Advantage's of VA Home Loans•100% Financing / No down payment is required in most cases•No Monthly Mortgage Insurance•No loan origination fees•No pre-payment penalties•The VA insures up to 25 percent•VA Cash-Out refinance loans•No Cash Reserves Required•VA Funding can be financed•Sellers Contribution 4% including Prepaid•VA Streamline Refinance for an investment property•VA Funding Fee waived if you are 10% disabled•30 year fixed rates•Limit on the amount of appraisal fees and closing costsObtaining Your Loan Approval When your VA loan is approved by us, the VA will guarantee a portion. If you never used your entitlement before, or previously used it for a which was sold and/or loan paid in full, then a full entitlement is available and you can apply for the maximum VA financing.Based on secondary market requirements lenders like us generally limit VA purchase loans to $417,000 (including the funding fee) which is equal to the conventional loan limits for 210. In December of 2004 VA guidelines were modified so the maximum entitlement will index and increase accordingly with conforming loan limits, therefore always equaling 25% of the current conforming limit Limits above 450,000 are available in high cost areas.Requirements for a VA Loan Approval !VA loans requires that:•The applicant must be eligible veteran who has available entitlement•The veteran must occupy the property as their primary homesteadEligible veterans and service personnel may obtain VA loans from 1st Florida Lending for the following purposes:•To buy a home up to 4 family units for one veteran, including townhouse or condominium unit in a VA approved project•To obtain or replace interim new construction financing with a permanent financing.•To refinance an exciting home loan.Certificate of Eligibility (COE)You are eligible for VA home loan veteran benefits if you served on active duty in the Army, Navy, Air Force, Marine Corps, or Coast Guard and were discharged under conditions other than dishonorable after either: 90 days or more, any part of which occurred during wartime, OR 181 continuous days or more (peacetime)The two (2) Year Requirement applies if you enlisted (and service began) after September 7, 1980, OR you were an officer and service began after October 16, 1981. Also, you must have completed either 24 continuous months or more, OR the full period for which ordered to active duty, but not less than 90 days (any part during wartime) or 181 continuous days (peacetime)You may also be eligible is you; •were discharged for a service-connected disability, or•were discharged for the convenience of the government after completing at least 20 months of a 2-year enlistment, or •completed not less than 90 days (any part during wartime) or 181 continuous days (peacetime), and•were discharged because of a hardship, or•were determined to have a service-connected compensable disability, or•were discharged or released from active duty for a medical condition which pre-existed service and has not been determined to be service-connected, or•received an involuntary discharge or release from active duty for the convenience of the Government as a result of a reduction in force, or•were discharged or released from active duty for a physical or mental condition not characterized as a disability and not the result of misconduct but which did interfere with your performance of duty.•are an unremarried spouse of a veteran who died while in service or from a service connected disability, or•are a spouse of a service person missing in action or a prisoner of war.Active Duty Service Personnel: If you are now on active duty, you are eligible after having served on continuous active status for at least 90 days. When an ending date is established for Persian Gulf War service, a minimum of 181 days of continuous active duty will be required for persons who did not have wartime service.Six year requirement: A veteran, who is not otherwise eligible, who completes a total of 6 years as a member of the Selected Reserve (need not be ordered to active duty) is eligible if he or she either: a) received an honorable discharge, b) was placed on the retired list, c) was transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service in the Selected Reserve characterized as honorable, d) continues to serve in the Selected Reserve. The 6 years service need not be continuous nor in the same Reserve or National Guard unit. However, active duty regular military service cannot be combined with Reserve service to reach the 6 year requirement.Members of the Selected Reserve:"Selected Reserve" means the Selected Reserve of the Ready Reserve of any of the Reserve components which consists of units and individuals who participate actively in paid training periods and serve on paid active duty for training each year.•Members of the Selected Reserve:certain United States citizens who served in the armed forces of a government allied with the United States in World War II.•individuals with service as members in certain organizations, such as Public Health Service officers, cadets/midshipmen at service academies, officers of National Oceanic and Atmospheric Administration, merchant seamen with WWII service, and othersVA Resource Links Veterans Service OrganizationsVeterans Service Organizations (VSO's) provide a wide range of services for Veterans and their dependents. Some VSOs are "chartered," which means they are recognized or approved by the VA Secretary to advocate for you and represent you in VA claims. A Veterans Service Officer can help you with preparation, presentation, and prosecution of claims. We describe below some of the most well-known VSO's. VSO Directories •Veterans Service Organizations (VSO's)VA is currently updating it's list of Veterans Service Organizations, such as Disabled American Veterans (DAV), Vietnam Veterans of America (VVA), and many others. Until this is available, you can search for VSOs at the Office of General Counsel's Accreditation page. •NASDVA: National Association of State Directors of Veterans Affairs*NASDVA is made up of the top Veterans affairs official in each state and territory. With offices in each state, NASDVA is second only to the federal Department of Veterans Affairs in providing benefits and services to Veterans. Veterans Service Organizations•American Legion*The American Legion is a community service organization with 15,000 posts around the country. •American Red Cross*Since World War I, Red Cross volunteers have provided services to US Veterans. •AMVETS*AMVETS (or American Veterans) sponsors numerous programs to assist Veterans and their families. •Disabled American Veterans*The DAV is dedicated to building better lives for America's disabled Veterans and their families. •Military Order of the Purple Heart*This organization works to promote history, education, fraternity, service and patriotism. •Paralyzed Veterans of America*The Paralyzed Veterans of America has worked to secure health care and benefits for Veterans of the armed forces living with spinal cord injury and disease.•Vietnam Veteran Wives*Vietnam Veteran Wives was created to reach out to Veterans, their spouses and families. VVW concerns include benefits for spouses and children, VA Claims, PTSD issues, and other topics related to Veterans and to their families. •Vietnam Veterans of America*The VVA was created to improve the condition of Vietnam-era Veterans and their families. Families, friends, supporters, and Veterans of other eras can join the Associates of Vietnam Veterans of America and receive the same benefits. •Veterans of Foreign Wars of the United States*The VFW enhances the lives of millions through its community service programs and special projects. * Source http://www.va.gov
Carlos MatosI Chairman & Co-Founder I NMLS #323206
EMAIL US: CONTACT@1FLORIDALENDING.COM
We are Approved VA Lenders ! VA guaranteed loans are made by government approved Mortgage Lenders to eligible veterans and their families for the purchase of a home that must be for their own personal occupancy.