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VA Loan

A VA (Veterans Affairs) Home Loan is a type of mortgage loan specifically designed for military service members, veterans, and eligible surviving spouses. This loan is backed by the Department of Veterans Affairs and is designed to help make home ownership more accessible and affordable for those who have served in the military.  Qualified borrowers in Cape Coral, Florida and the surrounding Southwest Florida region can take advantage of the 0% down payment option.

About 90% of VA Loan borrowers buy a home without a down payment, which allows them to shop for home values within the conforming loan limits for their area. In most Florida counties, the conforming loan limit is $726,000.  VA Home Loans also have lower interest rates compared to traditional mortgage loans, which can result in lower monthly payments and significant savings over the life of the loan. The VA does require that the home you purchase be your primary residence and that you occupy it within a certain timeframe after closing.

Although some of the closing costs may get rolled into the loan, it is important to keep them in mind as they can add up to a few thousand dollars. In addition to the standard closing costs, the VA also charges a Funding Fee. However, if you've sustained a service-related disability, you may be able to get the fee waived. This fee is a percentage of your loan amount, which changes depending on the size of the down payment. For first-time borrowers with no down payment, the VA Funding Fee is 2.3% of the loan amount.

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