VA loans offer eligible veterans, active-duty service members, and surviving spouses zero-down financing with no PMI and competitive rates. They are one of the best mortgage products available.
Eligibility
You need a Certificate of Eligibility (COE) from the VA. Generally available to active-duty with 90+ days of service, veterans with 90+ days or 6 years Guard/Reserve, or un-remarried surviving spouses.
Key Benefits
Zero down payment. No PMI. Competitive interest rates. Limited closing costs. No prepayment penalty.
VA Funding Fee
First-time use with no down payment: 2.15%. With 5% down: 1.50%. With 10% down: 1.25%. Disability exemption may apply.
Keys Considerations
VA loans can be used for primary residences including single-family homes, VA-approved condos, and up to 4-unit properties. The zero-down feature is especially valuable in the Keys where property values are higher.