VA Loans
- No down payment as long as the sales price doesn't exceed the appraised value.
- No First Time Homeowner required.
- Lower credit scores possible.
- Can be combined with Florida Bond and FHLB (Federal Home Loan Bank) programs.
- One-time VA Funding Fee required. VA Funding Fee higher the second time the VA Loan is used.
- No private mortgage insurance premium requirement.
- VA rules limit the amount you can be charged for closing costs.
- Closing costs may be paid by the seller.
- No Prepayment Penalty Fee if the loan is paid out early
- Lender credit available.
- VA may be able to provide you with some assistance if you run into difficulty making payments.
- You can reuse the benefit but the cost is higher the second time.
- VA-backed loans are assumable, as long as the person assuming the loan qualifies.
- Must have Certificate of Eligibility and DD214 form.
- Primary Residences only