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 Florida VA Loans
What are VA Home Loans?
VA Loans provide military veterans and current service members a distinct advantage when it comes time to purchase or refinance a home. Today's VA Loans have the most favorable terms available for most veterans. VA Loans can be used to purchase a new home with no down payment with no mortgage insurance or refinance up to 90% of a homes current equity.
What are the eligibility requirements for a VA Loan in Florida?
Veterans Affairs loan guidelines use two methods of income qualification in Florida. The residual income method is the primary method, where it is determined that the borrower has sufficient income to cover daily living costs once housing, taxes, insurance and all other liabilities like credit card and auto payments have been made. Additionally, VA loans use a debt to income ratio (DTI). Using this ratio, the veteran's total debt should not exceed 41% of the veteran's total income. Most lenders will require at least a 620 credit score for a VA Loan approval.
How much can I borrow?
The maximum VA Mortgage amount is determined by:
Maximum VA Loan in Florida: The largest loan allowed for VA mortgages with zero down is $575,000 in FL. Please refer to the Florida VA Loan Limit chart at the bottom of this page to see your area's limit.
Maximum Finance: For purchase transactions, the Maximum VA Loan will be 100% of the lower of the selling price or the appraised value.
What will the down payment and closing costs be?
Florida VA loans have zero money down up to $417,000 in most counties.
What property types are allowed for VA Loans in Florida?
VA Loans may be used to purchase or refinance single family residences and VA approved condo projects if the property is the veteran's primary residence.
Can I do a VA refinance in Florida?
Three kinds of VA Refinance programs are available for veterans in Florida.
 Rate/Term VA Refinance
The Rate/Term VA Refinance can be used to refinance a conventional, FHA or subprime mortgage into a stable, fixed rate VA Loan.
VA Cash-Out Refinance
A Cash-Out VA Refinance is very beneficial for the veteran who wants to access the equity that they have built up in their home. VA Loans can be used to refinance up to 90% of a homes current value and take cash out for any reason.
VA Interest Rate Reduction Loan (IRRRL) "Streamline Refinance"
A VA Streamline refinance loan can reduce the interest and monthly payment on current VA loans with no appraisal or income verification.
How much can I refinance in Florida?
The maximum amount for an FL VA loan is determined by:
Maximum VA Loan 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. This site lists U.S. territories as well as states.
Maximum Finance: In Florida, The maximum VA refinance loan amount will be 100% of the appraised value of the home for a rate/term refinance or 90% of the appraised value for a VA cash out refinance.
What factors determine if I am eligible for a VA Refinance Loan?
VA refinance loans use two methods for income qualification purposes 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.
Complete Online Application
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
Complete Online Application
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 Why choose a VA Home Loan?
VA Refinance Questions & Answers
What are VA Refinance Requirements?
VA Loans can be used to refinance up to 90% of a homes current appraised value for cash out or interest rate reduction.
What are some of the advantages of a VA Home Loan?
VA refinance loans offer the most favorable terms available to veteran's when compared to other loan types in most cases. VA Loans can be used to purchase or refinance with no pre-payment penalty and no mortgage insurance at a great, low interest rate and fully amortized payment.
How much equity is required in my home to obtain a VA Refinance Loan?
At the present time, VA Refinance can be used to get cash out of 90% of a home's current equity. A refinance to lower the interest rate can also be done up to 90% of the home's appraised value, as determined by the VA.
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. If you wish to make application for the home loan benefit as a surviving spouse, please contact us.
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