Florida VA Homes

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Step five: Check here for any recent updates on VA Loans

Who can get a VA loan, and what types are most common?

VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.

VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.

Here are three types of VA Loans

Purchase Loans help you purchase a home at a competitive interest rate often without requiring a downpayment or private mortgage insurance.

Cash Out Refinance loans allow you to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements. 

Interest Rate Reduction Refinance Loan (IRRRL): also called the Streamline Refinance Loan can help you obtain a lower interest rate by refinancing your existing VA loan. 

New VA loan limts for 2019

Great news for all veterans for 2019, the FHFA has increased the loan limits in most areas from $453,100 to $484,350 starting January 1, 2019. Veterans can still get a larger loan if they qualfiy for it; they would just need to put 25% down for the difference between the new loan limit and the home they want to qualify for. For example, if they qualify for a loan $584,350, so about $100,000 more than the new loan limit., the veteran would only need to put a $25,000 downpayment to get the loan.

Tom Wiles