A VA Loan is designed to offer long-term financing to veterans for primary residence only. VA mortgage loans are issued by federally qualified lenders through VA approved mortgage companies, such as Alligator Mortgage, and are guaranteed by the U.S. Veterans Administration. Veterans can use this loan to buy single family homes, VA approved condos, townhomes and manufactured (mobile homes – singlewide, doublewide, triplewide and quadwide) with land going back to June 15, 1976.The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans. Alligator Mortgage can work with scores as low as 5001 for buying single family homes, VA approved condos, townhomes and manufactured (mobile homes – singlewide, doublewide, triplewide and quadwide) with land going back to June 15, 1976.
One of the benefits of the VA loan is 100% financing; no money down. Another is no monthly mortgage insurance. VA loans can be used for purchasing your primary residence or you can do a refinance VA loan.
Summary of VA Loan Benefits and Requirements
- Down Payment – No down payment required. There is also no monthly Mortgage Insurance (MI).
- Credit Score – A minimum credit score of 5001 is needed to qualify for maximum financing. Depending on credit depth a lower score may require verification of housing payment history and the use of seller concessions.
- Seller can pay for all closing costs and prepaids beyond the standard 4%.
- Debt to Income Requirements – The VA has no hard and fast DTI requirements and we have seen very high ratios get approved. Over 65% DTI is possible.
- Property Requirements – All properties must meet certain security, safety, and structural integrity requirements. We can do single family houses, mobile homes on land, townhouses and some condos.
- Veterans will have to meet a minimum disposable income requirement based on sales price, location, and family size.
- If property has a well, water test will be required and testing for E.coli, coliform, lead, nitrates and nitrites, and a third party has to collected and test the water in accordance with the State drinking water regulations and EPA’s analytical methods by State certified private laboratory
- WDO(Wood Destroying Organism) report will be required
- Must have COE(Certificate of Eligibility), if not, will need to provide veterans DD-214
- Loan is only for veterans which only the spouse can be added on the loan or other veterans, Cannot have any cosigners.
Contact Alligator Mortgage today for more information on Florida VA loans or to begin the prequalification process. Although we are based in Alachua County in North Florida we can loan anywhere in the State of Florida. Alligator Mortgage Company offers some of the best rates on VA loans in Gainesville, Florida and service the following Florida counties Alachua , Baker, Bay, Bradford, Brevard, Broward, Calhoun, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Escambia, Flagler, Franklin, Gadsden, Gilchrist, Glades, Gulf, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Holmes, Indian River, Jackson, Jefferson, Lafayette, Lake, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okaloosa, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Santa Rosa, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Taylor, Union, Volusia, Wakulla, Walton, Washington. Call Alligator Mortgage at 352-264-0011 that we can show you what better service you can get with lower interest rates and fees than the large direct marketing national lenders. Thank you for giving us the opportunity to help you and Thank You for your service.
1. For lower scores seller will need to provide seller concessions to close.