View Loan Assumptions
Rates subject to change without notice
The Standard VA loan limit in Florida for 2023 is $726,200 for most counties | Monroe County VA Loan Limits are higher at $847,000
VA Loan Limits are based on data from the Dept. of Veterans Affairs
Check to See Florida VA loan limits here
VA lenders require that a home meets certain minimum property requirements before it can be approved for a VA loan. These requirements are designed to ensure that the home is safe and structurally sound, and that it meets the needs of the veteran and their family. Some of the specific requirements may include things like a minimum number of bedrooms and bathrooms, a functioning heating and cooling system, and a safe electrical system. Additionally, the home must be free of any major health or safety hazards, such as lead-based paint or mold.
The VA appraisal process is an important part of the loan process and it is used to determine the value of the property and to identify any issues that may affect the property’s value or safety. The appraiser will review the property and will look for any issues that may be considered minimum property requirements, such as a foundation problem, missing or damaged roof shingles, or faulty electrical wiring. Any issues that are identified during the appraisal will be reported to the VA underwriter, who will then determine if the property meets the minimum property requirements for a VA loan. If any issues are found that don’t meet the standards, they will have to be fixed before the loan can be approved.
Beyond the aforementioned guidelines, the VA has in place specific occupancy requirements that must be maintained by the borrower. Veterans and active-duty military members are required to prove that they will occupy the home purchased and that it will be a primary residence. A service member or veteran has 60 days after closing to move into a home, however in certain circumstances the VA may allow for an extension of this time.
In the event that the borrower is active-duty, deployed, or works in another area [ such as a contractor ] the spouse can typically fulfill the occupancy requirements.
The occupancy requirements mean a borrower cannot use a VA loan to purchase a vacation home or second home, although a second VA loan can be used if the borrower is experiencing a drastic change in circumstances, such as a PCS or divorce.
If you’re unsure of whether or not the property meets the criteria for a VA loan, contact one of our VA Mortgage Experts for immediate assistance at 407-955-4575 or start your secure online application now. Our VA Mortgage Experts can guide you through the process and help you determine which properties are eligible for purchase, helping you save time by expediting the process.
Fidelity Home Group
4700 Millenia Blvd Suite 175, Orlando, FL 32839
Hours of Operation:
Monday - Friday 8am to 7pm EST
Saturday - Sunday 10am to 6 pm EST