VA Loan Eligibility Requirements
To qualify for a VA loan in Florida, you must meet at least one of the following criteria:
✔️ Served at least 90 consecutive days during wartime
✔️ Served at least 181 consecutive days during peacetime
✔️ Served more than six years in the National Guard or Selective Reserve
✔️ Are the surviving spouse of a veteran who died in the line of duty
Once eligibility is confirmed, you'll need a Certificate of Eligibility (COE), which you can obtain through the VA or your lender.
Get Your Personalized
Understanding VA Loan Rates
VA loan rates are typically lower than conventional mortgage rates due to the government-backed guarantee. However, these rates can fluctuate based on market conditions, lender policies, and your personal financial profile.
Factors that affect VA loan rates include:
- Credit score – Higher scores often secure better rates.
- Loan term – Shorter terms, like 15 years, may have lower rates than 30-year loans.
- Market trends – Interest rates change based on inflation, Federal Reserve policies, and lender competition.
- Loan type – Purchase loans, cash-out refinances, and Interest Rate Reduction Refinance Loans (IRRRLs) can have different rates.
VA Loans vs. Conventional Loans: Which is Right for You?
While both loan types help you buy a home, VA loans provide several advantages that make them a top choice for eligible borrowers:
| Feature |
VA Loan |
Conventional Loan |
| Down Payment |
$0 |
Minimum 3% – 20% |
| Private Mortgage Insurance (PMI) |
Not Required |
Required if down < 20% |
| Credit Score Requirement |
Flexible |
Typically 620+ |
| Loan Purpose |
Primary residences only |
Can be used for investment or vacation homes |
One trade-off with VA loans is the VA funding fee, a one-time fee added to your loan amount. However, this fee is waived for veterans with a service-connected disability.
How to Lock in the Best Florida VA Loan Rate
Securing the lowest possible VA mortgage rate can save you thousands over the life of your loan. Here’s how to get the best deal:
✔️ Improve Your Credit Score – A higher score leads to lower rates. Pay down debts and ensure your credit report is accurate.
✔️ Shop Around – Compare rates from multiple VA-approved lenders to find the best offer.
✔️ Choose the Right Loan Term – A 15-year term may have a lower rate than a 30-year term.
✔️ Consider Buying Points – Paying discount points upfront can reduce your interest rate and long-term costs.
✔️ Lock in Your Rate – If rates are trending upward, locking your rate can protect you from future increases.
The VA Loan Process: Step by Step
Applying for a VA loan is a straightforward process that involves a few key steps:
- Check Your Eligibility – Confirm that you meet VA service requirements.
- Obtain a Certificate of Eligibility (COE) – Request your COE online, through a lender, or by mail.
- Compare VA Lenders – Rates and terms vary, so shopping around is key.
- Get Pre-Approved – A lender will review your finances to determine how much you can borrow.
- Find a Home & Make an Offer – Work with a real estate agent experienced in VA loans.
- Close on Your Home – Finalize the loan, sign paperwork, and receive your keys!
VA loans also offer streamlined refinancing options, making it easy to lower your rate if market conditions improve.
Florida VA Loan FAQ
💡 What is a VA loan?
A VA loan is a government-backed mortgage that helps eligible veterans, active military personnel, and surviving spouses buy homes with favorable terms.
💡 Are VA refinance rates different from purchase rates?
Yes. VA Interest Rate Reduction Refinance Loans (IRRRLs) often come with lower rates compared to purchase loans.
💡 Can I use a VA loan for a second home or investment property?
No. VA loans can only be used to purchase or refinance a primary residence.
💡 Do VA loans have income limits?
No, there are no income restrictions, but lenders will evaluate your debt-to-income (DTI) ratio to determine eligibility.
💡 How do I apply for a VA loan?
Start by obtaining your Certificate of Eligibility (COE), then compare lenders and apply with one that offers the best rate and terms.
With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.
By Phil Ganz
Edited by Ryan Skerritt
