VA Loans

The Servicemen’s Readjustment Act was passed by Congress in 1944 to provide a number of different benefits to veterans and their surviving spouses. One of the key benefits of this act was the VA loan. The VA loan was designed to help American veterans purchase a home when alternative financing was not available or difficult to obtain. The U.S. Department of Veterans Affairs (VA) guarantees these loans and offers 100% financing, making qualification easier for veterans. TheFloridaMortgageCenter.com is proud to offer VA financing to the many veterans living in Palm Coast, Flagler Beach, and St. Augustine, Florida.

Most veterans, military, and spouses of deceased military members are eligible to apply for a VA loan. Before any of these individuals can apply for a VA loan, a Certificate of Eligibility (COE) will need to be acquired. A few credit and income requirements will also need to be met in order to qualify for the loan. Veterans will find there are many advantages of a VA loan when compared to other popular mortgage options.

Palm Beach VA Loan benefits:

  • No down payment (appraised value cannot exceed sale price)
  • No private mortgage insurance (PMI) premium required
  • No pre-payment penalty
  • Closing costs are limited by VA regulation and may be paid by the seller
  • VA funding fees (up to 3.3%) can be financed with the loan
  • Up to $417,000 loan amount (certain counties may be higher)

Florida VA Loan Limits

County Single-Family Duplex Triplex Fourplex
Flagler $417,000 $533,850 $645,300 $801,950
St. Johns $417,000 $533,850 $645,300 $801,950

VA loans are available not only for the purchase of a new home, but for refinances as well. Those with existing VA loans can take advantage of a Cash Out Refinance Loan or Interest Rate Reduction Refinance loan depending on their individual needs.
 
  • Purchase Loans – Provides veterans with competitive terms, rates, and down payment options on mortgages for the purchase of a new home. 
  • Cash Out Refinance Loans – Veterans with equity in their homes can use a cash out refinance loan to cash for various expenses such as home improvements, or management of other debts. 
  • Interest Rate Reduction Refinance Loan (IRRRL) – Existing VA loans can be refinanced at a lower rate through an IRRRL. This is also referred to as a VA Streamline Refinance Loan.
Whether you are a veteran looking to purchase your very first home, or an existing VA loan holder looking for a better interest rate, our team of VA loan experts at TheFloridaMortgageCenter.com can help you. For more information on VA loans or to begin the qualification process, contact us today.


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