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The Standard VA loan limit in Florida for 2024 is $766,550 for most counties | Monroe County VA Loan Limits are higher at $929,200
VA Loan Limits are based on data from the Dept. of Veterans Affairs
Check to See Florida VA loan limits here

Florida VA Loan Refinance

Florida VA Loan Refinance

The VA Home Loan program is a government-backed program that offers veterans, active-duty service members, and eligible surviving spouses the opportunity to refinance a home with more favorable terms, including lower interest rates and the ability to go up to 100% loan to value. Through a VA refinance, military homeowners can also access cash-out options, which allow them to tap into their home equity and use the proceeds for a variety of expenses, such as paying off debt or making home improvements. With interest rates currently low, it may be a good time for many military homeowners to consider a VA refinance.

VA Strealine Refinance | Interest Rate Reduction Loan [ IRRL ]

  • Easily refinance an existing VA Loan with a new one under different terms
  • Convert a VA loan with an adjustable rate to a fixed-rate
  • No appraisal needed in most instances
  • No requirement for out-of-pocket costs

VA Cash-Out Refinance

The VA cash-out loan program is a refinance program offered by the Department of Veterans Affairs (VA) that allows veterans and active military members to refinance their existing VA loan and take out cash from the equity in their home. One of the benefits of this program is that it allows for a higher loan-to-value ratio (LTV) compared to other cash-out refinance options. Specifically, the VA cash-out loan program allows for up to 100 percent LTV, meaning that veterans and active military members can get a loan that is as large as the value of their home. This is higher than the typical 80 percent LTV cap found in other cash-out refinance options.

VA Loan Highlights

  • Take cash-out of your home equity to pay off debt, make home improvements, or whatever else you may need.
  • Up to 100% Loan to Value; 100% value of your home
  • Refinance a non-VA loan into a VA-backed loan
  • Eliminate Private Mortgage Insurance (PMI) if your current mortgage is a conventional or FHA loan.

VA Loan Requirements

VA Loan Refinance Benefits

Lower monthly payments
Because the VA guarantees a portion of your loan, you won’t need to pay mortgage insurance premiums – a significant monthly savings.

Simplified approval process
VA loans were designed to offset common financial challenges faced by military families and veterans, and to simplify the approval process.

Military members – To be eligible for a VA loan, you must be an active-duty or former member of the armed forces with at least:

      • 90 days of consecutive service during wartime, or
      • 181 days of service during peacetime, or
      • 6 years of service in the National Guard or reserves.

Surviving spouses
– Spouses of service members who died in the line of duty or as the result of a service-related disability.

VA Funding Fee

The VA funding fee is a one-time fee that is required for all VA loans. The amount of the fee varies depending on the size of the down payment and whether it’s the borrower’s first or subsequent use of a VA loan. For first-time VA loan borrowers, the funding fee ranges from 2.3% to 1.4% of the home’s purchase price, depending on the size of the down payment. If the down payment is less than 5%, the fee is 2.3%, if it’s 5% or more, the fee is 1.65%, and if it’s 10% or more, the fee is 1.4%. The fee can also be waived in certain cases, such as if the borrower is receiving disability compensation from the VA.

The funding fee for a cash-out refinance is actually higher than a purchase loan or a Streamline/ IRRRL. The VA funding fee for cash-out refinance loans is typically 2.30% for first-time use borrowers, and 3.6% for repeat use borrowers, regardless of the size of the down payment or equity in the property. This is because cash-out refinance loans are considered to be higher risk for the lender, and the increased funding fee helps to offset that risk.

Take Cash Out

Refinancing your mortgage is a great way to use the equity you have in your investment property. With a cash-out refinance, you refinance for a higher loan amount than what you owe and pocket the difference. Any proceeds you receive are tax-free.

Many homeowners use cash from their home to pay off high-interest credit card debt and student loan debt. You can also take cash out to finance home improvements, education or whatever you need. Since mortgage interest rates are typically lower than interest rates on other debts, a cash-out refinance can be a great way to consolidate or pay off debt. Additionally, mortgage interest is tax-deductible, but the interest on other debts usually isn’t.

You may be able to take cash from your home if you’ve been paying on the loan long enough to build equity. Additionally, you may be able to do a cash-out refinance if your property value has increased; a higher value on your home means your lender can give you more money to finance it.

Get a Lower Monthly Payment

A lower mortgage payment means more room in your budget for other things. There are a few ways you can lower your payment by refinancing.

First, you may be able to refinance with a lower rate. If rates now are lower than they were when you bought your home, it’s worth talking to your lender to see what your interest rate could be. Getting a lower rate means lowering the interest portion of your monthly payment – and big interest savings in the long run.

Second, you can get a lower payment by changing your mortgage term. Lengthening your term stretches out your payments over more years, which makes each payment smaller.

There may be other ways you can get a lower payment, so it’s always worth checking with your lender to see how they can help you get a payment that fits your current budget.

Shorten Your Mortgage Term

Shortening your mortgage term is a great way to save money on interest. Often, shortening your term means you’ll receive a better interest rate. A better interest rate and fewer years of payments mean big interest savings in the long run.

So how does this work? Let’s look at an example. Say your loan amount is $200,000. If you got a 30-year loan with a 3.5% interest rate, you would pay approximately $123,000 in interest over the life of the loan. However, if you cut your term in half, you would pay about $57,000 in interest over the life of the loan. That’s a difference of $66,000 – and it doesn’t even account for the fact that the shorter term would provide you with a lower interest rate (and more savings).

An important thing to know about shortening your term is that it may increase your monthly mortgage payment. However, less of your payment will go toward interest, and more of it will go toward paying down your loan balance. This allows you to build equity and pay off your home faster.

Start your Florida VA Loan Refinance Today!

Florida VA Loan Refinance