Complete VA Loan Guide
Written by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs for eligible veterans, active-duty service members, and surviving spouses. It offers zero down payment, no monthly mortgage insurance, and some of the lowest rates available, making it one of the strongest loan programs in Florida.
This guide covers VA loan eligibility, entitlement, the funding fee, and the step-by-step path to closing in Florida. Mortgage Capital, NMLS# 1859012, closes VA loans from the Panhandle to the Keys and walks every veteran through the process.
Who qualifies for a VA loan
Eligibility is based on service. Most veterans qualify after 90 consecutive days of active duty during wartime or 181 days during peacetime. National Guard and Reserve members generally qualify after six years of service or 90 days under certain mobilizations.
Surviving spouses of service members who died in the line of duty or from a service-connected disability may also qualify. You prove eligibility with a Certificate of Eligibility, which we can pull electronically in minutes.
Understanding VA entitlement
Entitlement is the amount the VA guarantees on your behalf. Borrowers with full entitlement have no VA loan limit, meaning you can buy as much home as you can afford with zero down, subject to lender approval.
If you have used a VA loan before and not yet restored entitlement, your buying power may be reduced. We review your entitlement up front so there are no surprises.
Zero down and no monthly mortgage insurance
The headline benefit is buying with no down payment. Unlike FHA and most conventional loans, VA loans carry no monthly mortgage insurance, which keeps the payment lower for the same loan amount.
That savings adds up. On a typical Florida loan, skipping mortgage insurance can save a veteran well over a hundred dollars a month compared with a comparable FHA payment.
The VA funding fee
In place of mortgage insurance, the VA charges a one-time funding fee that helps sustain the program. For a first-time use with zero down, the fee is 2.15% of the loan amount; it is higher on subsequent uses and lower if you make a down payment.
Veterans receiving VA disability compensation are exempt from the funding fee entirely. The fee can be financed into the loan so you do not pay it in cash at closing.
VA appraisal and property requirements
VA purchases require an appraisal by a VA-assigned appraiser, who establishes value and confirms the home meets the VA's Minimum Property Requirements for safety and livability. In Florida that includes attention to roofs, systems, and wood-destroying organisms.
If the appraisal comes in low, the VA's Tidewater process and a possible reconsideration of value give options before you have to renegotiate or walk away.
Complete VA Loan Guide: step by step
Frequently asked questions
Do VA loans really require no down payment?
Yes. Eligible veterans with full entitlement can finance 100% of the purchase price with no down payment, subject to lender approval.
Is there mortgage insurance on a VA loan?
No. VA loans never carry monthly mortgage insurance, which is a major savings compared with FHA and low-down conventional loans.
What is the VA funding fee?
A one-time fee that replaces mortgage insurance. First-time use with zero down is 2.15% of the loan, and it can be financed into the balance.
Are any veterans exempt from the funding fee?
Yes. Veterans receiving VA disability compensation are exempt from the funding fee entirely.
Can I use a VA loan more than once?
Yes. VA loan benefits can be reused. Restoring entitlement after paying off a prior VA loan lets you buy again with full benefits.
Can surviving spouses get a VA loan?
Yes. Surviving spouses of service members who died in service or from a service-connected disability may be eligible.
How long does a VA loan take to close in Florida?
Most VA purchases close in 30 to 45 days. The VA appraisal timeline is the main variable.
Can I buy a condo with a VA loan?
Yes, if the condo project is on the VA-approved list. We confirm approval status before you make an offer.