If you’ve served in the military, you’ve earned one of the most powerful homebuying benefits available, the VA home loan. Backed by the U.S. Department of Veterans Affairs, VA loans offer incredible advantages that can make homeownership more affordable and accessible for eligible veterans, active duty service members, and qualifying military families.
Here on the Space Coast, with Patrick Space Force Base and a strong military community in Brevard County, VA loans are one of the most commonly used loan programs. Here’s what you need to know.
Key Benefits of a VA Loan
Zero down payment. This is the headline benefit. Unlike conventional or FHA loans that require a down payment, VA loans allow you to finance 100% of the home’s purchase price. That means you can buy a home without saving up thousands of dollars for a down payment.
No private mortgage insurance (PMI). On conventional loans with less than 20% down, you’re required to pay PMI, which can add $100 to $300 or more to your monthly payment. VA loans don’t require PMI, saving you money every single month.
Competitive interest rates. Because VA loans are backed by the federal government, lenders view them as lower risk. This typically translates to interest rates that are lower than conventional loan rates.
Flexible credit requirements. VA loans tend to be more forgiving when it comes to credit scores. While specific requirements vary by lender, many VA-approved lenders will work with borrowers who have credit challenges that would disqualify them from other loan types.
Limited closing costs. The VA actually limits the types of closing costs that veterans can be charged, and sellers are allowed to contribute toward your closing costs as well.
Who Is Eligible?
VA loan eligibility is based on your military service. Generally, you may qualify if you:
- Served 90 consecutive days of active duty during wartime
- Served 181 days of active duty during peacetime
- Have more than 6 years of service in the National Guard or Reserves
- Are the surviving spouse of a service member who died in the line of duty or from a service-connected disability
To verify your eligibility, you’ll need a Certificate of Eligibility (COE), which your mortgage broker can help you obtain.
VA Loans on the Space Coast
Brevard County has a large and active military community, and many of the homes in areas like Melbourne, Palm Bay, Satellite Beach, and Cocoa are well within VA loan limits. Whether you’re looking for a single-family home, a condo, or even new construction, a VA loan can likely work for your purchase.
The Space Coast also offers a great quality of life for military families, with proximity to the beach, excellent schools, and a growing job market driven by the aerospace industry.
Common VA Loan Myths
Myth: VA loans take longer to close. Not true. With an experienced VA loan specialist, closing timelines are comparable to conventional loans. Jesse Griffith at The House Hunters Group averages just 14 days from application to clear-to-close.
Myth: Sellers don’t like VA loan offers. While this used to be a concern, today’s market is much more VA-friendly. A strong pre-approval letter and a knowledgeable agent can make your VA offer just as competitive as any other.
Myth: You can only use a VA loan once. You can actually use your VA loan benefit multiple times. As long as you’ve paid off a previous VA loan or sold the property, your entitlement can be restored.
Get Started with a VA Loan Specialist
Jesse Griffith at The House Hunters Group is a VA loan specialist who has helped dozens of veterans and active duty families on the Space Coast achieve homeownership. If you’re ready to use your VA benefit, contact us today for a free pre-approval, or call 321-501-9579.