Jordan Vreeland
Licensed Mortgage Broker · NMLS #795404
No down payment. No monthly mortgage insurance. Competitive rates backed by the U.S. Department of Veterans Affairs. If you've served, this is the most powerful purchase loan available to you.
The Case for VA
The VA loan program has been around since 1944, and it remains one of the best purchase loan options on the market. No down payment required. No private mortgage insurance. And interest rates that tend to run lower than conventional loans because the federal government guarantees a portion of the loan, reducing the lender's risk.
For a $400,000 home in Florida, that means skipping a $14,000 to $80,000 down payment and avoiding $150 to $300 per month in PMI costs you'd pay on a conventional loan with less than 20% down. Over a five-year period, the PMI savings alone can run $9,000 to $18,000.
VA loans are available for primary residences: single-family homes, VA-approved condos, and multi-unit properties (up to 4 units) as long as you live in one unit. Since 2020, there are no loan limits for borrowers with full entitlement, you can finance any purchase price with $0 down as long as you qualify.
Florida is one of the most VA-active states in the country. MacDill Air Force Base in Tampa Bay and Naval Station Mayport and NAS Jacksonville in the Jacksonville area bring a large and steady base of active-duty buyers to the market each year. The VA loan program is used here constantly, and the process at 14 Days To Close is built around it.
One thing to plan for: the VA funding fee. It's a one-time fee at closing, ranging from 1.25% to 3.6% of the loan amount depending on your service history and whether you've used a VA loan before. Most borrowers roll it into the loan. Veterans with a service-connected disability rating of 10% or higher are exempt entirely, which for a $400,000 loan is a $5,000 to $14,400 waiver.
Compare the full picture side by side in our VA vs. FHA comparison for Florida buyers, especially useful if you're an eligible veteran deciding between the two programs.
Who Qualifies
Eligibility ties directly to your service record. Here's the standard breakdown. If you're unsure where you fall, we can check your COE status in minutes.
| Service Category | Minimum Service Requirement | Status |
|---|---|---|
| Active Duty (Wartime) | 90 consecutive days | Eligible |
| Active Duty (Peacetime) | 181 continuous days | Eligible |
| National Guard / Reserves | 6 years of service | Eligible |
| National Guard / Reserves (Active Duty Orders) | 90 days active duty under Title 10 orders | Eligible |
| Surviving Spouses | Spouse of service member who died in line of duty or from service-connected disability | Eligible |
| Discharge Status | Discharge must be other than dishonorable | Required |
You'll need a Certificate of Eligibility (COE) to confirm eligibility. Your lender can typically pull this directly, you don't need to track it down yourself. See the full guide to Florida VA loans for more on the COE process.
The One Fee to Know
The VA funding fee keeps the loan program funded and available for future veterans. It's a one-time fee paid at closing, not a monthly charge. Most borrowers roll it into the loan balance rather than paying it out of pocket.
The fee ranges based on your service history, whether you've used a VA loan before, and your down payment. First-time VA loan users putting $0 down typically pay 2.15%. Subsequent use goes up. Putting 5% or more down reduces it.
Veterans with a service-connected disability rating of 10% or higher are fully exempt. Purple Heart recipients on active duty are also exempt. If you're not sure about your disability rating status, we'll check as part of the pre-approval process.
| Borrower Type | Down Payment | Funding Fee |
|---|---|---|
| First Use (Active/Veteran) | $0 down | 2.15% |
| First Use (Active/Veteran) | 5% or more | 1.50% |
| First Use (Active/Veteran) | 10% or more | 1.25% |
| Subsequent Use | $0 down | 3.30% |
| Subsequent Use | 5% or more | 1.50% |
| National Guard / Reserves (First Use) | $0 down | 2.40% |
| 10%+ Disability Rating | Any | EXEMPT, $0 |
Rates shown are approximate. Exact fee depends on loan type and service category. Can be rolled into the loan balance.
What You Get
If you qualify for VA, it's almost always the stronger financial choice. We'll show you the real numbers for both programs, side by side, so you can decide with full information.
Finance 100% of the purchase price with $0 down. On a $400,000 home, that's $14,000 to $80,000 you keep in your pocket, or use for reserves, moving costs, and early home expenses.
Conventional loans with less than 20% down charge PMI, typically $100 to $300 per month. VA loans have no monthly mortgage insurance of any kind. That savings compounds fast over the life of a loan.
Because the VA guarantees a portion of the loan, lenders take on less risk. That typically translates to rates 0.25% to 0.5% lower than comparable conventional loans, a meaningful difference over 30 years.
The VA doesn't set a minimum credit score. Lenders set their own, and most look for 580 to 620 in practice. VA loans are more forgiving on credit history than conventional loans, especially for borrowers with prior financial difficulty tied to service.
Since 2020, borrowers with full VA entitlement have no cap on purchase price. You can finance a $700,000 home with $0 down if the home appraises and you qualify on income. Previous loan limits no longer apply for full-entitlement borrowers.
VA loans are assumable, a qualified buyer can take over your loan at your original interest rate. In a rising rate environment, a low-rate VA loan can be a significant selling point when you eventually move.
Florida-Specific
Florida doesn't restrict VA loan use, but a few state-level factors affect the process and budget for buyers here specifically.
Condo approvals are one of the more common friction points. Not all Florida condo communities are on the VA-approved list. This is especially relevant in Tampa Bay, Orlando, and South Florida markets, where condos represent a significant share of the inventory in many price ranges. Before making an offer on a condo, your lender needs to verify the development's VA approval status. We check this upfront as a standard part of our process.
Flood insurance is another factor unique to Florida. Properties in FEMA flood zones, which are common in coastal markets and some inland areas, require flood insurance on top of homeowner's insurance. This affects your total monthly payment and should factor into your budget from day one, not after you're under contract.
Property taxes in Florida are also worth planning for. The homestead exemption can reduce your taxable value by up to $50,000 once the property is your primary residence, but it doesn't apply in the year of purchase. Budget for the full non-homestead tax rate in your first year.
Jacksonville and Tampa Bay are two of the highest-concentration VA loan markets in Florida, driven by the large active-duty and veteran populations around MacDill AFB, NAS Jacksonville, and Naval Station Mayport. If you're PCS-ing to either area, or you've recently separated and are staying in Florida, we work with buyers in both markets constantly.
Our full guide to VA loans in Florida covers the COE process, Florida-specific market context, and what to expect from the VA appraisal.
Common Questions
Straight answers to the questions that come up most before applying.
Go Deeper
Everything Florida-specific about VA loans: the COE process, condo approval checks, flood insurance, and what the VA appraisal actually looks for.
A direct comparison across down payment, mortgage insurance, credit requirements, and when FHA might actually make more sense than VA.
A full breakdown of VA loan benefits, service eligibility categories, the funding fee, and how to start the application process.
Individual results may vary. Closing timelines depend on factors including appraisal, title, inspection, and borrower circumstances. 14 Days To Close does not guarantee a specific closing date.
Start the pre-approval process today. We'll confirm your eligibility, pull your COE, and show you exactly what you qualify for before you start shopping.