The VA loan program was created and designed to offer veterans and their spouses with a variety of benefits when purchasing a home, which include limited closing costs, 100% financing, and no private mortgage insurance.
The Florida VA loan can be acquired by veterans, military personnel, and spouses of military members that have passed. A Certificate of Eligibility must be acquired by all veteran and military applicants before a VA loan application.
Florida VA Loans Benefits
- Options with no down payment necessary
- Lower monthly payments due to no PMI (Private Mortgage Insurance)
- Opportunity for monthly savings
- Strong credit not necessarily needed
- More flexible qualification requirements
The VA Mortgage loan option is one that is available to Florida veterans that are eligible and meet the requirements for qualification. Both veterans and active duty members as well as their family members can apply for a VA loan and use it for purchasing or refinancing of a house. Home buyers do not have to make payments for private mortgage insurance (PMI), which makes for lower monthly payments that need to be made.
With Florida VA loans, applicants will find that the qualification requirements are considerably less stringent than other types of home loans. This means it is significantly easier for eligible Florida veterans and military personnel to qualify for a VA home loan.
The relatively easy-going qualification specifications for Florida VA loans includes the fact that there is no minimum credit score that is required. However, it is not uncommon for borrowers being required by lenders to have a minimum credit score of 620. This fact is flexible, wherein the credit score can be overlooked depending on the individual circumstances of an applicant.
In order to apply for a Florida VA loan, your ability to pay off the loan must be assessed. For this reason, applicants must provide certain information, including recent paystubs and receipts, W-2 statements, income verification, savings account and checking account information, and other supporting statements and documents.
At e-Finance Mortgage LLC, we work to provide assistance to the veterans in Florida with their VA loan needs. With our help, they can find and qualify for the right VA home loan with competitive interest rates. If you’re looking for more information or have any questions about Florida VA loans and what they have to offer, you can contact e-Finance Mortgage LLC today.