What is the current VA home loan rate in Florida?
VA home loan rates may differ based on your credit score, loan type, loan duration, and the current state of the market. Treasury bond, Ginnie Mae bond and Fannie Mae bond rates and yields can affect market rates on VA home loans. There are other factors on market rates for VA home loans and Security America Mortgage uses tracking tools to help lock in the best market rates for our clients.
How do VA home loan credit requirements work?
Loan credit requirements for VA home loans are set by the lender, meaning they can differ from mortgage company to mortgage company. Most lenders require a minimum credit score of 640; however, some lenders accept credit scores as low as 600.
What if I’ve used a VA home loan before?
If you’ve already used a VA home loan, paid it off in full, and wish to buy a second property without selling the original one, you can have your previously used VA loan entitlement restored – but only once. However, if you’ve paid off your previous VA loan in full and sold the property you used it to buy, you’re free to restore your entitlement as many times as you want.
Do all lenders offer VA home loans?
Not necessarily – Florida VA loans are a specific niche in the market, and not every mortgage company provides them. Even if a general mortgage company does provide VA loans, you may be better off choosing a Florida VA loans specialist like Security America Mortgage – we have the specific expertise and experience to guide you through the process and make the most of your loan entitlement.
Can you use VA home loans for a second home, income property, or vacation home?
Generally, the law states that a VA home loan must be used for a home you intend to occupy within 60 days of closing. However, in some cases, this occupation requirement may be fulfilled by your spouse or dependent alone (as long as it is intended to be your own primary residence eventually as well).
You cannot use a VA home loan to buy a property that is solely intended as an investment. However, they can be used to purchase properties with up to four units, meaning that as long as one of these units is your primary residence the other three may be used as income properties.