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For veterans, service members and surviving spouses · Florida
VA Home Loans in Florida
A VA loan is perhaps the most powerful and flexible way to buy a home today: no down payment, no monthly mortgage insurance and rates that usually beat conventional pricing. It is a benefit you earned, and it can be used again and again.
Today’s Florida VA rates
0.224 points
No points, no credit
0.250 points
0.064 points
0.112 points
Par rate per program for a single-family primary residence purchase in Miami-Dade County, 780+ credit, 30-day lock, escrows included. The VA funding fee, if it applies, is added to the loan and is not reflected in the rate. Price your own Florida scenario, no credit pull.
How a VA loan works
The Department of Veterans Affairs does not usually make the loan. It guarantees part of it, generally about a quarter of the amount, to the private lender that does. If the borrower ever defaulted, the VA would repay that share. That guarantee is what lets lenders offer 100% financing without mortgage insurance and with more forgiving underwriting.
In place of mortgage insurance, most borrowers pay a one-time funding fee, which can be rolled into the loan. Veterans who receive VA disability compensation do not pay it at all.
The VA sets the program rules; lenders add their own requirements for credit and debt ratios. Those overlays differ a lot from one lender to the next, so comparing them is one of the most useful things a broker does for a VA borrower.
Benefits of a VA loan
No down payment
Borrow up to 100% of the price. Apart from USDA rural loans, it is very hard to find true 100% financing anywhere else.
No mortgage insurance
Conventional loans charge PMI under 20% down and FHA charges a premium for years. VA charges neither.
Competitive rates
VA rates routinely price below conventional rates for the same borrower, as today’s strip above shows.
Flexible underwriting
No VA minimum credit score (most lenders look for 580 to 620), and debt ratios can run higher when residual income is strong.
Limits on your costs
The VA caps what lenders can charge you, and the seller can pay all of your normal closing costs.
No prepayment penalty
Pay it down early or pay it off at any time.
Assumable
A qualified buyer can take over your VA loan and its rate when you sell.
Streamline refinancing
The VA IRRRL lowers your rate with no appraisal and little or no income paperwork.
One to four units
Buy up to a fourplex with no money down if you live in one of the units.
The VA funding fee
The funding fee replaces mortgage insurance. It is a percentage of the loan that depends on your down payment and whether you have used the benefit before, and nearly everyone finances it rather than paying cash. A larger down payment cuts the fee noticeably, which is worth knowing if you have savings but do not need to use them.
You do not pay the fee if you receive VA compensation for a service-connected disability, if you are a surviving spouse receiving Dependency and Indemnity Compensation, or if you are an active-duty Purple Heart recipient. A disability rating that is pending at closing can lead to a refund once it is approved.
| $450,000 purchase | Loan before the fee | First VA loan | Later VA loans |
|---|---|---|---|
| No down payment | $450,000 | 2.15%: $9,675 | 3.30%: $14,850 |
| 5% to 9.99% down | $427,500 | 1.50%: $6,413 | 1.50%: $6,413 |
| 10% or more down | $405,000 | 1.25%: $5,063 | 1.25%: $5,063 |
| Receiving VA disability compensation | No funding fee | ||
Purchase funding fees on a $450,000 home. The fee is added to the loan, so with no down payment and first use the total loan is $459,675.
Entitlement: buying again with VA
Entitlement is the amount the VA will guarantee for you. With full entitlement there is no VA loan limit at all; you can borrow as much as a lender will approve with no money down. You have full entitlement if you have never used the benefit, or if you sold a home bought with VA and paid that loan off.
If you still own a home with a VA loan, part of your entitlement is tied up in it. You can still buy again, but the remaining guaranty is figured against the county conforming limit, $832,750 in most of Florida for 2026, and a down payment may be needed on larger purchases. Here is how that works on a $500,000 home.
| Entitlement already in use | Remaining guaranty | Largest loan with no down payment | Down payment on $500,000 |
|---|---|---|---|
| None (full entitlement) | Full | No VA limit | $0 |
| $75,000 | $133,188 | $532,750 | $0 |
| $112,500 | $95,688 | $382,750 | $29,313 |
| $150,000 | $58,188 | $232,750 | $66,813 |
Entitlement in use is usually 25% of the original VA loan amount: $75,000 for a $300,000 loan, $112,500 for $450,000, $150,000 for $600,000. Lenders generally require the remaining guaranty plus any down payment to cover 25% of the new loan.
VA, FHA or conventional? Today’s numbers
The same $450,000 Miami-Dade home for a buyer with a 700 credit score, priced three ways by our rate engine. VA needs no down payment and carries no monthly insurance, which is why it usually comes out ahead even after the funding fee.
| $450,000 purchase, 700 credit | Conventional, 5% down | FHA, 3.5% down | VA, 0% down |
|---|---|---|---|
| Down payment | $22,500 | $15,750 | $0 |
| Loan amount | $427,500 | $441,849 (includes 1.75% upfront MIP) | $459,675 (includes 2.15% funding fee) |
| Today’s rate | 7.750% | 6.599% | 6.599% |
| Principal and interest | $3,063/mo | $2,822/mo | $2,935/mo |
| Mortgage insurance | $278/mo PMI | $199/mo MIP | None |
| Total before taxes and insurance | $3,341/mo | $3,021/mo | $2,935/mo |
| Mortgage insurance ends | When you reach 20% equity (cancellable) | Usually lasts the life of the loan with under 10% down | Never charged; fee waived with a service-connected disability |
Live rates for this scenario. The VA column assumes first use with no down payment and the 2.15% funding fee financed; a veteran receiving disability compensation would have a smaller loan and payment. Property tax, homeowners insurance and HOA dues are the same for all three and are left out.
What the seller can pay, and what you cannot be charged
VA rules split seller help into two buckets. The seller can pay all of your normal closing costs, such as the appraisal, title, recording and the lender’s fee, with no cap. On top of that the seller can give up to 4% of the price in concessions: paying your funding fee, prepaid taxes and insurance, paying off a debt to help you qualify, or a temporary rate buydown.
The VA also limits what you can be charged. Lenders can take either a flat fee of up to 1% of the loan or itemized fees, and some charges cannot be passed to the veteran at all. Florida’s documentary stamp and intangible taxes still apply to a VA mortgage, just as they do to any other.
Residual income
Besides the debt-to-income ratio, VA underwriting checks residual income: what is left each month after the house payment, debts, taxes and estimated living costs, measured against a table by family size and region. It is the reason VA loans perform so well, and a strong residual figure can support a debt ratio above 41%.
Refinancing with VA
Interest Rate Reduction Refinance (IRRRL)
For an existing VA loan. No appraisal and usually no income documentation; the new rate must be lower (or move you from an ARM to a fixed rate), and costs must be recovered through savings within 36 months. The loan must be at least 210 days old with six payments made. Funding fee 0.50%. See streamline refinances.
VA cash-out refinance
Available even if your current loan is FHA or conventional, as long as you are VA-eligible. Most lenders go up to 90% of the home’s value, which is higher than the 80% cap on conventional and FHA cash-out loans. Useful for consolidating debt or moving out of mortgage insurance. See cash-out options.
Getting started
The first document is your Certificate of Eligibility (COE). We can usually pull it for you online in minutes. If it needs more, the VA will ask for your DD-214 for veterans, a statement of service for active-duty members, or retirement points records for Guard and Reserve service.
From there it works like any other purchase: pre-approval, an offer, then the VA appraisal, which also checks that the home meets basic minimum property requirements. If the appraisal comes in below the price, the VA’s escape clause lets you renegotiate or walk away with your deposit.
Buying a condo? The project needs VA approval. We check the building before you make an offer.
See if you qualify for a VA loan
Tell us about the home and your service, and we will confirm your eligibility, check your entitlement and price VA against your other options.
- We pull your Certificate of Eligibility
- Funding fee and entitlement worked out up front
- A pre-approval letter sellers take seriously
Prefer to talk it through? Call 954-494-7288.
Tell us about the loan
No credit pull. A loan officer follows up, usually the same day.
VA loan questions
Is there a VA loan limit in Florida?
Not if you have full entitlement. Since 2020, borrowers with full entitlement can borrow any amount a lender approves with no down payment. If part of your entitlement is still in use on another VA loan, the county conforming limit ($832,750 in most of Florida, $990,150 in Monroe) is used to figure how much you can borrow before a down payment is needed.
What credit score do I need for a VA loan?
The VA has no minimum score. Most lenders look for 580 to 620, and some go lower with strong residual income. We compare lenders so your score is not held to the strictest rule.
Who does not have to pay the VA funding fee?
Veterans receiving compensation for a service-connected disability, surviving spouses receiving Dependency and Indemnity Compensation, and active-duty service members who have received the Purple Heart.
Can I use my VA loan benefit more than once?
Yes. Once you sell and pay off a VA loan, your entitlement is restored. You can also have two VA loans at once using remaining entitlement, and a one-time restoration is available if you paid off the loan but kept the home.
Can the seller pay my closing costs on a VA loan?
Yes. The seller can pay all of your normal closing costs, plus up to 4% of the price in concessions such as the funding fee, prepaid items or paying off a debt.
Can I use a VA loan for a second home or rental?
No. VA loans are for a home you will occupy as your primary residence. You can buy a two to four unit property, live in one unit and rent the others.
From Florida veterans and military families
What Florida borrowers say after closing with On Mortgage. Five stars on Google (130 reviews) and Zillow (92 reviews).
“Caroline Da Silva from Miami Mortgage Brokers just got us approved for our first mortgage, and we would definitely work with her again after this experience! From the moment our broker connected us with Caroline, she was always several steps ahead throughout the process. We were impressed that Miami Mortgage Brokers had us clear to close a week early,...”
“Chris was outstanding throughout the entire transaction! Always accessible and was able to provide the best financing option when others could not! I would highly recommend him and hope to do more transactions with him.”
“I recently had the pleasure of working with Chris as my loan officer, and I cannot speak highly enough of his exceptional service. He guided me through every step with clarity and patience. What truly sets Chris apart is his remarkable efficiency: not only was he incredibly responsive to my inquiries, but he also expedited the loan process, resulting in the...”
Put the benefit you earned to work
See today’s VA rate for your county with no credit pull, or call and we will check your eligibility and entitlement for you.