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VA Loans

Earned through service, guaranteed by the U.S. Department of Veterans Affairs. No down payment, no monthly mortgage insurance, competitive rates and an entitlement you can use again on the next home. It is the best mortgage most people who qualify for it will ever see.

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Licensed in Florida, Tennessee, Georgia and Colorado. NMLS 222883.

$0
Down payment with full entitlement
None
Monthly mortgage insurance
Reusable
Entitlement, for home after home
15 or 30
Year terms, fixed or adjustable

How a VA loan works

The VA does not lend the money. CPF does. The VA guarantees a portion of the loan, so if a borrower defaults the government covers part of the lender's loss. That guarantee is what lets us lend 100% of the purchase price, skip monthly mortgage insurance altogether and apply more flexible credit standards than conventional guidelines allow.

Instead of insurance you pay a one-time VA funding fee, generally between 1.25% and 3.3% of the loan amount depending on your down payment and whether it is your first VA loan. Nearly everyone rolls it into the loan. Veterans receiving compensation for a service-connected disability, Purple Heart recipients and eligible surviving spouses pay no funding fee at all. The VA also caps what a lender can charge in origination costs, which is why closing costs typically run lower than other programs.

Your entitlement is the amount the VA promises to cover. With full entitlement there is no VA loan limit; the loan size comes down to what your income supports. When you sell and pay off a VA loan the entitlement is restored, and you can even hold two VA loans at once if you keep the first home. Compared with an FHA loan, which charges upfront and monthly insurance, or a conventional loan with 3% to 5% down plus private mortgage insurance, the VA loan almost always wins on both cash to close and monthly payment for anyone eligible.

Is it right for you?

A good fit if

  • You are a veteran, active-duty service member, or National Guard or Reserve member with qualifying service
  • You are the un-remarried surviving spouse of a service member who died in service or from a service-connected disability
  • You want to buy with little or nothing down and keep your savings
  • You would rather not pay monthly mortgage insurance
  • Your credit is good but not perfect, or you have recovered from a past credit event

Look at something else if

  • You are not eligible for VA benefits, in which case an FHA loan is the closest match on credit flexibility
  • You are buying a second home or a pure investment property, which VA does not finance
  • You have 20% or more to put down and excellent credit, where a conventional loan avoids the funding fee and may come out cheaper
  • The home is in an eligible rural area and you want to compare against USDA, which also needs no down payment
  • The home needs major repairs that will not meet VA minimum property requirements before closing

What it takes to qualify

Two things have to line up: your service record, which the VA confirms, and your finances, which the lender reviews. Here is what each side generally looks for.

Service requirements
Generally 90 consecutive days of active service during wartime, 181 days of active service during peacetime, or 6 years in the National Guard or Reserves. Surviving spouses of members who died in the line of duty or from a service-related disability, and who have not remarried, may also qualify.
Certificate of Eligibility
The COE is the VA's confirmation that you qualify and how much entitlement you have. You do not need it before you talk to us. CPF can pull it for you through the VA portal in most cases, usually in minutes, using your discharge paperwork or statement of service.
Credit score
The VA sets no minimum score. Lenders set their own, and most look for somewhere around 580 to 620. The VA looks at the whole picture rather than one number, so a score at the low end with a clean recent history can still work.
Income and residual income
Total debts, including the new payment, generally need to stay around 41% of gross income, though higher ratios are approved regularly when residual income is strong. Residual income is what is left each month after the mortgage, debts, taxes and living costs; the VA sets a minimum by family size and region.
Loan amount and down payment
With full entitlement there is no VA loan limit and no down payment required. If you already have a VA loan outstanding or lost entitlement on a past default, the remaining entitlement may cover only part of the loan and a down payment makes up the difference.
Property
Primary residence you intend to occupy, including single-family homes, VA-approved condos, 2 to 4 unit homes if you live in one unit, and some manufactured homes. The VA appraisal checks value and Minimum Property Requirements for safety, soundness and sanitation. Repairs to meet MPRs are usually finished before closing.

Guidelines are the program's typical requirements, not a commitment to lend. Your loan officer will tell you exactly what applies to your file.

How it compares

The programs people weigh against a VA loan most often.

Loan Minimum down Rate Term Mortgage insurance Best for
VA This page None required Fixed or adjustable 15 or 30 years None; a one-time VA funding fee instead Veterans, active-duty service members and eligible surviving spouses.
FHA Government-backed 3.5% minimum Fixed or adjustable 15 or 30 years Upfront and monthly premium Buyers with a smaller down payment, a lighter credit history or more debt than a conventional loan allows.
30-year fixed Conventional As little as 3%; 5% is typical Fixed for the life of the loan 30 years Until you reach 20% equity The lowest fixed monthly payment, and the loan most first-time buyers start with.
USDA Government-backed None required Fixed 30 years Upfront and annual guarantee fee Buying in an eligible rural or small-town area with no down payment.

Compare all eight programs

Getting started

Three steps, and the underwriters, processors and closers all sit in the same office as your loan officer.

  1. Tell us about the home and your goals

    Five minutes online or by phone. No credit pull is needed for a first estimate.

  2. See the numbers side by side

    A loan officer prices a VA loan against the closest alternatives so you can compare payment, cash to close and total cost.

  3. Get pre-approved and close

    We verify income, assets and credit, issue your pre-approval letter, and our in-house team takes it through closing.

Get pre-qualified See the full process

VA loan myths, cleared up

You can use the benefit more than once, sellers do accept VA offers, and the appraisal is not the obstacle people fear. A short video on what the VA loan actually is.

VA loan questions, answered

Do I really need no down payment?

Yes, with full entitlement you can finance 100% of the purchase price. You are free to put money down if you want to, and doing so lowers the funding fee and the payment. Most VA buyers put nothing down and keep their savings for moving costs and reserves.

What is the VA funding fee and can it be waived?

It is a one-time fee the VA charges in place of monthly mortgage insurance, generally between 1.25% and 3.3% of the loan amount depending on your down payment and whether you have used the benefit before. It is almost always financed into the loan. It is waived for veterans receiving compensation for a service-connected disability, for Purple Heart recipients on active duty, and for eligible surviving spouses.

Can I use my VA loan benefit more than once?

Yes. Once a VA loan is paid off, usually when you sell, your entitlement is restored and you can use it again. You can also have two VA loans at the same time using your remaining entitlement, for example if you are relocating and keeping your current home. Whether the second loan needs a down payment depends on how much entitlement is left and the price of the new home.

Is there a VA loan limit?

Not if you have full entitlement. Since 2020 the VA has not capped loan size for borrowers with full entitlement; the amount comes down to what your income and credit support. If you have reduced entitlement because of an existing VA loan, the county conforming limit is used to calculate how much the VA will guarantee and a down payment may be needed above that.

How do I get my Certificate of Eligibility?

You can request it yourself through VA.gov, but you do not have to. CPF can pull your COE through the VA's lender portal, usually within minutes, using your DD-214 or, for active duty, a statement of service. If the automated system cannot find you, we help you gather the paperwork and submit it to the VA.

Can I refinance a VA loan?

Yes, two ways. The Interest Rate Reduction Refinance Loan, or IRRRL, is a streamline refinance from one VA loan to another with a lower rate, typically with no appraisal and reduced paperwork. A VA cash-out refinance lets you take equity out or replace a non-VA loan with a VA loan, and can go up to 100% of the home's value in some cases.

Further reading

Other loan programs

Talk to a loan officer about a VA loan

Tell us what you are trying to do and we will come back with real numbers: rate, payment, cash to close and how this loan stacks up against the alternatives. No obligation, and no credit pull until you ask for one.

CPF Mortgage
10710 FL-54 c101
Trinity, FL 34655
(727) 226-1040

Licensed mortgage lender and broker in Florida, Tennessee, Georgia and Colorado. NMLS 222883.

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