Naples FL Blog

VA loans in Florida
November 24th, 2009 9:24 AM

Today I have a guest blogger, Robert Stretch, who is an on line marketing specialist with  Robert has written us an article discussing VA loans.  If you are a Veteran or know a Veteran, you may want to take a moment to read this article.


Thousands of active duty military members and veterans flock to Florida. For some, it’s the perfect place for retirement. Others relocate to the Sunshine State to live near one of its many military installations — there are more than a dozen.

Increasingly, veterans and their families in Florida and across the country are turning to the VA for help in purchasing a home. Veterans have earned significant financial benefits because of their service, and a low-cost, flexible home loan program is one of the major pieces.

In fact, the Department of Veterans Affairs guaranteed more than $68 billion in single-family loans this fiscal year, an 80-percent increase from last year. VA loans feature no down payments or private mortgage insurance — qualified buyers can purchase a home  worth up to $729,000.00 without putting down a single dollar.

Other significant benefits of VA loans include:

  • Negotiable interest rate
  • Sellers can pay up to 6 percent of all closing costs
  • Borrowers can even finance the VA’s funding fee
  • The ability to prepay without financial penalty

Veterans and active duty military in Florida can also use the government’s $8,000 first-time home buyers’ tax credit with a VA loan, making these low-cost loans even more cost-effective.

Veterans don’t need perfect credit to qualify for a VA loan. The program itself does not have income or credit restrictions. But the VA does not issue loans, it only guarantees them. Most lenders who actually provide the loan will examine a prospective borrower’s credit and financial history.

In general, applicants with credit scores below 620 may struggle to obtain financing.

To be eligible for a VA loan, applicants must first get a Certificate of Eligibility (COE) from the VA. This formal document basically proves that the applicant has a VA entitlement. Those who may qualify for a VA loan are:

  • Military members who’ve served 181 days on active duty or three months during war time may be eligible.
  • People who have spent at least a half-dozen years in the National Guard or Reserves
  • Spouses of those killed in the line of duty

Not everyone who meets the eligibility requirements will qualify for a loan. But VA loans help scores of borrowers who might struggle to secure financing. About 80 percent of VA borrowers wouldn’t have been able to qualify for a conventional loan.

The VA uses lending limits throughout the country. Right now, the loan limit in Florida is $417,000.00. The agency also has competitive rates on jumbo loans for home buyers looking to spend more than the loan limit.

Thanks Robert for the great information!

Are you looking to own a home in Naples?  Search here, once at the search page, you can search by development or map area, save your search and new listing updates will be e-mailed to you.

Should you be thinking of selling your home in Naples and would like a candid assessment of what it would take to sell your home in today's market, I would be happy to provide you with a free market evaluation.  Feel free to give me a call at 239-594-2780 or e-mail me at

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About the author:

Lynn Wilber is a Real Estate Professional who lives in Naples.  Her 31 years of real estate experience and her area expertise have been valuable resources for Naples Sellers and Buyers.  For more information, please contact Lynn Wilber or call 239-594-2780.

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Posted by Lynn H. Wilber on November 24th, 2009 9:24 AMPost a Comment

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