VA (Veterans Administration) mortgages are perhaps the best mortgage programs around.

They offer $0 down, no mortgage insurance, and one can qualify with a credit score down to 500.

Sadly, a majority of veterans and their families are either unaware of how easy it is to qualify, or the benefits of the program.

Many believe one has to apply to the VA for an approval: not so, the VA Mortgage is approved and funded directly by a lender, just as other loans.

There are 1.5 million eligible veterans in Florida.

This is the program non-military homebuyers wish they had access to.

Here are the highlights of VA Mortgages:

  1. $0 Down;
  2. Have the lowest interest rates – about ½ point lower than FHA and conventional loans;
  3. You must be a veteran, active military, or reserves or surviving spouse;
  4. 500 Credit Score qualifies you for a mortgage (but, cannot have bad credit the last 1-2 years);
  5. No mortgage insurance – saving hundreds per month versus other programs;
  6. A retired vet needs a DD214 (honorable discharge) and Certificate of Eligibility;
  7. The Seller can pay for all your closing costs – up to 6% of the purchase price;
  8. Great for borrowers with no cash reserves and average or lower credit score;
  9. Appraisal is paid by me or the lender - saving you $500 in out of pockets; and,
  10. Loan size can go up to $417,000 in Florida, depending on your credit and income.

I work with lenders that offer the lowest VA interest rates in Florida.

VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration.

The VA determines eligibility and issues a certificate to veterans or active military applicants to submit to the mortgage lender of choice.

It is generally easier to qualify for a VA loan than conventional loans.