Florida Mortgage : Learning Center

There is hope in Florida regarding fixed rate Jumbo sized mortgages.  Since the Jumbo mortgage market has virtually priced itself out of practical existence; it’s nice to know the Veterans Administration has stepped up to help Veterans receive lower fixed rate Florida mortgages. 

Florida Veterans have enjoyed the benefit of being able to purchase their new home without having to use a down payment and without the cost of monthly private mortgage insurance payments.  Qualified Florida Veterans can enjoy no down payment requirements for loan amounts up to $417,000 because VA will guarantee 25% of Freddie Mac’s maximum loan limit; currently $417,000.  Recently, however, VA increased it’s maximum loan amount to $1,000,000.

If a Florida Veteran finds his or her dream home; but the purchase amount is above the maximum VA loan amount of $417,000; they can simply put down 25% of the difference between $417,000 and the purchase amount.  For example, if the purchase price on your new Florida home was $635,000; then VA would guarantee the loan amount up to $417,000 and you would put a 25% down payment of ($635,000 – $417,000) $218,000.  Your down payment requirement would be $54,500.  The VA Funding Fee can be added to the loan amount or paid separately. 

This new adjusted VA moaximum limit could help many Florida homeowners as well as Veterans seeking large loan amounts for their new home purchase.  For your free VA Good Faith Estimate please contact our office directly at 888.399.0520 or email info@beechtreemortgage.com.

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