Your Service is your Down Payment!

You can qualify for zero down payment and buy a home today, you already made your down payment serving your country.

The VA loan program absolutely will help you buy with 100% financing, and the Seller can even pay your closing costs.

You may have heard that you will still need to pay closing costs, even if you are technically going “zero down payment” and that is mostly correct, except if you get the SELLER to pay your costs in the contract.

Your Realtor will need to ask for the seller to pay up to 4% of the purchase price towards closing costs, so make sure you mention this when you are making your offer. In our experience, for a Florida VA purchase, closing costs will be between 3% and 4% of the sales price, if we include your Homeowner’s Insurance and prepaid interest in the calculations.

If there is extra money left after closing costs, you can use these funds for any allowable purpose, such as paying down debt to qualify.

You CAN truly get Zero Down with a VA mortgage, if your Realtor structures the deal correctly in the beginning.

If you need more details, or want us to call your Agent and give them instructions, please call us at 727-777-4999

We take pride in knowing the VA program inside and out, and getting the MAXIMUM BENEFIT you have EARNED!

If you have any questions, please don’t hesitate to ask, as we are here to help, and are constantly communicating with the VA to get updates and policy clarifications.

• No Down Payment Necessary.

  Homebuyers will usually need at least a 5 percent down payment for conventional loans or a 3.5 percent down payment for FHA financing. On a $200,000 loan, that's $10,000 for conventional borrowers and $7,000 for FHA. For many first-time homebuyers, coming up with that kind of cash up can be challenging. Being able to purchase with $0 down means VA borrowers don't have to spend years saving to scrape together a big down payment.

• Less Stringent Qualifications.

  Many first-time homebuyers might not yet have a strong credit history, which can make it more difficult to get approval for a mortgage or qualify for an affordable interest rate. Since the VA Loan is government-backed, VA Loans are easier to qualify for at competitive rates.

• Lower Monthly Payments.

  Since VA Loans don't require the added monthly expense of private mortgage insurance (PMI), they tend to leave more money in your pocket each month. In addition, the competitive VA Loan rates can save a typical buyer thousands over the lifespan of the loan.

Have questions? Speak with a trusted VA-lending specialist

In addition to the VA Loan, Florida’s VA Mortgage Center is proud to offer several other financing options for homebuyers; including USDA loans, FHA loans, and traditional mortgages.

Just ask if one of these options is better for you!

VA jumbo loans offer veterans and military buyers significant benefits, especially compared to the conventional jumbo landscape. With a VA jumbo loan, homebuyers have increased access to homes in high-cost metro areas, while utilizing their VA loan benefits – including the flagship $0 down.

What is a VA Jumbo Loan?

Typically, a VA loan is considered a VA jumbo loan when the loan amount exceeds the county-specific VA loan limit. The VA loan limit for most counties in 2023 is $726,200 but reaches $1,089,300 in high-cost areas.

It’s important to remember that VA loan limits don't represent a cap on your purchasing power. There is no maximum VA loan amount set by the government.

Instead, the loan limits help determine how much veterans without their full VA loan entitlement can borrow before needing to put money down. Veterans with full entitlement can borrow as much as a lender is willing to lend without the need for a down payment.

VA Jumbo Loan Requirements

A VA jumbo loan, also known as a VA high-balance loan, allows eligible veterans and service members to borrow more than the standard VA loan limit, which varies by location. However, VA jumbo loans come with specific requirements and guidelines. Here are some key requirements for VA jumbo loans:

1. Eligibility: To qualify for a VA jumbo loan, you must meet the basic eligibility requirements for VA loans, including having sufficient entitlement and meeting the service requirements. Additionally, you must meet the credit and income requirements set by the lender.

2. Loan Limits: VA jumbo loans are designed for loan amounts that exceed the standard VA loan limits. The exact loan limits for VA jumbo loans can vary by county and may change annually.

3. Down Payment: While VA loans typically do not require a down payment, VA jumbo loans may require a down payment. The specific down payment amount depends on the lender's policies and the loan amount. Some lenders may require a down payment of 25% of the amount exceeding the VA loan limit.

4. Credit Score: Lenders may have stricter credit score requirements for VA jumbo loans compared to standard VA loans. A good credit score is essential to qualify for a VA jumbo loan, and the minimum credit score required may vary among lenders.

5. Income and Debt-to-Income (DTI) Ratio: Lenders will assess your income and DTI ratio to ensure that you can comfortably afford the larger loan amount. The DTI ratio is typically limited to 41% or lower, but some lenders may allow higher ratios with strong compensating factors.

6. Residual Income: Lenders often consider residual income, which is the income left after paying all monthly debts and expenses. Meeting the residual income requirements is crucial to qualify for a VA jumbo loan.

7. Appraisal: VA jumbo loans require a VA appraisal to determine the property's value. The appraisal is conducted to ensure that the loan amount does not exceed the property's value.

8. Funding Fee: VA jumbo loans may have a higher VA funding fee compared to standard VA loans. The funding fee is a one-time fee paid to the VA and can vary based on factors like military category and down payment.

9. Lender Requirements: Each lender may have its own specific requirements and guidelines for VA jumbo loans. It's essential to work with a lender experienced in VA jumbo loans to understand their specific criteria and policies.

10. Documentation: You'll need to provide the necessary documentation, including income verification, tax returns, bank statements, and other financial records, to support your loan application.