HOME HOME LOAN APPLICATION LOAN APPLICATION VA ELIGIBILITY VA ELIGIBILITY REPAIRING YOUR CREDIT REPAIRING YOUR CREDIT VA RESOURCE LINKS VA RESOURCE LINKS CONTACT CONTACT HOME HOME
VA Loan Overview VA 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 homestead Eligible Loan Purpose Eligible 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 rate o Limit on the amount of origination fees, appraisal fees and closing costs o No pre-payment penalties
Your VA Loan Professionals                                                                                                                             Just a click away!
Call Us (800) 344-1995  Open 24/7 to serve our Troops overseas
Home | Loan Programs | VA Eligibility | Repairing Your Credit | Resource Links |  Contact Us © Copyright 2013. All rights reserved. | Mortgage Website design by  www.ibuildwebs.com Privacy Policy | Terms of Use                                         NMLS 323206 | 1st Florida Lending
Click for the BBB Business Review of this Mortgage Lender in Orlando FL
We Proudly Support