VA Loans

In 1944, the Servicemen’s Readjustment Act was signed by the U.S. Congress to provide certain
benefits to veterans and their surviving spouses (provided they do not remarry). Under this Act the VA Loan program was created and the VA was now authorized to guarantee or insure homes, farms and business loans made to veterans by qualified lending institutions. This makes the VA Home Loan easier to qualify for and helps veterans to qualify for loan amounts larger than traditional Fannie Mae conventional loans. The VA Home Loan allows veterans to finance up to 100% plus closing costs and VA funding fee. Since the program was established, the VA insured over 20 million loans. Innovative Mortgage Services is proud to serve our veterans from South Florida, the Treasure Coast, Orlando, Tampa and throughout the state of Florida.

Most veterans, military and surviving spouses can qualify for the VA loan with easier credit and income requirements. Qualified borrowers must provide their DD214 (Discharge or Certificate of Release) to meet requirements for their Certificate of Eligibility (COE) before they can apply for a VA loan.

Benefits of a VA Loan:

  • No down payment (sales price cannot exceed the appraised value)
  • No private mortgage insurance (PMI) premium required
  • No pre-payment penalty
  • Closing costs may be financed by the VA loan and may be paid by the seller, VA funding fees (0% to 3.3%) can be financed with the loan
  • Up to $417,000 loan amount (High Balance loans allowed, please inquire)

Types of VA Loans:

  • VA Purchase Money Loan – Provide veterans with financing to purchase a primary residence with low rates and zero down payment.
  • Interest Rate Reduction Refinance Loan (IRRRL) – Also known as a Streamline Refinance, allow veterans to lower their interest rate quickly and easily. Many times appraisals can be waived and documentation requirements reduced.
  • Cash-Out Refinance Loan – Veteran homeowners with equity can use cash-out, up to 100% of the value to make home improvements, consolidate debt or simply put cash in their pockets.

Innovative Mortgage’s team of VA loan experts are here to help for everything from the first time homebuyer’s to cash-out refinances to non-owner and high balance VA loan options. Contact us today for more information on all of our VA loans and to begin the qualification process.