Purchase loan
You served. Now buy with $0 down.
A VA loan is one of the strongest benefits you earned. Eligible borrowers can buy with no down payment and no monthly mortgage insurance.
- Down payment from
- $0
- Monthly PMI
- None
- Funding fee
- Waived for some
- Eligibility
- COE required
Who is eligible
VA loans are guaranteed by the U.S. Department of Veterans Affairs. Eligibility depends on your length and type of service, and you prove it with a Certificate of Eligibility (COE). In most cases we can request your COE electronically as part of your application.
Eligible surviving spouses may qualify, too. And the benefit is reusable. You can use it more than once over your lifetime.
What makes VA different
- $0 down for eligible borrowers with full entitlement.
- No monthly PMI, which can mean real savings every month compared with other low-down-payment loans.
- No VA loan limit for borrowers with full entitlement. Lenders still set their own maximums, and you must qualify for the payment.
- Seller help: sellers can pay closing costs and certain concessions, within VA limits.
VA loans are for primary residences. Condos must be VA-approved, which we verify before you write an offer.
The VA funding fee
Most VA borrowers pay a one-time funding fee instead of monthly mortgage insurance. The amount depends on your down payment and whether you have used the benefit before. It can be paid at closing or financed into the loan.
Veterans who receive VA compensation for a service-connected disability are generally exempt. So are some other groups, such as eligible surviving spouses and certain Purple Heart recipients. Your COE shows your exemption status.
Appraisal, credit and our process
A VA appraisal checks value and minimum property requirements: the home must be safe, sound and sanitary. Items like roof damage, exposed wiring or peeling paint on older homes may need repair before closing. We help you plan for that early, especially on older Miami properties.
The VA does not set a minimum credit score, but lenders do, and they differ. VA also looks at residual income, the money left each month after your major expenses. We compare lenders so your file lands where it fits best.
It starts with a 30-minute call about your goals and your entitlement. Then we spend two to three hours comparing lenders on rate and closing costs, and walk you through the results in a 30- to 45-minute presentation. Once you are under contract, a dedicated processor coordinates the VA appraisal and keeps you updated at every step.
Ready to use your benefit? Request a quote or see how we work.
Reel Mortgage Solutions, LLC is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA or the Federal Government.
Questions we hear
Do VA loans require mortgage insurance?
VA loans do not have monthly PMI. Most borrowers pay a one-time VA funding fee instead, which can be financed into the loan. Veterans receiving compensation for a service-connected disability are generally exempt.
What credit score do I need for a VA loan?
The VA does not set a minimum score, but most lenders do, commonly somewhere in the 580 to 620 range. Your debt-to-income ratio and residual income also matter. We match your file with lenders whose guidelines fit.
How do I get my Certificate of Eligibility?
We can usually request your COE online during your application. If eligibility cannot be confirmed automatically, you may need to provide documents such as your DD-214 or a statement of service. Requirements differ for active-duty, Guard and Reserve members.
Can I use my VA loan benefit more than once?
Yes. The benefit is reusable. If you sold a home and paid off a prior VA loan, your entitlement is generally restored. You may also be able to hold more than one VA loan with remaining entitlement, though a down payment may be required in that case.
Is there a VA loan limit?
For borrowers with full entitlement, the VA does not cap the loan amount. Lenders still set their own maximums, and you must qualify for the payment. If part of your entitlement is already in use, county loan limits may affect your down payment.
Related programs
First-Time Home Buyer
A guided path to your first Miami home, with low-down-payment options and a real pre-approval.
Conventional Loan
Flexible financing for primary homes, second homes and rentals, with PMI you can remove later.
FHA Loan
Government-insured financing with 3.5% down and flexible credit guidelines for primary homes.
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