If you’ve served in the U.S. military, you may have access to one of the most powerful mortgage benefits available anywhere — a VA loan. With no down payment required, no private mortgage insurance, and competitive interest rates, the VA loan is specifically designed to honor your service by making homeownership more accessible.

At First Commerce Financial, VA loans are one of our specialties. We serve veterans and active-duty service members across Florida, Arizona, Texas, and Michigan — and we’ll make sure you get every benefit you’ve earned.

What Is a VA Loan?

A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs. The VA doesn’t lend money directly — instead, it guarantees a portion of the loan, which allows approved lenders to offer better terms than they could otherwise. The result is a loan with no down payment, no PMI, and rates that are typically competitive with or better than conventional loans.

VA Loan Benefits

No Down Payment Required

This is the most significant benefit. Eligible veterans can purchase a home with zero down — no saving up 3%, 5%, or 20%. The full purchase price can be financed.

No Private Mortgage Insurance (PMI)

Conventional loans require PMI when you put less than 20% down — typically $100-$300/month added to your payment. VA loans have no PMI, ever. This saves VA buyers thousands of dollars over the life of the loan.

Competitive Interest Rates

Because the VA guarantees a portion of the loan, lenders can offer lower rates than many other loan types. VA rates are often 0.25%-0.5% lower than comparable conventional rates.

Flexible Credit Requirements

VA loans don’t have a strict minimum credit score set by the VA itself — lenders set their own overlays, but VA loans are generally more forgiving than conventional loans on credit history.

No Prepayment Penalty

You can pay off your VA loan at any time without penalty. Sell the home, refinance, or make extra payments — no fees.

Reusable Benefit

Your VA loan benefit can be used more than once. As long as you’ve paid off a previous VA loan (or have remaining entitlement), you can use the benefit again.

VA Loan Eligibility

VA loan eligibility is based on your service history. Generally, you may be eligible if you are:

• An active-duty service member who has served at least 90 continuous days
• A veteran who meets minimum service requirements (typically 90 days during wartime or 181 days during peacetime)
• A National Guard or Reserve member with at least 6 years of service, or 90 days of active service under certain conditions
• A surviving spouse of a service member who died in the line of duty or from a service-connected disability

You’ll need a Certificate of Eligibility (COE) to use a VA loan. We can help you obtain your COE as part of the pre-approval process.

VA Funding Fee

VA loans require a one-time funding fee that helps offset the cost of the program to taxpayers. The fee varies based on your down payment and whether it’s your first or subsequent use of the benefit — typically ranging from 1.25% to 3.3% of the loan amount. The fee can be rolled into the loan so you don’t need to pay it out of pocket.

Importantly, some veterans are exempt from the funding fee entirely, including those receiving VA disability compensation and surviving spouses of veterans who died in service. We’ll verify your exemption status upfront.

VA Loan vs. Conventional — The Real Comparison

For eligible veterans, the VA loan almost always wins on overall cost:

• No down payment vs. 3-20% conventional down payment
• No PMI vs. $100-300/month for conventional with less than 20% down
• Competitive rate vs. conventional rate
• One-time funding fee vs. ongoing PMI costs

Even with the funding fee, most veterans come out significantly ahead with a VA loan compared to a conventional loan over the life of the mortgage.

VA Loans in Michigan, Arizona, Florida & Texas

All four states we serve have significant veteran and active military populations. Arizona is home to Luke Air Force Base and many retired military families. Florida has numerous major installations. Michigan and Texas both have large veteran communities. We understand the VA loan process inside and out in all four markets and can close VA loans efficiently.

Frequently Asked Questions

Can I use a VA loan more than once?

Yes. The VA loan benefit is reusable. As long as you’ve paid off a previous VA loan or have remaining entitlement, you can use it again — including having two VA loans at once in some circumstances.

Is there a VA loan limit?

For veterans with full entitlement, there is no VA loan limit — you can borrow as much as a lender will approve. Loan limits only apply if you have reduced entitlement (for example, if you have an existing VA loan that hasn’t been paid off).

Can I use a VA loan to refinance?

Yes. The VA IRRRL (Interest Rate Reduction Refinance Loan), also called a VA Streamline Refinance, lets you refinance an existing VA loan to a lower rate with minimal documentation and no appraisal in most cases. A VA cash-out refinance is also available.

Do I need perfect credit for a VA loan?

No. While the VA doesn’t set a minimum credit score, most lenders look for 580-620+. We work with veterans across the credit spectrum and will tell you honestly what you qualify for.

How long does VA loan approval take?

VA loans typically take about the same time as conventional loans — 20-30 days from application to closing. The VA appraisal process can sometimes add a few days, but we manage this proactively to keep things on track.

You Served. You’ve Earned This.

The VA loan is one of the most valuable financial benefits available to veterans and active military. Don’t leave it on the table. Our team at First Commerce Financial will make sure you understand your full benefit and get the best possible loan for your situation.

Licensed in Michigan, Arizona, Florida, and Texas.

First Commerce Financial is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA or the Federal Government.

📞 Call us at (248) 459-5511

✅ Or start your VA loan pre-approval online today.