VA Loan Programs

Who It's Designed For

Eligible Veterans, active-duty service members, qualifying National Guard and Reserve members, and eligible surviving spouses purchasing a primary residence they intend to occupy.

Common Use Cases

• First-time homebuyers who want to preserve savings by putting $0 down
• Relocating service members purchasing near a new duty station
• Move-up buyers selling one home and purchasing another with restored entitlement
• Buyers purchasing single-family homes, VA-approved condos, or 2–4 unit properties they will occupy

Key Benefits

• Typically no down payment required with full entitlement
• No monthly private mortgage insurance (PMI)
• Competitive interest rates and limited allowable closing costs
• Seller concessions permitted, which may reduce cash needed to close
• No prepayment penalty

Typical Qualifying Considerations

• Valid Certificate of Eligibility (COE)
• Satisfactory credit history — VA does not set a minimum score, though lender guidelines apply
• Stable, verifiable income and acceptable debt-to-income ratio supported by VA residual income standards
• Property must meet VA Minimum Property Requirements (MPRs) and appraise through a VA appraisal
• Intent to occupy the home as a primary residence, typically within 60 days of closing

Who It's Designed For

Eligible VA borrowers with strong income purchasing homes in higher-priced Florida markets — waterfront communities, luxury suburbs, and premium metro neighborhoods — where prices exceed conforming limits.

Common Use Cases

• Purchasing a luxury or waterfront primary residence above $832,750
• Senior officers, retirees, and dual-income military households buying in high-cost areas
• Refinancing an existing jumbo mortgage into VA jumbo financing when eligible

Key Benefits

• Potential $0 down on high loan amounts with full entitlement — a benefit almost unheard of in jumbo lending
• No monthly PMI regardless of loan size
• Rates that are often competitive with, or better than, conventional jumbo pricing

Typical Qualifying Considerations

• Stronger credit and income documentation is typical for larger loan amounts
• Residual income requirements scale with loan size and family size
• Full vs. partial entitlement determines whether a down payment may be needed
• Lender-specific jumbo overlays and reserve requirements may apply

Who It's Designed For

Eligible VA borrowers seeking lower-maintenance living, an affordable entry point into desirable areas, or amenity-rich communities — including first-time buyers, downsizing Veterans, and service members near coastal or urban duty stations.

Common Use Cases

• Buying a condo in a VA-approved Florida community as a primary residence
• Downsizing from a single-family home while preserving VA benefits
• Purchasing near a duty station where condos dominate the housing stock

Key Benefits

• Same core VA advantages: typically $0 down, no monthly PMI, competitive rates
• Access to communities with pools, security, and exterior maintenance included
• Often a lower purchase price point than comparable single-family homes

Typical Qualifying Considerations

• Condo project must be VA-approved (we verify this up front)
• HOA dues are counted in the debt-to-income calculation
• Project financials, owner-occupancy mix, and litigation status may affect approval
• Standard VA borrower eligibility, credit, income, and occupancy requirements apply

Who It's Designed For

Eligible VA borrowers interested in building wealth through real estate while satisfying VA occupancy requirements — often younger service members, Veterans beginning an investment strategy, or multigenerational families.

Common Use Cases

• Buying a duplex, living in one unit, and renting the other to offset the mortgage
• Purchasing a fourplex as a first step toward long-term real estate investing
• Housing extended family members in adjacent units while owning the property

Key Benefits

• Typically $0 down on 2–4 unit properties with full entitlement
• Rental income from non-occupied units may help with qualification in many cases
• No monthly PMI, even on multi-unit financing
• Potential to live for less while tenants contribute toward the payment

Typical Qualifying Considerations

• Borrower must occupy one unit as a primary residence, typically within 60 days of closing
• Use of projected rent generally requires an appraiser's rent schedule; landlord experience or reserves may be required by guideline
• All units must meet VA Minimum Property Requirements
• Loan amounts on 2–4 unit properties follow higher conforming limit tiers

Who It's Designed For

Veterans and service members who currently have a VA loan (or lost entitlement through a prior foreclosure or short sale) and want to purchase another primary residence using their remaining entitlement.

Common Use Cases

• PCS relocation: keeping and renting the old home while buying at the new duty station
• Purchasing again after a previous VA loan was assumed by another buyer
• Re-using the benefit after a past compromise sale or foreclosure, once seasoning and credit requirements are met

Key Benefits

• Own two homes financed with VA benefits at the same time, when entitlement math supports it
• Retain a low-rate existing VA mortgage as a rental while buying again
• No PMI on the new loan; down payment may be reduced or eliminated depending on remaining entitlement and price

Typical Qualifying Considerations

• Remaining entitlement is calculated against the county conforming limit ($832,750 baseline in 2026); a down payment may be required above the supported amount
• Borrower must intend to occupy the new home as a primary residence
• Qualification must generally support both housing payments, though documented rental income on the departing residence may help
• Subsequent-use funding fee rates typically apply unless exempt

Who It's Designed For

Eligible Native American Veterans, and Veterans whose spouses are Native American, seeking to buy, build, or improve a primary residence on Federal Trust Land where the tribe participates in the program.

Common Use Cases

• Purchasing a home on tribal trust land where conventional financing is unavailable
• Constructing a new primary residence on allotted or trust land
• Improving or renovating an existing home on qualifying land
• Refinancing an existing NADL to reduce the interest rate

Key Benefits

• VA is the direct lender — no private lender approval hurdles for trust-land title issues
• Low fixed interest rate set by the VA; typically no down payment
• No monthly PMI and a reduced funding fee structure; limited closing costs
• Benefit may be reused for future NADLs

Typical Qualifying Considerations

• Valid COE and standard VA credit/income qualification
• Tribal government must have a signed MOU with the VA
• Property must be on Federal Trust Land (or qualifying allotted land) and be the borrower's primary residence

Who It's Designed For

Borrowers with an existing VA loan who want to lower their rate or payment, or convert an ARM to a fixed rate, with minimal paperwork and cost.

Common Use Cases

• Dropping the interest rate when market rates fall below the current note rate
• Converting a VA adjustable-rate mortgage into a predictable fixed rate
• Reducing the monthly payment to improve household cash flow

Key Benefits

• Streamlined documentation — often no appraisal and no income re-verification
• Lowest VA funding fee: 0.50% (and exemptions still apply for qualifying disabled Veterans)
• Closing costs may often be rolled into the new loan
• Typically faster closings than a full-documentation refinance

Typical Qualifying Considerations

• Current loan must be a VA loan; the new loan refinances the same property
• Net tangible benefit and VA seasoning requirements must be met (generally 210 days and six payments on the loan being refinanced)
• Acceptable mortgage payment history; lender credit overlays may apply
• Borrower must certify prior occupancy of the property

Who It's Designed For

Eligible Veterans and service members with home equity who want to convert part of it to cash, or who want to refinance a non-VA loan into a VA loan while accessing equity, using the home as their primary residence.

Common Use Cases

• Consolidating higher-interest credit cards or personal loans into one lower-rate mortgage payment
• Funding home renovations, education costs, or major expenses
• Refinancing an FHA or conventional loan into VA financing while taking cash out

Key Benefits

• Higher loan-to-value allowances than most conventional cash-out programs
• No monthly PMI on the new VA loan
• Opportunity to improve overall rate or terms while accessing equity

Typical Qualifying Considerations

• Full documentation: credit, income, and a new VA appraisal are required
• Property must be the borrower's primary residence
• Funding fee of 2.15% (first use) or 3.30% (subsequent use) typically applies unless exempt
• VA seasoning and net tangible benefit requirements apply when refinancing an existing loan

Who It's Designed For

Eligible Veterans and service members currently paying on a non-VA mortgage — especially those paying monthly PMI or FHA MIP — who occupy the home as their primary residence.

Common Use Cases

• Eliminating monthly PMI on a conventional loan originated with less than 20% down
• Removing FHA mortgage insurance premiums that last for the life of the loan
• Refinancing to a better rate or term while switching into the VA program
• Accessing equity at the same time, if desired

Key Benefits

• Monthly mortgage insurance is eliminated going forward
• May refinance up to a higher percentage of the home's value than conventional programs typically allow
• First-use funding fee rate (2.15%) typically applies if the VA benefit has never been used — and exemptions apply for qualifying disabled Veterans

Typical Qualifying Considerations

• Valid COE — the borrower must be VA-eligible even though the current loan is not VA
• Full credit, income, and appraisal documentation, as with any cash-out structure
• Primary residence occupancy required
• Net tangible benefit test applies

Who It's Designed For

Eligible VA borrowers purchasing homes that need repairs or updates, or current VA-eligible homeowners who want to finance improvements into their mortgage rather than using higher-rate credit.

Common Use Cases

• Buying an older Florida home and financing a new roof, HVAC, flooring, or kitchen updates into the loan
• Bringing a property up to VA Minimum Property Requirements so it can qualify
• Refinancing while adding funds for non-structural repairs and improvements

Key Benefits

• One loan, one closing, one payment — purchase (or refinance) plus renovation funds
• Loan amount may be based on the “as-completed” value of the home
• Retains core VA benefits: typically no down payment and no monthly PMI
• Expands the pool of eligible homes in competitive, older-inventory markets

Typical Qualifying Considerations

• Repairs are generally limited to non-structural improvements that enhance livability and safety, subject to program caps
• Work is typically performed by VA-registered, licensed contractors — not the borrower
• Renovations usually must be completed within a set timeframe after closing, with funds held in escrow and inspections along the way
• Not all lenders offer VA renovation lending; program availability and caps vary

Who It's Designed For

Eligible Veterans and service members who want to build a new home to their specifications — especially in growing Florida markets where new construction may be more available or better value than resale inventory.

Common Use Cases

• Building a custom home on newly purchased or already-owned land
• Contracting with a builder in a new development using VA one-time-close financing
• Replacing an existing structure with a new primary residence

Key Benefits

• Potentially no down payment on the combined land-plus-construction cost with full entitlement
• One-time close options mean one approval, one closing, one set of costs
• No monthly PMI and no payment-shock refinance at completion in one-time-close structures
• Interest-only or deferred payment options during construction may be available, depending on structure

Typical Qualifying Considerations

• Builder must be VA-registered, licensed, and insured; plans, specs, and budget are reviewed up front
• The completed home must meet VA Minimum Property Requirements and pass inspections during construction draws
• Qualification is typically more documentation-intensive than a standard purchase
• Program availability, structures, and overlays vary by lender

Who It's Designed For

VA borrowers purchasing or refinancing a home who want to reduce long-term utility costs — particularly valuable in Florida, where cooling costs dominate energy bills and efficiency upgrades pay ongoing dividends.

Common Use Cases

• Adding attic insulation, radiant barriers, or duct sealing at the time of purchase
• Financing a high-efficiency HVAC replacement into a VA refinance
• Installing energy-efficient windows, doors, or water heaters
• Pairing an EEM with an IRRRL or purchase loan in a single transaction

Key Benefits

• Improvements financed at low mortgage rates instead of consumer credit rates
• Amounts up to about $3,000 are typically documented by cost alone; $3,001–$6,000 generally requires showing utility savings exceed the added payment
• Lower ongoing utility bills can improve the total cost of homeownership
• Can be combined with most VA purchase and refinance programs

Typical Qualifying Considerations

• Improvements must be energy-related and documented with contractor bids or an energy audit
• For larger amounts, projected energy savings generally must offset the increase in the monthly payment
• Work is typically completed shortly after closing, with funds escrowed
• The EEM rides on top of an underlying VA loan — standard VA qualification applies