Florida Mortgage : Learning Center

We obtained a VA pre-approval for one of our new Florida Veterans and were excited as interest rates slightly improved yesterday.  With his pre-approval letter in hand he found a great deal on a South Florida home and proceeded to have his Real Estate Agent submit an offer.  You’re not going to believe what happened next.

His offer was actually rejected, because the REO firm and bank selling agent, haven’t familiarized themselves with how simple VA Home Loans are these days.  They seemed only interested in Florida home buyers with Fannie Mae or Freddie Mac mortgage program approvals.  The listing agent mentioned that no one on their end has attempted a VA Home Loan transaction in over 20 years!  And that the Veteran would most likely have to consider another type of mortgage loan.  Not fair with our Veteran who already reviewed his mortgage options and chose the VA Home Loan approach.

Our Veteran home buyer would have had to take a conventional 100% Fannie Mae type loan with PMI or better yet, a higher interest rate 2nd mortgage and split the mortgage into 2 separate loans, referred to as an 80/20 program.  Is this fair treatment for our Florida Veterans?  After reviewing several 100% options, his best 30 year mortgage is to use his VA Entitlement and enjoy the benefits of no junk fees, no PMI, and a very low fixed rate.

Keep an eye out for those REO “specialists” who obviously are not up to par with today’s very streamlined approach with VA’s 100% guaranteed mortgage loan programs in Florida.  If you need more specific information regarding any conventional type mortgage such as Fannie Mae or Freddie Mac; or even your benefits of using a VA Home Loan; call our office and ask for me Stephen Thaggard or send an email.

Veterans deserve more, and as far as our client goes; he just called and will be writing a contract on another home. 

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