::   VA LOANS   ::

NOTICE:   We are NOT accepting any NEW mortgage applications. This mortgage policy will remain in effect until further notice.

FTC Disclosure

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Florida Mortgage Corporation finances VA home loans all across the "Sunshine" state. Our staff has many years of VA mortgage experience and we are approved by the VA to originate VA home loans.

VA home loan programs make home ownership much easier, particularly for "first time" home buyers.

100% Financing  -  No Down Payment

Credit underwriting is much less restrictive.

Qualifying income ratios are higher than any other loan programs, which means that a veteran can usually obtain a higher loan amount.

VA underwriting is more understanding of individuals and families who have had to file bankruptcy due to involuntary circumstances.

If you are an existing homeowner considering a refinance, the VA program allows you to go as high as 90% loan to value.

  Manufactured Homes

Why A VA Home Loan?  -  Detailed Information

Certificate of Eligibility

Speak with our Veteran Home Loans representative. We will have you complete VA form 26-1880, which is called Request for Determination of Eligibility and Available Loan Guaranty Entitlement. In addition, the veteran will need one of the following supporting documents:

A copy of the veteran's DD form 214  -  if the veteran has been discharged or has retired from active military service; or A Statement of Service- the veteran should obtain if still serving on active duty. Eligibility questions General rules for eligibility Request For a Certificate Of Eligibility - 26-1880

Closing Costs 

The veteran buyer cannot pay "lender fees." The veteran can, and will be obligated to pay all other closing costs. HOWEVER, the veteran's buyer's agent can, as part of contract negotiation, request the "seller" to pay all closing costs including pre-paid costs and reserves.

Down Payment 

No down payment is required if Veteran has full entitlement. You will be required to put down an earnest money deposit of $500/$1,000 on signing a contract. This can be refunded at closing or offset against closing costs. This is dependent upon contract terms.

Eligible Properties

Single Family, Veteran-occupied 2-4 units, PUD's & Condo's (approved by FHA or VA) proposed or existing construction. Manufactured homes on fixed permanent foundation.

Entitlement Restoration 

The VA loan must be paid in full and the veteran must have disposed of the property securing the loan.
     'OR'
Loan must have been assumed by another eligible veteran who assumed the liability on the loan and substituted entitlement.

Funding Fee 

The VA charges a fee for using your benefits. These are as follows:

Purchase/Refinance-- First-time use -- 2% of loan amount

Purchase -- Second time and repeat use -- 3% of loan amount

Streamline Refinance -- 0.5%

* This fee may be reduced should the Veteran buyer put down 5% or more on the purchase price.

* Reservists pay .75% higher on purchases and refinances.

Note: The VA Funding Fee can be paid in cash, or it can be added to the loan amount for purchase transactions and all refinances.

Any Veteran or Reservist who has been classified as having a 10% or greater service related disability DOES NOT HAVE TO PAY THE VA FUNDING FEE -- EVER.

Guarantee Amount

VA will guarantee up to 50 percent of a home loan up to $45,000. For loans between $45,000 and $144,000, the minimum guaranty amount is $22,500, with a maximum guaranty, of up to 40 percent of the loan up to $36,000, subject to the amount of entitlement a veteran has available. For loans of more than $144,000 made for the purchase or construction of a home or to purchase a residential unit in a condominium or to refinance an existing VA guaranteed loan for interest rate reduction, the maximum guaranty is 25 percent up to $50,750.

You may generally borrow up to the reasonable value of the property or the purchase price, whichever is less, plus the funding fee, if required. For certain refinancing loans, the maximum loan is limited to 90 percent of the value of the property, plus the funding fee, if required. To determine the reasonable value, VA requires an appraisal of the property.