Why the VA loan is so strong
A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs. Because the VA guarantees part of the loan, lenders can offer terms that are hard to beat with any other program.
- Little or no down payment for eligible buyers. For a lot of families this is the difference between buying this year or waiting three more.
- No monthly mortgage insurance. Conventional and FHA loans with a small down payment carry mortgage insurance every month. VA loans do not.
- No VA loan limit with full entitlement. If you have your full entitlement, the VA does not cap how much you can borrow. You still need to qualify for the payment.
- Sellers can help with closing costs. VA rules allow sellers to contribute toward your costs, which can keep more cash in your pocket.
- Funding fee exemptions. Veterans receiving VA disability compensation for a service-connected disability are generally exempt from the VA funding fee.
How the process works with me
- Pull your Certificate of Eligibility. In most cases I can request your COE electronically, so you do not have to chase paperwork.
- Get pre-approved. I review income, credit and assets and give you a pre-approval your agent can use with confidence.
- Find the right lender. As a broker I compare VA lenders across a big network to find the one whose guidelines and terms fit you best.
- Handle the VA appraisal. VA appraisals check value and the VA’s minimum property requirements. I will tell you up front what tends to come up on Florida homes.
- Close and move in. I stay in touch with you and your agent the whole way so there are no surprises at the closing table.
Florida things to know
Homeowners insurance and flood insurance are a bigger part of the payment in Florida than most buyers expect. On a VA loan, insurance and property taxes are part of what you qualify on, so I build real numbers for the specific home you are looking at, not a generic estimate.
Many newer neighborhoods in Riverview, Wesley Chapel and Apollo Beach also have CDD assessments. Those count in your payment too. I will walk you through it before you write an offer.
Already have a VA loan?
If rates have dropped since you bought, a VA Streamline refinance (IRRRL) may lower your payment with less paperwork than a regular refinance. Learn about the VA IRRRL.
Common questions
Can I use my VA loan benefit more than once?
Yes. The VA home loan benefit can be used again. In many cases your entitlement is restored after you sell the home and pay off the loan, and some buyers can even have more than one VA loan at the same time if they have remaining entitlement.
Do I need perfect credit for a VA loan?
No. The VA itself does not set a minimum credit score, although lenders set their own. Because I work with a large lender network, I can often find options for buyers who were turned down at a bank.
Does my BAH count as income?
Basic Allowance for Housing can generally be used as qualifying income on a VA loan. I will look at your LES and figure out exactly what counts.
Can I buy a condo with a VA loan?
Yes, as long as the condo project is approved by the VA. Not every Florida condo is, so I check the approval status before you get too attached to a unit.
I am getting PCS orders to MacDill. Can I buy before I arrive?
Often yes. Lenders can qualify you using your orders, and you generally need to occupy the home within a reasonable time after closing. Reach out early and we can map out the timing.
All loans subject to credit approval, property eligibility, and underwriting guidelines. Not all borrowers will qualify. Program terms and availability can change without notice. This is not a commitment to lend.