VA Loan OverviewVA guaranteed loans are made by approved Mortgage Lenders and Mortgage companies to eligible veterans and their families for the purchase of a home that must be for their own personal occupancy. To obtain a loan the veteran must apply to a lender. When the loan is approved, VA will guarantee a portion of it to the lender. If the veteran has never used his/her entitlement before, or previously used it for a which has been sold and loan paid in full, then he/she has full entitlement available and can apply for maximum VA financing. Based on secondary market requirements lenders generally limit VA purchase loans to $417,000 (including the funding fee) which is equal to the conventional loan limits for 210. In December of 2004 VA guidelines were modified so the maximum entitlement will index and increase accordingly with conforming loan limits, therefore always equaling 25% of the current conforming limit Limits above 450,000 are available in high cost areas.Requirements for a VA loan Approval !VA loans requires that:•The applicant must be eligible veteran who has available entitlement•The veteran must occupy the property as their primary homesteadEligible Loan PurposeEligible veterans and service personnel may obtain VA loans from 1st Florida Lending for the following purposes:•To buy a home up to 4 family units for one veteran, including townhouse or condominium unit in a VA approved project•To obtain or replace interim new construction financing with a permanent financing.•To refinance an exciting home loan.Advantage's of VA Home Loans•100% Financing / No down payment is required in most cases•No Monthly Mortgage Insurance.•Owner-occupied properties only•The VA insures up to 25 percent•VA Cash-Out refinance loans•No Cash Reserves Required•VA Funding CAN BE financed•Sellers Contribution 4% including Prepaid•VA Streamline Refinance for an investment property. •VA Funding Fee waived if you are 10% disabled •Terms: 30 year fixed rateoLimit on the amount of origination fees, appraisal fees and closing costs oNo pre-payment penalties
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