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    VA Home Loan Information | Vince Paige | Orlando Realtor

    Why get a VA loan over other types?

    Simply put, a VA Home Loan allows qualified buyers the opportunity to purchase a home with no down payment. There are also no monthly mortgage insurance premiums to pay, limitations on buyer’s closing costs, and an appraisal that informs the buyer of the property value.  For most loans on new houses, construction is inspected at appropriate stages and a 1-year warranty is required from the builder. VA also performs personal loan servicing and offers financial counseling to help veterans  having temporary financial difficulties.

    What if I’ve used a VA Home Loan Before?

    You can have previously-used entitlement “restored” one time only in order to purchase another home with a VA loan if the borrower has paid off the prior loan but still owns the property, and wants to use his entitlement to purchase a second home. This often occurs with active duty borrowers who PCS to a new station but want to keep their existing home for retirement. However if the prior loan has been paid off, AND the property is no longer owned, they can have their entitlement restored as many times as they want.  They can re-use their VA eligibility for every home purchase from the first to the last.

    Also, veterans who have used a VA loan before may still have remaining entitlement (see chart) to use for another VA loan. A veteran’s maximum entitlement is $89,912, and lenders will generally loan up to four times your available entitlement without a down payment, provided your income and credit qualifications are fine, and the property appraises for the asking price. Lenders may require that a combination of the guaranty entitlement and any cash down payment must equal at least 25 percent of the reasonable value or sales price of the property, whichever is less.

    Loan Amount Guaranty % Dollar Amount *Lender Amount
    Up to $45,000 50% $22,500 $90,000
    $45,001 – $56,250 40-50% $22,500 $90,000
    $56,251 – $144,000 40% $36,000 $144,000
    Over $144,000 25% $89,912 $417,000
    Manufactured Home or Lot 40% $20,000 $80,000
    *Lenders operate under their own regulations and guidelines in these matters

    For Alaska, Hawaii, Guam, and U.S. Virgin Islands? residents, note that maximum original loan amounts have now been increased 50 percent higher for first mortgages.

    Remaining entitlement and restoration of entitlement is not automatic. It can be requested through the nearest VA office by completing VA Form 26-1880. The entitlement may also be restored one time only if the veteran has repaid the prior VA loan in full but has not disposed of the property purchased with the prior VA loan.

    What service is not eligible for a VA Home Loan?

    You are not eligible for VA financing solely based upon service in World War I, Active Duty Training in the Reserves, or Active Duty Training in the National Guard. Note: Guard and Reservists are eligible if they were “activated” under the authority of title 10 U.S. Code as was the case for the Iraq/Afghanistan.

    Do all local lenders offer VA Loans?

    Not necessarily. Choose a VA-approved lending institution that can handle your home loan. A lender can help you review your credit history and determine how much of a loan you can qualify for. Be aware that different lenders have different closing costs and other fees, so it pays to shop around.

    What types of repayment options are available?

    The guarantees thirty-year loans with a choice of repayment plans: Traditional fixed payment (constant principal and interest); Graduated Payment Mortgage, or GPM (low initial payments which gradually rise to a level payment starting in the sixth year); and in some areas, Growing Equity Mortgages, or GEMs (gradually increasing payments with all of the increase applied to principal, resulting in an early payoff of the loan). There is no prepayment penalty.

    What is the maximum VA loan?

    Although there is no maximum VA loan (limited only by the reasonable value or the purchase price), lenders generally limit the maximum VA loan to $417,000.

    If I was discharged years ago and want to qualify for a VA loan, what forms or other documents will I need?

    Everyone is required to obtain a Certificate of Eligibility. If you do not have this Certificate, you will need to apply using VA Form 26-1880 and this will require a copy of DD-214 (Certificate of Release or Discharge from Active Duty) showing character of service. Along with the Certificate of Eligibility, loan applicants will need to document their credit, savings and employment information.

    Does a veteran’s home loan entitlement expire?

    No. Home loan entitlement is generally good until used if a person is on active duty. Once discharged or released from active duty before using an entitlement, a new determination of their eligibility must be made based on the length of service and the type of discharge received.

    Reservists are eligible for VA Loans, too. Who qualifies?

    Eligibility extends to members who have completed a total of 6 years in the Selected Reserves or National Guard (member of an active unit, attended required weekend drills and 2-week active duty for training) and received an honorable discharge; continue to serve in the Selected Reserves. Individuals who completed less than 6 years may be eligible if discharged for a service- connected disability. In addition, reservists and National Guard members who were activated on or after August 2, 1990, served at least 90 days and were discharged honorably are eligible. Eligibility for Selected Reservists is due to expire on September 30, 2009.

    Can I build a home with a VA Home Loan?

    Yes. But there are several clauses that may make this difficult to accomplish. Many veterans use their VA Home Loan Certificate of Eligibility to negotiate in good faith a private home construction loan and then refinance the completed home using VA Home Loans.

    Can you take out a VA loan for a second home or vacation cabin?

    The law requires that you certify that you intend to occupy the property as your home. But it specifically provides that occupancy by the veteran’s spouse satisfies the personal occupancy requirement. However, there are no provisions for other family members. VA Home Loans are available for a variety of purposes including building, altering, or repairing a home; refinancing an existing home loan; buying a manufactured home with or without a lot; buying and improving a manufactured home lot; and installing a solar heating or cooling system or other weatherization improvements. You are also allowed to buy income property consisting of up to four units, provided you occupy one of the units.

    Can a veteran obtain a VA loan for the purchase of property in a foreign country?

    No. The property must be located in the United States, its territories, or possessions. The latter consist of Puerto Rico, Guam, Virgin Islands, American Samoa and Northern Mariana Islands.

    What is a VA-guaranteed manufactured home loan?

    A private lender makes a VA-guaranteed manufactured home loan. The VA will protect the lender against loss if the veteran or a later owner fails to repay the loan. The amount VA will guarantee is 40 percent of the loan amount or the veteran’s available entitlement, up to a maximum amount of $20,000. The guaranty amount is not the same as the amount a veteran can borrow.

    If a borrower has used a VA loan in the past, can that person be eligible again?

    Veterans who had a VA loan before may still have “remaining entitlement” to use for another VA loan. The current amount of entitlement available to each eligible veteran is $36,000. Veterans can have previously-used entitlement “restored” to purchase another home with a VA loan if: the property purchased with the prior VA loan has been sold and the loan paid in full, or if a qualified veteran buyer agrees to assume the VA loan and substitute his or her entitlement for the same amount of entitlement originally used by the veteran seller. The entitlement may also be restored one time only if the veteran has repaid the prior VA loan in full, but has not disposed of the property purchased with the prior VA loan.

    I am a Veteran who purchased a home with my spouse utilizing my VA eligibility. I am now divorced and my spouse was awarded the home. How do I get my eligibility back?

    When the property is awarded to the Veteran’s spouse as a result of the divorce, entitlement cannot be restored unless the spouse refinances the property and / or pays off the VA loan in full or the ex-spouse is a veteran who substitutes their entitlement.

    To check out my profile, references and the references of the other agents, just click on my picture to go to my profiles and read what our clients say about us. Pick the broker that you think is right for you. Of course I hope it’s me, but if not then best wishes!

    Search on MLS here:http://luxurylivingorlando.idxbroker.com/idx/search/advanced

    Highest and best regards.

    Vincent Paige |REALTOR® | RE/MAX Showcase
    Certified Broker Price Opinion Registered Agent (BPOR)
    Florida Military Specialist (FMS)
    8934 Conroy Windermere Road | Orlando, FL 32835
    Direct: 407.256.8190 | Fax: 407.264.8073
    E-mail: vince@thepremiumproperties.com
    Search for homes here: http://luxurylivingorlando.com

    Bay Hill homes for sale | Bay Hill Real Estate | Bay Hill Realtor

    Bay Hill club house

    Home prices in Bay Hill range from $400,000 – $5,000,000

    Homes for sale in Bay Hill

    Bay Hill is one of the most prestigious communities in Dr. Phillips, most noted for its golf course, which hosts the annual Arnold Palmer Bay Hill Invitational golf tournament. The Bay Hill golf club offers a private golf course, recreational facilities, full service salon and spa, and premier dining at three restaurants.  The Arnold Palmer Invitational, a PGA tournament is hosted here as well. The Champion, Challenger and Charger links feature 27 holes of tour championship golf, a challenging though fair test for both professionals and amateurs alike.

    There are some single family homes which overlook the magnificent greens of the Bay Hill golf course. Condominiums are also available as well.  Bay Hill is situated on the shores of Lake Tibet, which is connected to the entire Butler Chain of Lakes and makes Bay Hill a boater’s dream. All homes have deeded access to the Butler chain of lakes. Bay Hill in Orlando is great places to live and the world class Arnold Palmer’s Bay Hill Club..is a golfer’s dream.

    The Bay Hill area is located on both sides of Apopka-Vineland Road in southwest Orange County, north of Lake Buena Vista and south of the town of Windermere.

    For a private tour of Bay Hill Golf Community or to learn more about Bay Hill call 407-256-8190.


    Elevate your lifestyle,


    Vincent Paige |REALTOR® | RE/MAX Showcase
    Certified Broker Price Opinion Registered Agent (BPOR)
    Florida Military Specialist (FMS)
    8934 Conroy Windermere Road | Orlando, FL 32835
    Direct: 407.256.8190 | Fax: 407.264.8073
    E-mail: vince@thepremiumproperties.com

    Live MLS!  www.ThePremiumProperties.com or call Vince Paige the Dr. Phillips Realtor.
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    Dr. Phillips Restaurant Row | New Restaurant coming Soon!

    Everyone is wondering what the new restaurant is in Dr. Phillips on Restaurant Row, that is being built where Timpano’s used to be.(Drum roll……..) and the winner is Johnnie V’s!
                               Dinner menu: http://www.johnnyvlasolas.com/menu/dinner/

    • Johnny V Restaurant | Lounge

      Open in Miami  since December 2003, Johnny V has garnered popular and critical acclaim, garnering four-star reviews in both of South Florida’s daily papers, The Miami Herald and Sun-Sentinel, and national notice in such prestigious publications as Elle, Travel + Leisure, Chef, and Restaurant Business, among others.

      Since bursting onto the national culinary scene at Miami Beach’s Astor Place in 1995, Johnny Vinczencz has remained one of South Florida’s most acclaimed and easily identifiable chefs. With a personality as bold as his cuisine Vinczencz creates innovative dishes full of robust flavors and multi-layered spices.


    Vincent Paige|REALTOR®
    RE/MAX Showcase|8934 Conroy Windermere Road|Orlando, Florida 32835
    Office 407.256.8190 |Fax 407.264.8073| www.thepremiumproperties.com