VA Financing

Kent and Beccy are very familiar with the ins and outs of VA requirements for home purchase.

We’ve closed many VA financed homes in SW Florida.

 Speak with a VA lender to see if you qualify.

We work with all lenders. Your comfort is our main goal. 

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Step by step when purchasing a home with VA Financing.
The blue highlighted words are links to official information.
1) Mortgage pre-qualification.

It’s simple to determine if you’re eligible for a VA loan. The first step is to find a lender familiar with VA loans. We can give you names of 3-6 local mortgage companies unless you’re already working with one. Whom you choose is your decision alone.

VA loans can be used to:

  • Buy a home, a condominium unit in a VA-approved project
  • Build a home
  • Simultaneously purchase and improve a home
  • Improve a home by installing energy-related features or making energy efficient improvements
  • Buy a manufactured home and/or lot.

A “VA Loan” isn’t money that’s actually given by the Veterans Administration, rather, it’s a loan guarantee. Most VA home are through lenders such as banks and mortgage companies. Some of the advantages of a VA loan are:

  • No down payment as long as the sales price doesn’t exceed the appraised value.
  • No private mortgage insurance premium requirement.
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs may be paid by the seller.
  • The lender can’t charge you a penalty fee if you pay the loan off early.
  • VA may be able to provide you some assistance if you run into difficulty making payments.

 

2) COE - Certificate of Eligibility

There are certain required steps in obtaining a COE but your lender can assist you with the process and can generally determine if you’re eligible in a matter of a few minutes. You should also check if you’re eligible for a reduction or credit of the VA funding fee due to service-related injury or illness and up-to-date information a loan limits and remaining entitlement if you’ve used VA financing in the past..

Surviving spouse of a servicemember who died while on active duty are also eligible.  

VA Loans are popular because of no down payment, aka 100% financing, but there will be closing costs to pay.

Typical costs include lender financing fees, VA funding fee, pre-paid escrow items such as hazard insurance premium and property taxes, appraisal fee and survey. Your lender will give you a breakdown of the fees to be paid by the buyer.

We highly recommend a home inspection by a licensed inspector.

3) Find a REALTOR®

Because you’re looking at our website, we hope you’ve made your decision as to what REALTOR® you want to help you find a home. The decision shouldn’t be taken lightly. Whomever you choose, be sure they are knowledgeable with VA rules for home purchase.

Aside from normal criteria such as where you want to live, etc, once you find a home there are critical steps that must be taken from the beginning, including properly writing an offer.

Once an offer is accepted by the seller, VA has several addition inspection requirements aside from the normal home inspection, appraisal, etc. We ensure all inspections are performed in a timely manner and at the lowest cost. Familiarity with the VA loan process is paramount to a smooth transaction. We hope you find our qualifications satisfactory. We’d be honored to assist you.

We have been REALTORS® since 2004 & 2005. We are members of the Englewood Board of REALTORS®, Florida REALTORS® and the National Association of REALTORS®.  
4) Find a home.

Once you’ve qualified for a mortgage and determined your price range, the real fun begins!! Searching for the proper home can be a daunting task, sometimes frustrating and always tiring.

We listen to your wants and needs, your price range and other details. Our focus is finding a home that’s right for you, in your price range and desired area. We never try to force or encourage anyone to buy something they don’t want.

We make a living selling homes, this is what we love to do and we don’t care how long it takes for you to decide. We’ll keep looking until you’re satisfied and will advise you along the way, answer all questions we can and refer you to an expert in their field if we don’t know an answer.

We’re members of Mid-Florida Regional MLS and have access to every listed home. As REALTORS® we can sell any home on MLS and even those not on MLS.

We keep up with trends that may affect you, such as rising interest rates, changes in flood zone areas, utility expansion or upgrading, road projects, proposed commercial construction near neighborhoods, etc.

There’s much more to helping buyers than simply selling a house. We try to look toward the future as much as possible. No one would like a new freeway or garbage dump in their backyard!!

5) Purchase and inspections.

You’ve found a home, the seller accepted your offer and now you’re a homeowner!! Not so fast; there’s a lot of work yet to be done.

Once the contract is signed by you and the seller, it’s given your mortgage processor who then submits it to their underwriting department for review. The underwriter will order the appraisal and generally you must pay for it upfront probably between $400-$450.

We recommend always having a home inspection by a licensed inspector. You should also have a wind mitigation inspection that can be given to your insurance company to possibly get a lower rate.

If the home is on a well and septic system, we recommend the septic system be inspected and also the water tested.

With our experience we’ve learned who the best, above-board inspection firms are and how to save you money while ensuring proper care.

Depending on the size of the home, a pool, etc a home inspection and wind mit will be betwenn $250 & $350.

The survey will cost between $300 and $400.

A septic inspection is about $300 with clean-out.

Water test about $250.

We receive no referral fee, kickback or other compensation from ANY recommended service company. Who you choose for any inspection is up to you; we are happy to share our past experiences and are always looking for the best people in the business. Our recommendations are a direct reflection on us so we choose wisely.

6) Closing

If all goes well, the home appraised, the inspections were satisfactory and underwriting approved your loan, the final step is closing.

In Florida, all home purchases are secured by two title policies; one for the owner (you) and the lender. Closings are handled by either a title company or attorney’s office. All funds, including your earnest money deposit is handled and disbursed by the title company.

The title company prepares a HUD-1 form showing all the costs for closing, lender fees, real estate commission, etc. In short, every penny of the transaction is recorded on the HUD. The HUD will show your remaining out-of-pocket cost you would need to close.

Click here for more information about closing cost.

This is a brief summary of closing procedures. We go over ever detail with you long before we sit at the closing table. Keeping you informed throughout the buying process is something we take very seriously. We do our best to make sure all of your questions are answered.
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