and whether any down payment would be required.

Is the surviving spouse of a deceased veteran eligible for the home loan benefit?
The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit.




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