VA Loans in Cape Coral, FL

April 27, 2024

VA Loans in Cape Coral, FL

By Published On: April 27th, 2024Categories: Cape Coral FL, VA home loan, VA Loan, VA Loan Florida

If you are a veteran who wants to own a home in “the Sunshine State,” you may qualify for VA loans in Cape Coral, FL. Sounds good? Well, make sure you also pass the other requirements.

According to the VA, you are eligible if you fall in one of the following requirements:

  • Ninety days of service during wartime
  • 181 continuous days of active service during peacetime
  • Six or more years of service in the National Guard or Reserves
  • Surviving spouse of a service member who died in the line of duty or as a result of a service-related disability

Here are some other facts you should know about VA loans in Cape Coral, FL:

  • VA loans also require the payment of a funding fee. It is a one-time payment that helps cover the cost of the loan. The amount you pay can vary depending on how much you pay for the down payment and the military category.
  • You are also typically required to move into your new home no more than 60 days after the property purchase.
  • And, just like any other state, VA loans in Cape Coral, FL, must be used for a primary residence.
  • All counties in Florida, except one, follow the standard VA loan limit of $766,550 for a single-family home. The lone county with a higher loan limit for a single-family home is Monroe – at $929,200
  • VA loan entitlement in Florida is the amount of money guaranteed to the lender if borrowers default on their loans. It has two forms – the full entitlement and the remaining entitlement.

Here are some of the benefits of VA loans in Florida:

  • No down payment (as the VA backed these loans)
  • Lower interest
  • No monthly mortgage insurance payments
  • No prepayment penalty
  • Reduced funding fees
  • Higher rate of approval
  • Ability to finance the VA funding fee

If you want to learn more about VA loans in Cape Coral, FL, don’t hesitate to talk to a mortgage professional at Homeplus Mortgage. Call us today at (727) 275-0104 for inquiries.