Learn about benefits of home ownership with Palm Coast Florida Realtor Cyd Weeks.

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Florida Loves it's Veterans and Their Families

The state of Florida has deep roots in respecting and caring for her Veterans and their families. One of the ways we make it known is to extend taxation relief on properties. This relief is not just for the veteran themselves but also for the family who has sacrificed so much. This is done through our homestead act which has been in existence since 1862. These benefits have INCREASED with time, not decreased. A brief recap is here, but for more information, please click on the link in the middle of this page.....

Any real estate used and owned as a homestead by a veteran who was honorably discharged with a service-connected permanent and total disability is exempt from taxation, provided the veteran is a permanent resident of the state on January 1 of the tax year for which exemption is being claimed or on January 1 of the year the veteran died. In the event the totally and permanently disabled veteran pre-deceases his or her spouse and upon the death of the veteran, the spouse holds the legal or beneficial title to the homestead and permanently resides thereon as specified in FS 196.031, the exemption from taxation shall carry over to the benefit of the veteran's spouse until such time as he or she remarries or sells or otherwise disposes of the property. If the spouse sells the property, an exemption not to exceed the amount granted from the most recent ad valorem tax roll may be transferred to his or her new residence as long as it is used as his or her primary residence and he or she does not remarry. Veterans with service-connected disabilities of 10% or more shall be entitled to a $5000 property tax exemption. This is in addition to the other provisions of the Homestead Act.

FLORIDA VETS ORGANIZATION

In addition you will find that Florida gives relief to Veterans for various permit and other fees that is not extended to those who did not serve. There are opportunities here in Palm Coast and Flagler County for veterans that are not available in other states. The city of Palm Coast designed the city for areas to have duplexes. These duplexes can be owned by the veteran, homesteaded to give them tax relief and also have an income on the property. Providing education for the veterans and their families is also a priority in Florida. We have scholarships for dependents and surviors, tuition deferment plans and reduced tuition for our National Guard. Click THIS REPORT for more information. Need employment? Florida offers the VETERANS WORKFORCE PROGRAM .

Learn about benefits of home ownership with Palm Coast Florida Realtor Cyd Weeks.

For Veterans there are benefits and homes in palm coast, fl.

FREQUENTLY ASKED VA QUESTIONS

What Is a VA Guaranteed Home Loan?

VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fail to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a downpayment allowing you to obtain favorable financing terms.
What is pre-purchase counseling and why is it helpful? Pre-purchase counseling gives a person information on (1) the process of buying a home, (2) the key players in the home buying process, and (3) debt management. The goal is to create a more well informed homebuyer. While VA does not require such counseling, we strongly recommend it. There is usually no charge for the housing counseling.

To locate a housing counseling office call (800)217-6970 or visit HUDs website at www.hud.gov/offices/hsg/sfh/hcc_home.cfm . The Department of Housing and Urban Development (HUD) maintains both the phone number and website.

Does my entitlement guarantee that I will get a home loan? No, VA cannot compel a lender to make a loan that would violate their lender policies. Lenders must also comply with VA income and credit standards. If a lender is unwilling to make a loan to you, we can only suggest that you try other lenders.

How much is my entitlement? Your maximum entitlement is $36,000 (or up to $50,750 for certain loans over $144,000). Lenders will generally lend up to 4 times your available entitlement without requiring a downpayment, provided your income and credit qualify and the property appraises for the asking price.

Is there a maximum loan limit? There is no maximum VA loan but lenders will generally limit VA loans to $240,000. This is because lenders sell VA loans in the secondary market, which currently places a $240,000 limit on the loans. For loans up to $240,000, it is usually possible for qualified veterans to obtain no downpayment financing.

How do I get a Certificate of Eligibility?

You must complete VA Form 26-1880 , Request for a Certificate of Eligibility for VA Home Loan Benefits and submit it to one of our VA Eligibility Centers along with acceptable proof of service as described on the instruction page of the form.

How do I obtain a VA Home Loan?
Select a home and discuss the purchase with the seller or selling agent. Sign a purchase contract conditioned on approval of your VA home loan.
Select a lender, present them with your Certificate of Eligibility and complete a loan application.

The lender will develop all credit and income information. They will also request VA to assign a licensed appraiser to determine the reasonable value for the property. A Certificate of Reasonable Value will be issued. Note: You may be required to pay for the credit report and appraisal unless the seller agrees to pay.

The lender will let you know the decision on the loan. You should be approved if the established value and your credit and income are acceptable.

You (and spouse) attend the loan closing. The lender or closing attorney will explain the loan terms and requirements as well as where and how to make the monthly payments. Sign the note, mortgage, and other related papers.

The loan is sent to VA for guaranty. Your Certificate of Eligibility is annotated to reflect the use of entitlement and returned to you.

What are the benefits of a VA home loan?

Equal opportunity.
No downpayment (unless required by the lender or the purchase price is more than the reasonable value of the property).
Buyer informed of reasonable value.
Negotiable interest rate.
Ability to finance the VA funding fee (plus reduced funding fees with a downpayment of at least 5% and exemption for veterans receiving VA compensation).
Closing costs are comparable with other financing types (and may be lower).
No mortgage insurance premiums.
An assumable mortgage.
Right to prepay without penalty.
For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
VA assistance to veteran borrowers in default due to temporary financial difficulty.

The fact you and/or your spouse have been adjudicated bankrupt does not in itself disqualify you for a VA home loan. The following rules apply:

If the bankruptcy was discharged more than 2 years ago, it may be disregarded
If the bankruptcy was discharged within the last 1 to 2 years, it is probably not possible to determine that you and/or your spouse are a satisfactory credit risk unless both of the following requirements are met:
- you and/or your spouse have reestablished satisfactory credit, and
- the bankruptcy was caused by circumstances beyond your and/or your spouses control (such as unemployment, medical bills, etc.)
If the bankruptcy was discharged within the past 12 months, it will not generally be possible to determine that you and/or your spouse are satisfactory credit risks.

I want to buy a house with a VA loan. Do I need to occupy the property?

The law requires that you certify that you intend to occupy the property as your home. This requirement is considered satisfied if you actually intend to occupy the property as your home and in fact so occupy it when the loan is closed or within a reasonable time afterward.