VA Loans in Florida

The U.S. Department of Veterans’ Affairs (VA) offers a number of benefits related to homeownership, including VA-backed home loans.

These loans provide long-term home financing to American veterans, active service members, and qualifying family members and can greatly lower the overall cost of buying a home.

Our team at The Doce Mortgage Group works closely with veterans to ensure they make the most of available VA loans in Florida. Learn more about the process of getting a VA home loan below, and contact us today for a free VA mortgage quote.

Key Reasons to Get a VA Home Loan in Florida

Down payment requirements are more flexible for VA loans than they are for conventional or FHA loans, meaning U.S. veterans can purchase a home with zero down at closing.

Lower interest rates on VA home loans provide veterans with reduced monthly payments compared to conventional mortgages and substantial savings over the life of the loan.

Unlike many other loan types, VA loans do not require private mortgage insurance for down payments below 20%, further reducing a veteran’s monthly mortgage payment.

VA mortgages are more forgiving when it comes to credit scores, making it easier for veterans with less-than-perfect credit to qualify for a low-interest home loan.

To keep home buying affordable, the VA limits how much veterans can be charged for closing costs on their Florida VA mortgage to 1% of the total loan amount (known as the VA 1% rule).

VA loans can be transferred at sale if the original borrower sells their home to another eligible veteran.

Veterans normally need a lower income to qualify than most other mortgages.

One of the most notable benefits of VA Loans is the ability to purchase a home without making a down payment in the best VA mortgage lender in florida. This makes homeownership accessible to Veterans who may not have significant savings.

VA Loans typically offer lower interest rates compared to conventional loans, which can result in substantial savings over the life of the loan.

Unlike many other loan types, VA Loans do not require private mortgage insurance, reducing your monthly mortgage payment.

VA Loans are more forgiving when it comes to credit scores, making it easier for Veterans with less-than-perfect credit to qualify for VA mortgage pre approval.

The Department of Veterans Affairs limits the amount for Veterans mortgage Florida can be charged for closing costs, helping to keep home buying affordable.

VA Loans can be transferred to another eligible Veteran by va lenders in florida if the original borrower sells the home, which can be a great selling point..

Buy a Home with a VA Mortgage in Florida

Florida is home to the third largest veteran population in the country, many of whom are eligible for benefits through the VA loan program.

VA home loans are backed by the government, not banks. This allows for more favorable rates for qualifying U.S. veterans, active duty service members, and surviving spouses – including loans with no down payment, no PMI, and lower interest rates than conventional loans.

Together, these benefits can greatly reduce the cost of financing a house in Florida, making it much easier for individuals who have served—or currently serve—our nation to purchase a place they can call home.

Advantages of VA Loans

What are the advantages?

No-limit loan guarantees for full entitlement borrowers
Competitive interest rates, lower than conventional loans
More lenient credit and income requirements
No down payment
No private mortgage insurance (PMI)
No prepayment penalty
Limits on closing costs
Lifetime benefits
No maximum loan amounts.

For VA Loans Fort Lauderdale and Beyond, Contact The Doce Mortgage Group

We specialize in helping veterans, active-duty service members and their families secure Florida VA loans. Contact us today for expert advice on getting a VA mortgage in Florida and a free, no-obligation VA mortgage quote.

Expertise in Handling VA Loans

We understand the challenges and unique requirements of VA loans and are fully committed to helping you navigate the process with ease.

Custom Loan Solutions for Veterans

We understand that every veteran’s situation is different. Get personalized service tailored to your specific needs, and let’s work together to get your home purchase financed.

Disadvantages Of VA Loans

One-time funding fee of 1% to 3.6% of the loan total
Can only be used to purchase primary residences, not vacation homes or investment properties
Stricter appraisals compared to conventional loans
Most VA loans prohibit borrowers from taking out a second mortgage

7 Steps to Getting a VA Loan in Florida

Ready to take the next step toward homeownership with a VA mortgage lender in Florida? Here’s how you can get started:

Step 1: Find Out If You’re Eligible

Head to our section on VA loan requirements to see if you’re eligible, or contact us for personalized assistance.

Step 2: Obtain a Certificate of Eligibility (COE)

If you’re working with a VA-approved lender, they’ll do this for you. Otherwise, you can get a COE online through the VA’s eBenefits Portal or by mail using VA Form 26-1880.

Step 3: Contact a Mortgage Broker

A mortgage broker with experience in Florida VA loans can walk you through every step of the VA loan process. They can also provide you with a mortgage pre-approval, which makes you a more competitive buyer, locks in your VA loan terms, and lets you know exactly how much house you can afford.

Step 4: Place an Offer on a Property

VA loans can be used toward primary residences in all Florida counties. After you place your offer, a VA-approved appraiser will assess the property to determine its value and ensure it meets VA property requirements around size, utility, and home condition.

Step 5: Apply for a VA Loan

Now it’s time to complete your full loan application. Your mortgage broker will help you navigate the process and make sure all information is filed correctly and with proper supporting documents.

Step 6: Decision

Once they receive your application, the VA will get to work verifying your income, eligibility, and loan limits, as well as scheduling an appraisal. You should find out if you’re approved for a VA loan within a couple of weeks of submitting your application.

Step 7: Underwriting and Closing

If you’re approved, your loan will move on to the underwriting stage, which is a last verification step before your mortgage is funded. After you get final approval on your VA loan from the underwriter, you can close on your new home and move in.

Florida VA Loan Limits: Full vs. Remaining Entitlement

The maximum amount the VA will guarantee for your home loan depends on whether you have full or remaining entitlement.

Full entitlement: No limit to how much the VA will guarantee so long as you’re borrowing at least $144,000.
Remaining entitlement: Loan guarantee limits are set by county, with most Florida counties having a limit of $806,500. In high-cost Monroe County that number jumps to $967,150.
No maximum loan amount: There are no loan limits for veterans with full entitlement; they can borrow as much as the lender approves based on their financial situation. However, veterans with partial entitlement are subject to loan limits based on the county in which the property is located.

Note that having an amount guaranteed is not the same as being able to borrow that amount. If you are a borrower with full entitlement, the VA will guarantee at least 25% of your total loan amount with no limit, but the amount itself is set by your lender.

Not sure whether you have full or remaining entitlement? Curious how much you can borrow with your VA-backed loan? Get in touch for a free consultation and VA mortgage quote.

Types of VA Mortgage Loans

Buy a home with competitive interest rates and without the costly hurdle of a down payment and private mortgage insurance.

Turn home equity into cash by replacing a current mortgage with a new VA loan. This is typically used to pay off debt, make home improvements, buy additional real estate, or cover other large expenses.

Also known as the VA Streamline Refinance, this option lets you refinance an existing VA loan to a lower interest rate or convert an adjustable-rate mortgage (ARM) into a fixed-rate mortgage.

Get up to $6,000 of financing toward energy-efficient improvements to your home, such as adding solar panels or more efficient doors and windows.

Requirements for a VA Home Loan

Be a U.S. veteran, an active-duty service member, or the surviving, not-remarried spouse of a qualifying veteran
Have served 90 days of active service during wartime, 181 days of active service during peacetime, and/or 6 years of service in the National Guard or Reserves
If a surviving spouse, the veteran must have died in service or as a direct result of a service-related disability
Have a current Certificate of Eligibility (COE), a VA document that confirms eligibility for a VA-backed home loan
Meet lender’s minimum for income and credit score

Additional Florida VA Home Loan Resources

The following resources give additional insight into the VA loan process and how VA loans work in Florida.

By choosing The Doce Mortgage Group for your VA Loan needs, you’re partnering with a team that understands your unique situation and is dedicated to helping you achieve your homeownership dreams. Contact us today to get started on your journey to homeownership with a VA Loan.

Frequently Asked Questions (FAQs)

What is a VA loan?

A VA loan is a special loan offered by the Department of Veterans’ Affairs (VA) to help service members, veterans, and surviving spouses buy or refinance a primary residence. VA loans are backed by the federal government and include perks like low interest rates and no down payment or PMI requirements.

How do VA loan interest rates compare to conventional loans?

VA loan interest rates tend to be about 0.25% to 0.50% lower than conventional loan rates. This makes them an attractive choice for eligible veterans or service members who would otherwise have to deal with higher rates and additional expenses like a 20% down payment or monthly PMI.

Are there any properties I can't purchase with a VA loan?

Yes. VA home loans can only be applied toward primary residences and cannot be used to finance an investment property, vacation home, or commercial property.

What credit score do I need for a VA loan?

The VA doesn’t set a minimum credit score, but lenders typically require a score of at least 550 for a VA loan.

Can I use a VA loan more than once?

Yes, you can use a VA loan to buy a new primary residence so long as you still have entitlement on the loan, with no maximum limit to how many times you can do so. This can be done with remaining entitlement or by restoring entitlement by selling your home and paying it off in full. For an additional option, talk to your mortgage broker about a “one-time restoration of entitlement.”

What is the VA 1% rule?

The VA 1% rule saves veterans and active service members additional money by limiting closing costs to no more than 1% of the total loan amount (compared to 2% to 5% for conventional loans).

How can I find VA home loan lenders near me?

A qualified broker will have experience with VA home loans and industry insight that ensures you get the best terms and rates. You can get a rate quote here.

What is the Florida Veteran Home Buyer Program?

Also referred to as the Florida Hometown Heroes Program, this program, administered by the Florida Housing Finance Corporation, provides down payment and closing cost assistance of up to $35,000 for qualifying veterans and service members looking to buy a primary residence in Florida. You can learn more about it here.

VA disclaimer: VA loans require borrowers to have VA eligibility through Veterans Administration. For more information, please visit www.benefits.va.gov/homeloans. Bond programs are excluded. The Doce Group is not affiliated with or acting on behalf of or at the direction of the VA or the Federal Government.