The benefits to Veterans seeking to use their VA Entitlement for a new FL home purchase are awesome and they include the following.

  • Save money with no down payment on loan amounts up to $417,000
  • Lower payments with no monthly private mortgage insurance
  • Pay your loan off early with no prepayment penalties
  • Spend less money at closing as Seller may contribute up to 4% towards your closing costs and prepaid items
  • Save in closing costs as Veteran does not pay “junk fees” as listed by VA

Although there is no down payment requirement or monthly private mortgage insurance, for a VA home loan, VA charges a Funding Fee to the Veteran depending on the amount of down payment. For the Veteran who is a first time home buyer, with no down payment, the funding fee is 2.15%. For subsequent use, the fee is increased to 3.30%. Veterans have choices of financing the cost into the loan amount, having the seller pay it, or paying the funding fee at closing in cash.  Something to consider is putting a minimum of 5% towards a down payment.  This will dramatically reduce the required VA Funding Fee, the loan amount, and the monthly mortgage payment.

For more information or to simply inquire about qualifying for your VA Home Loan, please feel free to contact me directly at 407.733.6425 or email at FL VA Home Loan approval.

Stephen Thaggard, NMLS 356309,  Sr Loan Officer, licensed in Florida,

Embrace Home Loans, NMLS 2184,  485 N Keller Road, Suite 550, Maitland, FL 32751