Who this is for
VA loans are for active-duty military, veterans, National Guard, reservists with sufficient service, and surviving spouses of service members. If you have a Certificate of Eligibility (COE) or qualify to get one, this is almost certainly the loan you should use to buy a primary residence.
It's the best loan in mortgage when you qualify. Zero down, no monthly mortgage insurance, often the lowest rates of any program, and the loan is assumable — which becomes valuable when rates are high and you sell.
What makes VA different
- 0% down. Up to 100% financing on a primary home. The full purchase price can be financed in most cases.
- No PMI, ever. Most loans charge mortgage insurance when you put under 20% down. VA doesn't. The savings vs. an FHA or low-down conventional are real — often $200-$400/month.
- Lower rates. VA rates typically run 0.25-0.5% below conventional for the same borrower. The VA backing means less risk for lenders.
- Funding fee instead. VA charges a one-time funding fee (1.25-3.3% of the loan, depending on usage and down payment) financed into the loan. Service-connected disability waives it entirely.
- Assumable. A future buyer with VA eligibility (or willing to qualify) can take over your loan at the original rate. In a high-rate environment, this is a meaningful selling point.
- Streamline refinance (IRRRL). Existing VA loans can refinance with no appraisal, no income verification, minimal paperwork — purely to lower the rate or term.
Qualifying basics
- Service requirements: Generally 90 days active wartime, 181 days peacetime, or 6 years National Guard/Reserve. Specific rules depend on era and component.
- Certificate of Eligibility (COE): Pulled through the VA portal. We can pull this for you in minutes if you have your DD-214.
- Credit score: No VA-mandated minimum, but most lenders set 580-620 floors. Mid-600s gets you out of the worst pricing tiers.
- Debt-to-income: 41% is the unofficial benchmark, but VA uses a residual income test (cash left over after major expenses) that often allows higher DTI than other programs.
- Occupancy: Must be your primary residence within 60 days of closing. Active-duty members can have a spouse occupy in their place.
- Loan limits: No cap on loan amount if you have full entitlement. Borrowers with partial entitlement have county-specific limits.
Funding fee math worth understanding. First-time use, 0% down: 2.15% (regular military) or 2.4% (Guard/Reserve). Second use: 3.3%. Putting 5% down drops it to 1.5%; 10% down to 1.25%. On a $400,000 loan, that's $5,000-$13,200 — meaningful, but it's financed into the loan, not paid out of pocket. Service-connected disability rated 10%+ waives it entirely.
Florida-specific notes
Florida has the third-largest veteran population in the country and a heavy active-duty footprint — MacDill (Tampa), Patrick (Cocoa Beach), Eglin (Fort Walton Beach), Pensacola NAS, Mayport (Jacksonville), Hurlburt Field, and several Reserve and Guard installations. A few Florida-specific things to know:
- VA appraisals can stall on older Florida homes. The VA appraiser checks Minimum Property Requirements (MPRs) — roof life, working systems, no chipping paint, secured handrails, no obvious termite damage. Older Florida housing stock often has issues that have to be repaired before closing.
- Roof age is the #1 issue. Insurers in Florida typically won't write a policy on a roof over 15-20 years, and VA wants 2-3 years remaining roof life. If the roof's questionable, it has to be replaced before closing — usually negotiated as a seller credit or seller-funded repair.
- Wind mitigation matters for insurance. Hurricane straps, opening protection, and roof-deck attachment all affect your homeowners insurance premium, which affects what you qualify for. Get a wind mitigation inspection early.
- Property tax exemptions for veterans. Florida offers several: $5,000 disability exemption, full exemption for permanent and total service-connected disability, and a homestead-stacking exemption for veterans 65+ with combat-related disabilities. We don't file these for you, but flagging them is part of the conversation.
- Tidewater process. If the VA appraiser thinks the appraisal is coming in below sales price, they're required to notify your lender, who has 48 hours to provide comparable sales to support the price. We work with appraisers who follow this process correctly.
Common VA scenarios
First-Time Use
Buying primary, full entitlement
Most common. 0% down, 2.15% funding fee financed in. No income limits, no down payment required. We pull your COE on day one.
Already Used VA
Second-tier entitlement
If you have an existing VA loan or used and lost entitlement, you may have remaining entitlement for a second VA loan. The math is more complex — we run it for you.
Multi-Unit
2-4 unit, owner-occupied
VA allows up to 4 units if you occupy one. Rental income from the other units can help you qualify. Strong play for veterans starting a small portfolio.
Refinance
VA Streamline (IRRRL)
Lower your rate without appraisal, income verification, or most underwriting. The .5% funding fee is the only major cost. Worth running when rates drop 0.5%+.
When VA isn't the move
- Investment property purchase — VA is owner-occupied only. DSCR or conventional investment instead.
- Second home / vacation home — also not allowed under VA. Conventional second-home financing is the right tool.
- Buying a property that won't pass MPRs and seller won't fix — sometimes a renovation loan (203k or HomeStyle) makes more sense than fighting a VA appraisal.
- Funding fee waiver doesn't apply and you're putting 20%+ down — at high down payments, conventional pricing sometimes edges out VA. Worth running side-by-side.
FAQ
How do I get my Certificate of Eligibility (COE)?
If you have your DD-214 (or current statement of service for active duty), we can pull the COE through VA's lender portal in a few minutes. No need for you to navigate eBenefits or VA.gov. The COE shows your entitlement and any restrictions.
Can I use a VA loan more than once?
Yes. VA entitlement can be restored when you sell a VA-financed home and pay off the loan, or in some cases by paying off the loan even while keeping the home. Active-duty members relocating for orders sometimes use VA to buy at a new duty station while keeping a previous VA-financed property — there's specific math for that.
Are VA loans really assumable?
Yes — and this is becoming a meaningful feature again. A future buyer can take over your VA loan at your existing rate. They have to be approved by the lender (or VA, depending on the situation), and there's a substitution-of-entitlement question, but the rate transfers. In high-rate markets, an assumable VA loan at a sub-4% rate is a real selling advantage.
Will sellers reject my VA offer?
Sometimes. VA offers carry the appraisal risk and the property-condition risk. The way to win in competitive markets: a strong pre-approval letter from a known lender, an experienced real estate agent who can explain the process to listing agents, and sometimes flexibility on contingencies (or a higher offer to compensate). It's an education problem more than a mortgage problem.
Can my surviving spouse use my VA benefit?
In specific cases, yes. A surviving spouse of a veteran who died in service or from a service-connected disability typically qualifies. Surviving spouses who haven't remarried (or remarried after age 57) can also be eligible. Funding fee is waived for eligible surviving spouses.