A guest post from Robert of VAMortgageCenter.com:

Veterans and their families in the Sunshine State have access to one of the most flexible and affordable home loan programs on the market. VA loans offer those who have served a unique opportunity to achieve their dream of homeownership on terms they can afford.

The Veterans Administration does not issue home loans. Instead, it guarantees the loans issued by qualified lenders. That guarantee often translates into competitive rates and excellent loan terms for eligible veterans.

VA loans provide veterans with a host of benefits. Veterans can purchase a home without a down payment and finance their VA funding fees. Closing costs for VA loans are often lower than those for conventional loans. Sellers can cover all closing costs, prepaids, funding fees and temporary buy-downs up to 4 points.

Veterans also don’t have to pay monthly private mortgage insurance. Some qualified borrowers can finance up to 100 percent of their home purchase. Other benefits include:

  • An assumable mortgage.
  • The right to prepay without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.

The VA home loan program uses geographic loan limits. In Florida, the loan limit is $417,000. To be considered for VA loan, veterans must first acquire a Certificate of Eligibility (COE) . This document explains in writing that the prospective borrower is eligible for the program’s benefits.

Any military member who has served 181 days on active duty during peace time or 90 days during war time may be eligible, along with those who have served at least six years in the Reserves or National Guard. Spouses of service members killed in the line of duty may also be eligible. Veterans with credit and financial problems can still qualify for VA loans.

For similar posts or questions on VA Loans please contact Robert@vamortgagecenter.com