What are the VA Loan Requirements?
Everyone who meets the following could be eligible for a VA-Backed Loan:
- You have served 90 consecutive days of active service during wartime.
- You have served 181 days of active service during peacetime.
- You have 6 years of service in the National Guard of Reserves.
- You are the spouse of a service member who has died in the line of duty or as result of a service-related disability.
Do all Lenders Offer VA 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 them, you may be better off choosing a specialist like Security America Mortgage – we have the specific expertise and experience as VA lenders in Florida to guide you through the process and make the most of your loan entitlement.
What if I Have Used a VA Loan Before?
If you’ve already used a VA Loan, paid it off in full, and wish to buy a second property without selling the original one, you can have your previously used entitlement restored – but only once. Although, if you’ve paid off your previous 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.
Can a VA Loan be Used as a Construction Loan?
Whether you’re a veteran or active military member looking to build a custom home in Florida, a VA Construction Loan could be the perfect solution for you! Because of your military background, you have access to construction loans that offer nothing down and additional perks and benefits.
Usually, it’s more difficult to get a construction loan than an existing home loan, as lenders are more cautious funding a home that doesn’t exist yet.
However, here at Security America Mortgage we are VA Construction Loan lenders as well as experts, and we will be more than happy to help you get your own custom dream home whether you want to build it in Tampa, Jacksonville or any other city in Florida.
How do VA Land Loans Work?
VA land loans are not a loan on its own, although you can enroll the cost of land purchase into a VA Construction Loan, simultaneously to the costs of building your house.
What is the Needed Credit Score for a VA Loan?
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; nonetheless, some lenders accept credit scores as low as 600.
Does VA Loan Pay PMI (Private Mortgage Insurance)?
VA Home Loans do not have private mortgage insurance requirements. Additionally, VA Loans usually have lower rates than conventional loans.
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 Long is the Process for Getting a Home Loan?
Many factors go into the timing of the process. To be safe, you should allow at least 30 days for the entire VA Mortgage process to take place. However, it is possible to close in as little as two weeks. With the help of our VA Loan Specialists, the process is quick and easy!