As a VA specialist with consistently competitive rates, I’ll help eligible veterans secure an affordable mortgage—even with lower credit scores
Shahram Sondi | Certified mortgage advisor™ | NMLS 186790
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Benefits of
Florida VA Loans
LOW
credit score accepted
Zero
mortgage insurance costs
higher
loan limits with little or zero down payment
up to 100%
cash-out refinance options
Loan Term
My Rate
Points
Months
Monthly Payment
Loan Term 30-yr VA
Purchase Transaction. Florida 30-year fixed VA mortgage is a home loan program offered by the Department of Veterans Affairs(VA) for eligible veterans, active-duty service members, and surviving spouses. With this type of mortgage, borrowers enjoy a fixed interest rate and a repayment period of 30 years. VA mortgages typically require no down payment or private mortgage insurance(PMI), making homeownership more accessible to qualifying individuals. Additionally, VA loans often feature competitive interest rates and flexible qualification criteria, including lenient credit requirements.
My Rate
Months
Monthly Payment
The rates above are estimated rates current as of: 11:18 GMT-4 on Feb 11th.
30-year fixed conventional loan
Florida 30 year fixed conventional monthly payments shown are principal and interest only and do not include PMI, property taxes, homeowners insurance, or other applicable escrows. Actual payment obligation will be greater.
Rates are based on an example loan amount of $400,000, 20 percent down payment, and example credit score of 780.
Florida 15 year fixed conventional monthly payments shown are principal and interest only and do not include PMI, property taxes, homeowners insurance, or other applicable escrows. Actual payment obligation will be greater.
Rates are based on an example loan amount of $400,000, 20 percent down payment, and example credit score of 780.
Florida FHA rates are based on an example base loan amount of $482,500 with a total financed loan amount of $490,943.75, which includes the 1.75 percent upfront FHA mortgage insurance premium (UFMIP) financed into the loan amount.
Monthly payments shown are principal and interest only and do not include monthly FHA mortgage insurance premiums, property taxes, homeowners insurance, or other applicable escrows. Actual payment obligation will be greater.
Rates assume an example credit score of 780 and 3.5 percent down payment.
Florida VA rates are based on an example base loan amount of $500,000 with a total financed loan amount of $510,750, which includes the 2.15 percent first use VA funding fee financed into the loan amount.
Monthly payments shown are principal and interest only and do not include property taxes, homeowners insurance, or other applicable escrows. Actual payment obligation will be greater.
Veterans exempt from the VA funding fee will not be required to pay the funding fee. Borrowers must meet VA eligibility requirements.
This is not a commitment to lend. Rates and APRs shown are for informational purposes only and are subject to change without notice until locked.
Unless otherwise noted, examples assume:
Mortgage insurance may be required depending on loan program and loan to value. If required, mortgage insurance may increase the APR.
All loans are subject to underwriting approval, borrower qualification, and applicable Fannie Mae, Freddie Mac, FHA HUD, or VA guidelines, as well as any lender overlays imposed by wholesale lenders.
Not all borrowers will qualify. Terms and availability may vary.
What is a VA loan?
A government-backed mortgage for eligible veterans, active-duty service members, and surviving spouses, offering lots of benefits
Is it hard to qualify for a VA loan in Florida?
Generally easier than conventional loans, with lenient credit requirements and no down payment needed with approved credit and acceptable debt-to-income ratio
What are the Florida VA loan requirements?
Eligible military service, valid Certificate of Eligibility, 580 credit score and sufficient income to cover mortgage payments while maintaining a reasonable DTI
What are the Florida VA loan limits?
As of 2024, most lenders cap VA loans at conventional limits ($766,550), but some may lend more based on your entitlement and DTI ratio.
What kind of rates are available for Florida VA loans?
VA loans offer lower interest rates compared to conventional mortgages, but exact rates depend on credit score and market conditions
What’s the most you can borrow for a VA loan?
With full entitlement, you can borrow as much as a lender is willing to lend, subject to their requirements and your financial situation
Let’s crunch the numbers and see what’s possible
Find out how much you can afford—plus what you could pre-qualify for
Guides on VA loans
No need to figure it out alone—check out these handy how-tos on Florida VA mortgages
Introduction If you’re a U.S. veteran, a 30-year fixed-rate VA mortgage is the best home loan around. The credit approval is a walk in the park, plus you’ll have the option to pay a 0% down payment and get lender credit from rate or seller credit to cover all or most of the closing costs.Continue reading “Current Florida [r]VA Mortgage Rates[/r]”
20th of Feb. 2024
5 min. read
Introduction Taking the plunge into homeownership is a big deal. And let’s be real, the whole mortgage and hidden costs thing can be a bit of a maze, especially in today’s cutthroat market. Lucky for you, I’m your Florida mortgage guru, and I’ve got a guide to steer you through this journey with smarts. StepContinue reading “9 Tips for Home Buyers: [r]From Mortgages to Occupancy[/r]”
22nd of Feb. 2024
16 min. read
Introduction Getting ready to dive into homeownership? Before you make the leap, let’s talk about the kind of home you’re eyeing—your main pad, a sweet getaway, or maybe an investment spot. In this no-nonsense guide, we’ll break down the definitions, rules, and perks of primary residences, second homes, and investment properties, cutting through the jargonContinue reading “[r]Primary, Secondary & Investment[/r] Properties: What You Should Know”
22nd of Feb. 2024
10 min. read
Applying for a VA loan in Florida involves several steps:
1. Obtain your Certificate of Eligibility (COE) through the VA or a VA-approved lender like myself.
2. Get pre-approved for a VA loan to determine your budget.
3. Find a home that meets VA property requirements.
4. Make an offer and sign a purchase agreement.
5. Complete the VA loan application with your chosen lender.
6. Go through the VA appraisal process.
7. Undergo underwriting, where the lender verifies all your information.
8. Close on your new Florida home.
As a VA loan specialist in Florida, I can guide you through each step, ensuring a smooth process.
Several factors could lead to a VA loan rejection in Florida:
1. Insufficient income or unstable employment
2. Credit score below the lender’s minimum requirement (usually 580)
3. Too much existing debt relative to income
4. Property not meeting VA minimum property requirements
5. Appraisal lower than the purchase price
6. Issues with your Certificate of Eligibility
7. Recent bankruptcy or foreclosure without sufficient time passed
8. Discovered liens or judgments during the underwriting process
Remember, even if one lender rejects your application, you may still qualify with another. As your Florida VA loan expert, I can help you address potential issues before they become problems.
Yes, it’s possible to get a VA loan in Florida with a credit score of 580. The VA doesn’t set a minimum credit score, but most lenders have their own requirements. While some lenders might require a higher score, many will work with borrowers who have a 580 credit score, especially if other aspects of their application are strong.
Keep in mind that a higher credit score can help you secure better interest rates. If your score is on the lower end, we can discuss strategies to improve it or explore lenders who are more flexible with credit requirements for VA loans in Florida.
One of the biggest advantages of VA loans in Florida is that they typically don’t require a down payment. This means eligible borrowers can finance 100% of the home’s value, subject to the lender’s requirements and the VA’s guaranty limits.
However, making a down payment can have benefits:
1. Lower VA funding fee
2. Smaller loan amount, resulting in lower monthly payments
3. Potential for better interest rates
Even if you choose not to make a down payment, you’ll still need to cover closing costs. Some of these costs can be rolled into the loan or covered by the seller, within VA limits.
Finding the best rate for a VA home loan in Florida requires some research, as rates can vary between lenders and change daily. Factors that influence your rate include:
1. Your credit score
2. Debt-to-income ratio
3. Loan term
4. Current market conditions
To find the best rate:
1. Shop around and compare offers from multiple VA-approved lenders
2. Consider working with a mortgage broker specializing in VA loans (like myself)
3. Look beyond the interest rate to the Annual Percentage Rate (APR), which includes fees
4. Ask about discount points and how they affect your rate
As a Florida VA loan specialist, I have access to competitive rates and can help you compare options to find the best deal for your situation. Remember, the lowest rate isn’t always the best deal if it comes with high fees or unfavorable terms.
