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 Rates subject to change without notice

The Standard VA loan limit in Florida for 2023 is $726,200 for most counties | Monroe County VA Loan Limits are higher at $847,000
VA Loan Limits are based on data from the Dept. of Veterans Affairs
Check to See Florida VA loan limits here

Florida VA Loan No Down Payment

Florida VA Loan No Down Payment

One of the main benefits of VA loans is that they do not require a down payment, making them an attractive option for home buyers who may not have a lot of cash on hand. This is because the government’s insurance on the loan helps to reduce the risk for the lender, which allows them to offer the loan with no down payment requirement.

Florida VA Loan $0 Down Payment

The Department of Veterans Affairs created the [ VA ] loan to make it easier for veterans and active duty to purchase a home. What makes the VA loan so special is that if you qualify, you can purchase a home for no money down. Generating tens of thousands of dollars for a conventional home loan down payment of 20% can be a huge challenge for anyone, but that is no longer a hurdle from home ownership if you qualify for a VA loan.

Beyond not having a down payment, the financial requirements with a VA loan are lot less strict when compared to a conventional home loan. With a VA loan you do not need to have perfect credit nor a long credit history. You do however need to meet the minimum service requirement set by the Veteran Affairs Department. There are fewer fees because you’re able to avoid factors associated with other loans programs, like private mortgage insurance, that can save you money.

VA loan Requirements

  • Credit scores as low as 620 may qualify
  • Certificate of Eligibility
  • Property Meets VA Eligibility
  • Borrow up to the 2023 maximum conforming loan limit – $726,200
  • Jumbo VA Loan amounts available up to $4,000,000
  • No Down Payment; $0 Down Payment
  • No Private Mortgage Insurance (PMI)
  • No pre-payment penalty

VA Loan Benefits

Low or no down payment
A VA loan requires little or no money down at closing – a valuable benefit that’s unique to the VA home loan program.

Lower monthly payments
Because the VA guarantees a portion of your loan, you won’t need to pay mortgage insurance premiums – a significant monthly savings.

Simplified approval process
VA loans were designed to offset common financial challenges faced by military families and veterans, and to simplify the approval process.

Military members – To be eligible for a VA loan, you must be an active-duty or former member of the armed forces with at least:

      • 90 days of consecutive service during wartime, or
      • 181 days of service during peacetime, or
      • 6 years of service in the National Guard or reserves.

Surviving spouses
 – Spouses of service members who died in the line of duty or as the result of a service-related disability.

VA Funding Fee

The VA funding fee is a one-time fee that is required for all VA loans. The amount of the fee varies depending on the size of the down payment and whether it’s the borrower’s first or subsequent use of a VA loan. For first-time VA loan borrowers, the funding fee ranges from 2.3% to 1.4% of the home’s purchase price, depending on the size of the down payment. If the down payment is less than 5%, the fee is 2.3%, if it’s 5% or more, the fee is 1.65%, and if it’s 10% or more, the fee is 1.4%. The fee can also be waived in certain cases, such as if the borrower is receiving disability compensation from the VA.

When your ready to get started on your VA loan, we are experts to guide you through the entire process, the first step is getting you pre-approved. You can apply online or you prefer to speak with one of our VA Mortgage Experts, we would be happy to speak with you. Call or text us at 407-955-4575.

Get Pre-Approved by Florida VA Loan Experts

Florida VA Loan No Down Payment