Bain & Stoner Home Team
Pasco, Pinellas, Hillsborough, and Hernando County
Real Estate & Mortgage Experts
VA Home Loans for Veterans in Florida
From the bottom of ours hearts, thank you!
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As part of our commitment to serving veterans and active-duty service members, the Bain & Stoner Home Team waives $1,640 in lender fees that are typically charged on mortgage transactions. These fees normally cover underwriting, processing, and origination costs. By eliminating these charges for VA home loans, we help further reduce the upfront cost of purchasing a home and allow eligible veterans to take full advantage of the benefits offered through the VA loan program.
Key Benefits of VA Home Loans
Many veterans and active-duty service members in the Tampa Bay area take advantage of VA home loans because of the unique benefits the program offers. VA loans are widely considered one of the most powerful home financing options available to eligible military borrowers. One of the most well-known advantages is the ability to purchase a home with no down payment. VA loans also do not require private mortgage insurance (PMI), which can significantly reduce monthly payments compared to many conventional loan programs. In addition, VA loans often offer competitive interest rates and flexible qualification guidelines, helping make homeownership more accessible for veterans and military families.
Who is Eligible for a VA Loan?
VA loans are available to eligible veterans, active-duty service members, certain members of the National Guard and Reserves, and in some cases surviving spouses. Eligibility is generally determined by service history and verified through a Certificate of Eligibility (COE) issued by the Department of Veterans Affairs. A mortgage professional can help obtain this certificate and review eligibility requirements.
What is the Required Down Payment on a VA Loan?
Eligible veterans are able to take advantage of 100% financing on their VA loan, meaning no money is required towards a down payment.
Do VA Loans Have Closing Costs?
Like all mortgage programs, VA loans do have closing costs, but the exact amount depends on factors such as the home’s purchase price, property taxes, homeowners insurance, appraisal fees, lender fees, and the timing of your closing. In most cases, closing costs typically range from about 3% to 3.5% of the purchase price.
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One of the major advantages of a VA home loan is that many of these costs can often be covered through seller concessions or lender credits. In many situations, veterans and service members are able to purchase a home without bringing any money to closing.
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The Bain & Stoner Home Team works closely with buyers to structure offers and financing options that help minimize upfront costs whenever possible, allowing eligible veterans to take full advantage of the benefits offered through the VA loan program.
Can VA Loan Benefits Be
Used More Than Once?
Yes. There is a common misconception that you can only have one VA loan at a time. There are many scenarios where you can have multiple homes, each with a VA loan. How much you can afford while still taking advantage of zero money down will depend on how much entitlement you have remaining. We will make the calculations for you and walk you through your options and scenarios based on your situation.
Working With a Team Experienced in VA Loans
VA loans have unique guidelines and requirements compared to other mortgage programs. Working with a lender experienced in VA financing can help ensure the process runs smoothly and that buyers take full advantage of the benefits available to them. The Bain & Stoner Home Team has extensive experience helping veterans and service members navigate the VA home loan process.
Veteran VA Loan FAQs
What credit score is required for a VA loan?
VA loans do not have a single minimum credit score set by the Department of Veterans Affairs. However, most lenders typically look for credit scores in the 580–620 range or higher, depending on other financial factors such as income, debt levels, and overall financial stability.
Do VA loans require a down payment?
No. One of the biggest benefits of the VA loan program is the ability for eligible veterans and service members to purchase a home with no down payment, allowing them to finance up to 100% of the home’s value.
What is the VA funding fee?
Most VA loans include a VA funding fee, which helps support the VA loan program so it can continue offering benefits to future veterans. The amount varies depending on factors such as the borrower’s military status, down payment amount, and whether the borrower has used a VA loan before. Some veterans may qualify for exemptions from this fee.
Can VA loan benefits be used more than once?
Yes. VA loan benefits can often be reused after a previous VA loan is paid off or when a property is sold. In some situations, veterans may even have more than one VA loan at the same time depending on their remaining entitlement.
Do VA loans require private mortgage insurance (PMI)?
No. VA loans do not require private mortgage insurance, which can significantly reduce the monthly payment compared to many conventional loan programs.
How long does it take to close a VA loan?
Unlike many lenders, our VA process for closing a VA loan is no different than other mortgage programs. In most cases, VA loans can close within 21-30 days depending on the property, appraisal process, and the buyer’s financial documentation.
What types of homes can be purchased with a VA loan?
VA loans can be used to purchase a variety of primary residences, including single-family homes, townhomes, and certain condominiums. In some cases, veterans may also use a VA loan to purchase multi-unit properties if they plan to live in one of the units.