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Dive into the world of VA loans, where veterans, active-duty service members, and eligible military spouses find a gateway to homeownership. With benefits like no down payment, competitive interest rates, and no private mortgage insurance, VA loans offer a powerful advantage. Start your journey here to understand how you can leverage this exclusive benefit to secure your dream home with honor and ease.

What is a VA Loan?

A VA loan is a specialized and cost-effective loan that helps enlisted service members and veterans of the United States military achieve their goal of becoming homeowners. Since its establishment in 1944 to support military personnel in purchasing homes after World War II, the VA loan has been a trusted resource. Backed by the Department of Veterans Affairs, it offers the potential to finance up to 100% of a primary residence. At Florida Home Loans, we recognize and appreciate the invaluable service of military members and veterans. We are dedicated to helping them attain their homeownership goals through the VA loan.

How Does a VA Loan Work?

Florida Home Loans by Atlantic Mortgage & Finance provides valuable assistance to military members, veterans, and eligible borrowers seeking to purchase homes or refinance existing loans. VA loans, backed by the Department of Veterans Affairs (VA) and issued by private lenders, offer advantageous rates and terms, including low interest rates, no mortgage insurance, and a zero down payment requirement. With Florida Home Loans, you can seize the opportunity to secure a home without financial barriers and benefit from the support and guarantees provided by the VA.

What are the Benefits of a VA Loan?

VA loans, guaranteed by the U.S. Department of Veterans Affairs, offer several benefits to eligible veterans, active-duty service members, and some surviving spouses. Here are the key advantages:

  • No Down Payment Required: VA loans enable qualified borrowers to finance 100% of the home’s purchase price without a down payment, making homeownership more accessible.
  • No Private Mortgage Insurance (PMI): Unlike conventional loans, VA loans do not require borrowers to pay PMI, which can result in significant monthly savings.
  • Competitive Interest Rates: VA loans typically feature lower interest rates compared to many conventional loans, reducing the cost of borrowing.
  • Flexible Credit Requirements: The VA loan program offers more lenient credit requirements, making it easier for eligible borrowers to qualify.
  • No Prepayment Penalty: Borrowers can pay off their VA loan early without facing any penalties, offering flexibility to manage finances.
  • VA Funding Fee Flexibility: The VA funding fee can be financed with the loan, and certain individuals, such as veterans receiving disability compensation, may be exempt from the fee.

These benefits are designed to honor the service of military members by making homeownership more affordable and accessible.

What are the Different Types of VA Loans?

The Department of Veterans Affairs (VA) offers several types of VA loans to meet the diverse needs of veterans, service members, and their families. Each loan type is designed to help in different scenarios, ranging from purchasing a home to making improvements on your property. Including the One-Time Close Construction Loan, here are the primary types of VA loans:

VA Purchase Loans: These loans allow veterans to buy a home with no down payment, no private mortgage insurance (PMI), and competitive interest rates. They can be used to purchase single-family homes, condominiums, multi-unit properties, and manufactured homes.

VA Streamline Refinance Loan (IRRRL): Also known as the Interest Rate Reduction Refinance Loan, it’s designed for homeowners with an existing VA loan to refinance to a lower interest rate and reduce their monthly mortgage payments. This process is streamlined, requiring less documentation.

VA Cash-Out Refinance Loan: This option lets veterans refinance a non-VA loan into a VA loan and take cash out from the home’s equity. It can also be used by veterans who already have a VA loan and wish to take cash out from their home equity.

VA Energy Efficient Mortgage (EEM): This loan is designed to help veterans finance energy-efficient improvements to their homes, such as solar panels or new insulation, as part of a purchase or refinance transaction.

VA One-Time Close Construction Loan: Unlike traditional construction loans that require the borrower to obtain a separate loan for construction and then another for the permanent mortgage, the VA One-Time Close Construction Loan combines these into a single loan process. This means veterans can finance the construction, lot purchase, and permanent mortgage with one loan and one closing process. This loan simplifies the financing process for building a new home and offers the benefits of a VA loan, including no down payment and no PMI.

VA Renovation Loan: Similar to the One-Time Close Construction Loan but focused on renovations, this loan allows veterans to finance both the purchase of a home and the cost of improvements with a single loan, leveraging the home’s anticipated value after renovations.

VA Supplemental Loan: For veterans who already own a home financed with a VA loan, this loan type provides additional financing for home improvements to enhance the living conditions and increase the home’s value.

Each type of VA loan has its own set of eligibility criteria, benefits, and limitations, designed to accommodate the varying needs of veterans and their families. Whether buying a home, refinancing, or making home improvements, there’s likely a VA loan option that can help achieve those goals.

How Do I Apply For a VA Loan?

To apply for a VA loan, you first must establish if you fit into one of these four categories:

  1. An active duty service member
  2. A veteran of the military who’s been honorably discharged
  3. Member of the National Guard or Reserves
  4. An unmarried spouse of a military member who either died while on active duty or due to a disability that resulted from their service
You will need to obtain a Certificate of Eligibility for a VA loan, available on the VA’s official website. Although many VA loans do not necessitate a down payment or have specific income criteria, having a favorable debt-to-income ratio is still essential. Throughout the VA loan procedure, it’s required that the property you’re interested in buying undergoes valuation by an appraiser approved by the VA. Your loan application will go through the underwriting process to verify that you fulfill both the VA’s and the private lender’s standards. Following the underwriting review, the decision will be to either grant you approval to move forward to closing, issue a conditional approval, or reject your application.

Contact us to learn more or get started today!

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