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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 No Cash Reserves Required VA Funding CAN BE financed Sellers Contribution 4% including Prepaid No Monthly Mortgage Insurance
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First Time Home Buyer  Your first home purchase can be an   exciting experience and important milestone in your life.  Let our professional staff guide you through the process. Re-Financing Options  Learn more about VA Loans low interest rates, cash-out or streamline refinancing  available to veterans regardless of FHA, USDA or conventional loan types. Building Your Credit   Do not let a low credit card score stop you from owning a home, while your credit history is important, you can still own a home with a low credit score.
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