VA Loans

VA Loans 

VA loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans and active military for the purchase of a home.  In most cases, no down payment is required on a VA loan.  Sellers also have the option to contribute up to 4% of the purchase price towards the buyer’s closing costs which may allow the veteran or active military borrower to purchase a home with little to no money needed at closing.

Other benefits of a VA loan include:

  • Closing costs comparable to other financing types
  • No monthly private mortgage insurance required
  • Right to prepay loan without penalties
  • Mortgage can be taken over (or "assumed") by the buyer when a home is sold.
  • Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan

Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.

A VA loan can be used to either buy a home or refinance an existing VA loan.

Veterans or active military can apply for a VA loan with any mortgage lender that participates in the VA home loan program.

For more information on VA Loans, click here to contact us or call 813-655-HOME 

Serving Tampa, St. Petersberg, Clearwater, Brandon, Bloomingdale, Lake Magdalene, Lutz, New Port Richey, Oldsmar, Palm Harbor, Riverview, Temple Terrace, Town 'n' Country, Valrico, Wesley Chapel, Westchase and the entire Tampa Bay area and state of Florida. 

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American Dream Home Mortgage Inc. | 1219 Millennium Parkway, Suite 132 | Brandon, FL 33511-8178 | (813) 655-4663 floridabestlending.com