VA jumbo loan limit
The new VA Jumbo Loan Limits in Florida is $4,000,000 for 2023, but the good news is you can start using this limit now. A jumbo loan is anything above $715,000. Make sure to get your "Certificate of Eligibility (COE)" as it shows what you qualify for. This includes military and surviving spouses.
Equal Housing Opportunity. NMLS #1967971 Not affiliated with the Veterans agency, Not a commitment to lend, certain restrictions apply.
VA Loan Limits Hometown Heroes
You can now apply for 2023 VA loan limits, and if you qualify then potentially benefiting also from Florida’s Hometown Heroes Program that is designed to help with providing funding for your first time home purchase. The assistance is not forgivable, however does come with a 0% interest rate that would be paid back if in certain situations such as you selling the property, or no longer having the property as your primary home. The benefits are that the state may contribute 5% of the purchase price up to $25,000 and is geared towards certain job roles. Each year the loan limit changes, so make sure to know what you qualify for to maximize the benefit potential. Please note that there may be loan limits on the Hometown Heroes program as well as income limits, so it may or may not be eligible as a jumbo loan.
Veteran Loan Limit
The Veteran loan limit generally changes every year and for the most part allows you to borrow up to 100% of the home's purchase price. However, when utilized with the Hometown Heroes program for Florida, it may allow you up to 105% loan-to-value instead of the typical 100%. Utilizing the combination of both programs allows you the ability to purchase a property with essentially very little money as compared to previous.
The VA mortgage program is designed to help those that qualify to purchase or refinance a home with ease. The rates for this program tend to be better than almost any other types of loans that are out there as the USA honors and respects our military, service members and others that qualify exceptionally well. If you do qualify for this type of loan connect with us to discuss further details.