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VA Loans in Monroe County, Florida: Take Advantage of the Zero Down Payment

Veterans, military service members, and their families can get a special benefit for purchasing a home in Florida - a VA loan. It's one of the best ways to buy a house, even better when you live in Monroe County, Florida. Here's what you need to know about this type of mortgage and how it can help you buy your dream home.


VA loans are the best way for veterans to buy a home

VA loans have many benefits, one of which is that they allow you to purchase a home with no down payment! If you have not been able to save up for a sizeable down payment on your home, then the VA loan is probably right for you.

VA loans can be used to purchase a condo, townhome, or manufactured home in Monroe County, Florida.


That's especially true in Monroe County, Florida

Monroe County, Florida, is great for veterans to buy a home. In fact, in 2017, it was the #1 county in the United States for VA loans by WalletHub. That's especially true if you're looking to live there long-term (instead of just buying and selling). This is because of all of the benefits that come with being military-friendly.

Monroe County has been recognized as one of the most patriotic places in America by USA Today and other outlets. It's home to six central military installations, including Naval Station Mayport and Naval Support Activity Panama City Beach; plenty of jobs financially support our service members' families by providing stable employment opportunities throughout their lives together!


But there are some other benefits, too

Some other benefits come with a VA loan. First, you and your family are eligible for this benefit. If you're an active-duty service member or veteran, your spouse can also take advantage of the program. Your unmarried children under 21 can also qualify for a VA home loan if they are listed on the deed or will be living in the house with you.


Here's an overview of how they work

The VA loan is a home mortgage issued by private lenders and backed by the US Department of Veterans Affairs (VA). The VA guaranty means the lender will make payments to the borrower if the borrower does not pay.

The VA backs up to 100% of a home's purchase price, closing costs, and prepaid items such as homeowners' insurance. This means you can buy a home without putting any money down at all. They are used for primary residence or refinancing.

To qualify for a VA loan, you must have served in active duty in the armed forces, been honorably discharged from military service, and not be delinquent on any federal debts or obligations like student loans or child support payments (unless they're seriously delinquent—that is, more than 90 days).

You'll also need to apply with your lender within two years after discharge or separation from service; otherwise, your right to use this program will expire automatically if you don't take action quickly enough!


Types of VA loans

There are several types of VA loans available for eligible applicants:

  • VA Home buying loans - The loans help veterans and military service members to purchase a home at a lower interest rate, without a down payment or PMI.

  • Cash-out refinances VA loans - With a cash-out refinance, you can use your home's equity as collateral to help pay off high-interest debt or make renovations.

  • Interest Rates Reduction VA Refinance Loans (IRRRL) - Also known as VA Streamline Refinance, the IRRRL allows you to refinance an existing loan at a lower interest rate for your VA mortgage.

  • Native American VA Direct Loan (NADL) program - The NADL program allows veterans to buy, build, improve, or refinance a home on trust land with no down payment.

Requirements for a VA loan

There are a few basic requirements to qualify for a VA loan.

  • You must be a veteran - You are either retired or separated from the military and have served at least 90 days of active duty during wartime. You also need to have been discharged under other than dishonorable conditions.

  • US citizen - You must be able to prove your citizenship with valid documentation, such as a birth certificate or passport.

  • Active duty - You must show proof that you're still on active duty or have been discharged within the last two years (less than one year ago).

  • First-time homebuyer - If you've owned any past homes, this doesn't apply to you—your loan will not be approved unless it's for your first purchase ever!

  • Income and credit requirements - According to FHA guidelines, there are minimum income levels associated with various geographic regions across America; if your household meets those numbers (or higher), go ahead and apply!

The amount you can get depends on where you live

Your VA loan limit is set by the Department of Veterans Affairs (VA) and can vary by county. The VA sets these limits annually, using an index known as the conforming loan limit. The conforming loan limit considers factors such as average home prices in that county and adjusts for inflation and cost of living.


You also get to skip mortgage insurance

VA Loans also let you skip mortgage insurance. That's right: no mortgage insurance premiums, costs, fees, or deductibles. And that doesn't mean that your lender won't make money off of you; it just means that they care about making sure you don't have to pay for this stuff!

If you'd like to learn more about how this could work for your home financing needs in Monroe County, FL., call me at (888) 436-6761 or send an email to [email protected].


There is no down payment

VA loans are 100% loan-to-value, meaning you do not need to make a down payment. Because of this, you will not have to pay for private mortgage insurance (PMI) or any of its add-on fees.

If you were to get an FHA loan with a 3.5% down payment, it would be considered a 95% LTV loan as they require 3.5%. With the VA Loan being 100% LTV and no PMI, your monthly mortgage payment would only be slightly higher than if you had gotten an FHA Loan for that same amount of money!


VA loan limit is $647, 200

The amount you can borrow with a VA Loan is based on your county's median home price. The VA loan limit for Monroe County, FL, is $647 200. The county determines this limit and not the state of Florida.


VA loan closing fees

If you're looking to buy a home, whether it's your first time or not, you will be dealing with closing costs. These expenses can add up fast and potentially cause some sticker shock when divided among all parties involved in the transaction.

Fortunately for veterans and active-duty military members, there's a way around this problem: VA loans. VA loans allow veterans and active-duty military members to skip out on paying unnecessary fees when buying their next home. Here's how:

  • The seller pays for all closing costs associated with your mortgage application—everything from title searches, credit checks, loan processing fees, and more! This means there are no upfront charges from you that need to be paid before the closing day!

  • It's even better than that - The seller may also pay up-front points from their pocket (if available) so that they don't charge them against your loan amount at closing time; however, these points will increase interest payments over time which should be taken into account when considering whether or not such an offer is beneficial enough for both parties involved in the order.

VA loan sign on the wooden home and American flag


Benefits of VA loans

You're a veteran, or you're thinking about being one. You want to buy a home but prefer not to take a mortgage. The VA offers some of the most competitive rates and can significantly benefit qualified service members and veterans.

When it comes to getting a loan and buying your first house in Monroe County, Florida—and all over the country—VA loans are the best way for veterans to buy homes with no down payment required.

They also have low-interest rates, which means that even if you don't get approved for one today (remember - there are other types of mortgages), it's worth looking into later on down the line as your finances improve over time.

There are many benefits to using a VA loan. Here are some major benefits:

  • No down payment - Unlike other mortgages, you don't have to come up with a chunk of cash to put down on your home purchase. You can borrow 100% of the purchase price without spending money.

  • No mortgage insurance - VA loans do not require private mortgage insurance (PMI), which saves thousands of dollars over the life of your loan—even if you need a jumbo loan or your credit isn't perfect!

  • No prepayment penalty - If, for some reason, you decide that owning this house isn't working out for you, no problem—you can sell it at any time (with minimal penalty) and move on to greener pastures without having to pay anyone extra money.

How to apply for VA loans and how to find a VA mortgage lender in Monroe County, Florida

If you're a veteran or active duty service member looking to purchase a home, here's a look at the steps to applying for VA loans:

  • Apply to a VA lender - The first step to applying for a VA loan is to find a lender and apply with them. You can use our Find a Lender page, which contains all the lenders in Monroe County and their contact information and application requirements.

  • Get your Certificate of Eligibility (COE) - This document confirms that you are eligible for a home loan through the VA Home Loan Guaranty Program or Veterans Benefits Administration's Mortgage Insurance Fund program. To obtain it, fill out this form online or by mail, depending on where you reside (your county clerk must sign the form). Once approved and sent back to you, keep it handy as proof of eligibility while seeking financing options.

  • Get a good credit score - Meeting this criterion is necessary before getting an approval letter from any lender because they will base their decision on how much money they believe they'll make off of you when selling the house later down the road—and both numbers are critical factors in that equation!

  • Get your appraisal in order - The appraiser will assess the value of your home based on current market conditions and comparable sale prices of other homes nearby.

  • Get an inspection done if you feel it's necessary for your mortgage loan approval process, though this is not mandatory.

Is there a limit to the number of times I can use my VA eligibility?

Veterans who have used their eligibility once can still use it when they meet eligibility requirements and decide to purchase another home. There are some instances where you may lose your eligibility for a set period, such as if you sell your existing home or refinance it with another lender.

However, if you don't use your eligibility within two years after your last use, it will be automatically reinstated at no charge.


How do I get a VA loan?

There are two ways to apply for a VA loan:

  • Apply directly with a lender - This is the easiest way to get a VA loan because it requires no outside paperwork. You apply online or in-person and provide documentation of your service record.

  • Use an approved VA mortgage broker who can help you find the best loan program for your needs. A broker will guide you through applying and submitting the necessary documents to your lender.

5 Things to Do in Monroe County, Florida

Monroe County is a great place to live and work. Monroe County, Florida, is home to many great attractions. The Florida Keys and Key West are a short drive away, where you can enjoy the beautiful beaches or check out Duval Street's famous bars and restaurants.

Several museums in Key West, like the Mel Fisher Maritime Museum and Ernest Hemingway Home & Museum, will keep you entertained for hours.


Diving the Coral Reefs of Key Largo

If you are looking for some adventure, there is nothing better than diving in Key Largo. The coral reef here is one of the most diverse on the planet and home to over 400 species of fish and other sea life. If you want to get certified as a scuba diver or take a refresher course, several dive shops offer classes and dive trips throughout the week.


Dry Tortugas National Park

If you want to see an entire section of Florida, Dry Tortugas National Park is just what you are looking for. Located 70 miles west of Key West, this national park features some of Florida's best beaches and diving spots, including Indian Key and Garden Key. While here, visit Fort Jefferson, built during the Civil War by Union soldiers, and Fort Taylor, built by Confederate forces during their occupation of Key West during that war.


Hiking the Trails of Long Key State Park

This park features a variety of hiking trails along with other outdoor activities such as swimming and fishing. The park also features a campground where visitors can stay overnight.


Paddle Boarding in John Pennekamp State Park

John Pennekamp State Park is one of Florida's most popular parks due to its many activities like snorkeling, scuba diving, and paddle boarding. Paddle boarding is an excellent way to enjoy this beautiful park without getting wet! You can rent paddle boards for $10 per hour at several locations around the park.


Kayaking in Everglades National Park

Kayaking through mangroves is an experience like no other. You'll see alligators lounging in their natural habitat, birds flying overhead, and maybe even some dolphins swimming alongside you (or leaping out of the water). You'll also see incredible wildlife that would otherwise be impossible to spot from above ground or land.


Conclusion

The Monroe County, Florida, VA Loan program is a great way to get into your first home or move to a nicer one. It has all the benefits of a traditional mortgage and more because you don't have to pay for mortgage insurance or come up with a down payment.

Plus, if you qualify, you could receive assistance from the VA regarding closing costs and other expenses. So what are you waiting for? Start finding out today!

With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.

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