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Serving Those Who Served: A Complete Guide to VA Home Loans

  • Ezrea Walsh
  • Jul 11
  • 3 min read
A veteran with their children.

At DeepBlue Mortgage, we believe there is no higher honor than helping our nation's heroes achieve the American dream of homeownership. For service members, veterans, and eligible surviving spouses, the U.S. Department of Veterans Affairs (VA) offers a truly exceptional path to buying a home. This is more than just a loan program; it's a thank you for your service and sacrifice.


But what exactly is a VA loan, and what makes it one of the most powerful mortgage options on the market? This guide will walk you through everything you need to know.



What is a VA Loan?


A VA loan is a mortgage option guaranteed by the U.S. Department of Veterans Affairs. Similar to FHA loans, the VA doesn't directly lend the money. Instead, it provides a guarantee to an approved mortgage broker like DeepBlue Mortgage. This guarantee, or entitlement, protects the broker from loss if the borrower is unable to make payments, which allows us to offer incredible benefits and more flexible qualifying terms.


This program was first established in 1944 as part of the original GI Bill, designed to help service members returning from World War II purchase homes and readjust to civilian life. Today, it remains a cornerstone of military benefits.



The Unbeatable Benefits: Why Choose a VA Loan?


The advantages of a VA home loan are significant and designed to make homeownership accessible and affordable for those who have served.

  • The Biggest Benefit: $0 Down Payment. This is the hallmark of the VA loan. For most qualified veterans, you can finance 100% of the home's purchase price. This eliminates the single largest barrier to homeownership for many families.

  • No Private Mortgage Insurance (PMI). Conventional loans typically require PMI if you put down less than 20%. FHA loans require a similar mortgage insurance premium (MIP). VA loans have neither. This can save you hundreds of dollars on your monthly payment compared to other loan types.

  • Competitive Interest Rates. Because VA loans are government-backed, they often have some of the lowest interest rates on the market, saving you a substantial amount of money over the life of your loan.

  • Limited Closing Costs. The VA limits the closing costs that a veteran can be charged. This helps keep your out-of-pocket expenses low.

  • No Prepayment Penalties. You can pay off your loan early without any financial penalties.



Who is Eligible for a VA Loan?


Eligibility is generally extended to service members and veterans who have met minimum service requirements. This includes:

  • Veterans

  • Active-duty service members

  • National Guard members

  • Reserve members

  • Surviving spouses of service members who died in the line of duty or from a service-related disability.


To get started, you will need a Certificate of Eligibility (COE). This official document from the VA confirms that you meet the requirements for a VA-backed loan. As your dedicated mortgage broker, we can help you obtain your COE quickly and easily as part of the application process. For more detailed eligibility information, you can visit the official U.S. Department of Veterans Affairs eligibility page.



The VA Funding Fee Explained


While VA loans don't have PMI, they do typically require a one-time VA funding fee. This fee helps to offset the cost of the loan program for taxpayers. The amount of the fee varies depending on your service type, your down payment amount (if any), and whether it is your first time using your VA loan benefit.

Importantly, many veterans receiving VA disability compensation are exempt from the funding fee. The fee can also be financed into the total loan amount, reducing your upfront costs.



Your Florida VA Loan Experts


At DeepBlue Mortgage, we are deeply committed to serving those who have served our country. We understand the unique needs of military families and consider it a privilege to guide you through the VA loan process. Our team is here to ensure your path to homeownership is as smooth and stress-free as possible.

We're not just a broker; we're your partner for life's journey, and we're honored to be a part of yours.


Ready to take the next step? Apply for a VA Loan today or contact our team of experts to learn more about your military mortgage benefits.


📞 561- 210-5776 | 🌐 deepbluemortgage.com DeepBlue Mortgage | NMLS #2703583 | Licensed in Florida. Equal Housing Lender. This article is for informational purposes only and is not a commitment to lend or financial advice. All loans are subject to credit and property approval.

 
 
 

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