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

The US Department of Veterans Affairs provides VA loans to help veterans and their surviving spouses buy homes without paying a down payment. Taylor County, Florida, is one of the few counties in the US that does not have a national lender that currently offers VA loans. However, several lenders in the state do offer them!

We've gathered some helpful information about mortgage lenders in Florida so you can find out what they offer, how much they charge, and more!

What is a VA loan, and how does it work

For many people, buying a home is the most significant investment they will make in their lifetime. That's why it's so important to get the best financing available.

A VA loan is a mortgage guaranteed by the Department of Veteran Affairs. These loans are available to military members, veterans, and their families.

If you are eligible for one, you can use it to buy a home with no money down. VA loans are the best for first-time home buyers, veterans, second home buyers, and investors. It's also the best loan for investment properties.

They come with unique benefits that make them a good choice for Taylor County homebuyers.

  • You can use your VA loan to purchase or refinance a property anywhere in the US, including Taylor County. The VA does not have geographical limitations like other types of mortgages do.

  • With no down payment required on most loans, it's easier for you to get into your dream home immediately! That means less time spent saving money before moving into your new place and more time enjoying life there!

  • Also, because there is no down payment required, many people choose this type just because they want something affordable on paper—and perhaps even more affordable after closing costs involvements (which we'll talk about later).

VA loan eligibility requirements

To be eligible for a VA home loan, you must:

  • Be a veteran or active-duty service member - If you don't currently meet this requirement but have served in the military, you may be able to receive credit toward your eligibility by receiving an honorable discharge.

  • Have a VA loan entitlement - (i.e., have made contributions to the VA through past loans). This can be done either by having previously refinanced into a new loan and held onto it long enough or by paying points on your original purchase with the money they saved by using their zero down payment option at closing (which counts as "points").

  • Good credit score - Each year, lenders must select three scores from FICO's Pulse portal, one of which must be from among those provided by FICO. These scores will then be averaged together for an overall credit score for each applicant using this program before determining who qualifies for these grants; applicants must also pay off all debts owed within six months of receiving them if they wish for their applications not only go through but also succeed!

VA Loans In Taylor County, Florida - Take Advantage of the Zero Down Payment

VA loans are available in Taylor County, Florida. But what makes a VA loan so great? The VA loan program has been around for over 70 years, and it has been helping veterans and their families purchase homes for decades.

Well, there are a few things that set them apart from conventional mortgages. The VA loan program offers several benefits that can save you money when purchasing your next home:

  • No Down Payment - With a VA loan, you don't have to come up with any cash upfront. You can buy a home with no money out of pocket – not even a dime! If you qualify for the program, it will cover the entire cost of your house—including closing costs! This can be especially beneficial for veterans who may have recently returned from active duty and are looking to buy their first home.

  • Competitive Interest Rates - Interest rates are generally lower than conventional loans. In Taylor County, Florida, interest rates start at 2%. That means instead of paying $1 per day on a 30-year fixed-rate mortgage at 4%, you could pay as little as 35 cents per day on your loan with the same lender!

  • No Mortgage Insurance (PMI) - Unlike conventional mortgages, which require mortgage insurance (PMI), VA loans don't require any additional fees or payments after funding an escrow account for taxes and insurance purposes; however, due to specific credit criteria being met, some lenders may still require PMI.

Different types of VA loans

The different VA loan options available to you include:

Native American Direct Loan (NADL)

The Native American Direct Loan (NADL) program provides financing for single-family housing on Indian reservations or in approved off-reservation communities. The program helps Native Americans with service-connected disabilities who cannot obtain conventional financing due to income limitations, credit histories, or lack of down payment funds.

VA-backed purchase loan

A VA -backed purchase loan is one where the property must be purchased within 30 days of applying for a mortgage. The borrower must be eligible for a loan amount equal to or less than $647,200. If it costs more than $647,200, you can apply for an Adjustable-Rate Mortgage (ARM) instead.

An ARM allows you to pay off your interest rate over time depending on how much you have borrowed from the bank versus how much equity exists in your home after making improvements and paying down debt. Once those amounts are balanced out at zero again (or close enough), all future payments will reduce principal rather than interest charges - which means more money saved down the road!

Cash-out refinances loans

Cash-out refinances loans are outstanding because they allow homeowners who've already paid off some portion of their mortgage with previous payments to pay off debt elsewhere like credit cards, etcetera.

You can take advantage of this to reduce your monthly payments even further by refinancing into an ARM, where payments will gradually increase over time until reaching maximum interest rates before dropping back down again.

Interest Rate Reduction Refinance Loan (IRRRL)

Interest Rate Reduction Refinance Loan (IRRRL) is a VA loan used to lower the interest rate on your existing VA home loan. This will help you save money and reduce your debt load. The IRRRL is not a new program but has been around since the 1950s. It was created to help veterans struggling with mortgages after World War II.

The government helped them by refinancing their mortgages at a lower interest rate, allowing them to stay in their homes instead of losing them because they could not afford their payments anymore.

How to Apply

There are several ways to apply for a VA loan in Taylor County, Florida. You can apply online, over the phone, or by mail; you can even drop by your local Taylor County Department of Veterans Affairs (VA) office. Please fill out an online application form and submit it with all required documentation to start.

If you have any questions about your eligibility or which documents are needed, contact the VA nearest you as soon as possible, and they will be able to help walk you through the process. The website also has helpful information on other topics like calculating your down payment amount and starting your home search.

The loan limits

VA loan limits are based on your county, so that's an excellent place to start. For example, the median sale price of a home in Taylor County is $647200. If you want to buy a house for more than $647.2 K and your loan, you will need some down payment assistance from somewhere else.

If you're looking for an affordable home with excellent resale value and don't mind doing some work on it before moving in—or living there as-is while getting it ready—this could be your dream house!

New house keys with military wife and husband hugging

Income Requirements to Qualify for A Mortgage in Taylor County, Florida

As a veteran, you may be thinking about getting a VA loan. But how much do I need to make to qualify for a VA home loan? The good news is that there are no income or credit score minimums to secure a government-backed mortgage in Taylor County.

As mentioned above, the VA does not have income limits when purchasing a home. This means you can use your VA benefits to purchase a home even if your income is high. However, some credit requirements exist for those who want to qualify for a mortgage through the VA program.

If you are wondering how many people can apply for a mortgage using their VA benefit, then we have good news! The answer is everyone who served in active duty during wartime or peacetime (including Reserve and National Guard members).

To be eligible for this benefit, an applicant must meet specific criteria like being within one year of leaving military service or having been discharged with less than 90 days left on their contract/service agreement.

Finally, let's talk about what is considered "low income" when qualifying for loans through the Department of Veterans Affairs (VA). According to HUD guidelines published online: "Your housing expenses may include rent payments made by someone else on behalf of yourself and all other occupants who occupy the unit with your permission."

Property Types Permitted on VA Loans in Taylor County, Florida

You can buy a single-family home or condo in Taylor County, Florida. You can also purchase a townhouse, mobile home, duplex, or triplex.

In addition to these property types, you're allowed to use your VA loan for properties that are part of planned developments (PUDs). A PUD is a neighborhood where most homes were built simultaneously by one developer.

The houses and other structures must be identical in design and appearance. Some PUDs restrict how many people can live there—for example, they might only allow three families per acre—but others don't have such limitations.

You may also take out a VA loan if you want to buy a unit in an apartment building or condominium complex with more than four units.

VA loan funding fee and closing costs

Your VA funding fee is a one-time charge that covers the processing costs of the loan. It is 1.5% of the total loan amount and must be paid out of pocket at closing. You should budget for it as part of your overall home purchase costs.

Still, you can also ask your lender whether they offer any ways to reduce or waive this fee, such as by paying another type of closing cost (like title insurance) or applying for an interest rate reduction with good payment history.

Generally speaking, your closing costs are paid by you and your seller—so if you're buying a house from someone who isn't making use of their VA benefits themselves to get around paying out those fees, there's no need for concern about who will pay them!

General Information About Taylor County, Florida

Taylor County is located in the western panhandle of Florida, bordering Escambia County to the north, Walton County to the east, Bay County to the south, and Gulf County to the west. It's one of just five counties that make up what's known as "Florida's Forgotten Coast" - an area known for its beautiful beaches along Alabama's border and crystal-clear waters that attract visitors from all over.

Taylor County has a population of just over 6,000 people - making it two-thirds as populous as neighboring Walton County and only half as populous as Escambia or Bay Counties (which have populations of roughly 35k people each). The county seat is Perry.

The county was established in 1856 and named for Zachary Taylor (1784–1850), a US military leader and 12th President of the United States (1849–50). They served as a major general in the Mexican-American War and ran unsuccessfully for President on three occasions before winning the election in 1848.

Top Things to Do in Taylor County, Florida includes:

Chipley Riverfront Park

The park is located on the Chipola River just off Main Street in downtown Chipley, FL. The park features a playground, restrooms, pavilion, and walking trail that extends along the riverfront. There are also kayak and paddle board rentals available at this location

Florida Caverns State Park

This park is home to one of Florida's most popular tourist attractions. The Florida Caverns are full of natural wonders that will amaze you, including stalactites and stalagmites that have been growing for thousands of years.

This cave system has been open since 1938, so it's one of the oldest tourist caves in the state. Beautiful formations such as Moonmilk Cave and The River Styx will also be seen.

Steinhatchee Falls

A short drive from the city of Perry, Steinhatchee Falls is a popular destination for hikers and anglers alike. The falls are on the Steinhatchee River, which flows through Taylor County. The river is home to many fish species, including bream, catfish, and bass.

Manatee Springs State Park

Manatee Springs State Park is located south of Chiefland in Taylor County, FL. The park offers a variety of amenities, including camping sites, canoe rental, and fishing access to the Suwannee River. An observation deck overlooks the spring run, where visitors can watch manatees swim to the surface for air.

Big Bend Saltwater Paddling Trail

The Big Bend Saltwater Paddling Trail begins at Steinhatchee Landing Park just north of Steinhatchee on Highway 53, heading north toward High Springs before turning westward along Highway 314 toward Fanning Springs State Recreation Area and finally terminating at Fanning Springs State Park in High Springs near Gainesville, Florida.


Are you looking for a VA Home Loan in Taylor County, Florida? The local governments are inviting home seekers like you by offering no money down VA loans. Take advantage of these loans for massive savings on your home purchase.

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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