If you have served or are currently serving in the U.S. military, you may be entitled to one of the most powerful mortgage benefits available — a VA loan. Zero down payment. No private mortgage insurance. Competitive wholesale rates. And no junk fees from us.
Use our free VA Mortgage Calculators below to estimate your monthly payment, see your funding fee, and understand exactly what a VA loan costs — then talk to Kirk or Ken about getting pre-approved.
VA Purchase Calculator
Estimate your monthly payment with zero down payment, no PMI, and your VA funding fee included.
Open VA Purchase Calculator →VA Refinance Calculator
See your new payment with an IRRRL or VA cash-out refinance — including funding fee and break-even timeline.
Open VA Refinance Calculator →The 3 Things Most Veterans Don't Know About VA Loans
VA loans are one of the most underutilized benefits available to veterans and active military. Here are the three things that surprise veterans most when they learn the full picture.
1. Zero Down Payment — and It's Not Too Good to Be True
VA loans require zero down payment for eligible veterans — on any home price up to the conforming loan limit, and beyond with a small down payment on jumbo VA loans. This is not a promotional offer or a limited-time program. It is a permanent benefit tied to your military service.
On a $400,000 home, a conventional buyer needs $12,000–$80,000 for a down payment depending on the program. A qualified veteran needs $0. That is money that stays in your pocket, your savings account, or your investment portfolio.
2. No PMI — Ever — and What That Really Means for Your Payment
Private Mortgage Insurance (PMI) is required on conventional loans when you put less than 20% down. On a $400,000 loan, PMI typically costs $150–$300 per month — money that builds zero equity and disappears only when you hit 20% equity.
VA loans never require PMI — regardless of your down payment. That savings starts on day one and continues until you pay off the loan or refinance. Over 10 years, that is $18,000–$36,000 in your pocket instead of your lender's.
When you factor in no PMI alongside zero down payment and typically lower rates, the VA loan is almost always the most financially powerful option available to eligible veterans — by a significant margin.
3. The VA Funding Fee — What It Is and When It Can Be Waived
The VA funding fee is a one-time fee paid to the Department of Veterans Affairs that helps fund the VA loan program. It ranges from 1.25% to 3.3% of the loan amount depending on your down payment, whether it is a first or subsequent use, and your service type.
On a $400,000 loan with no down payment and first-time use, the funding fee is typically 2.15% — or $8,600. This can be paid upfront or rolled into the loan balance.
Critical exemption: Veterans with a service-connected disability rating of 10% or higher are completely exempt from the VA funding fee. This exemption can save thousands of dollars. Many veterans do not know they qualify — always check your VA disability status before closing.
VA Loan vs. Conventional — The Real Math
Let's compare a VA loan to a conventional loan on a $400,000 home purchase so you can see exactly what the benefit is worth in real dollars.
| Cost Factor | Conventional (5% Down) | VA Loan (0% Down) |
|---|---|---|
| Down Payment | $20,000 | $0 |
| Loan Amount | $380,000 | $400,000 |
| Interest Rate (est.) | 6.50% | 6.00% |
| Monthly P&I | $2,402 | $2,398 |
| Monthly PMI | $190/mo | $0 |
| Total Monthly Payment | $2,592 | $2,398 |
| Monthly Savings with VA | — | $194/mo |
| 10-Year Savings | — | ~$23,000+ |
| Cash Kept at Closing | — | $20,000 |
The VA loan in this example saves $194 per month — $2,328 per year — while keeping $20,000 in the veteran's pocket at closing. Over 10 years that is more than $43,000 in combined savings. That is what this benefit is actually worth.
VA Loan Eligibility — Who Qualifies?
✈ Active Duty Military
Currently serving members of the Army, Navy, Air Force, Marine Corps, Coast Guard, Space Force, or National Guard are generally eligible after 90 days of continuous active service.
🎉 Veterans
Veterans who served 90+ days during wartime or 181+ days during peacetime and were discharged under conditions other than dishonorable are typically eligible.
🛡 National Guard and Reserves
Members who have completed 6 years of service or were called to active duty for 90+ days under Title 10 orders. This group is often unaware of their VA loan eligibility.
❤ Surviving Spouses
Un-remarried surviving spouses of veterans who died in service or as a result of a service-connected disability may be eligible for VA loan benefits.
Certificate of Eligibility (COE) — We Handle This For You
To use your VA loan benefit, you need a Certificate of Eligibility (COE) from the Department of Veterans Affairs. The COE confirms to lenders that you meet the service requirements for a VA loan.
The good news: we can typically obtain your COE directly through the VA's automated system — often within minutes — as part of the pre-approval process. You do not need to obtain it yourself before reaching out to us. Just let us know you are interested in a VA loan and we will handle it.
VA Loans in Michigan, Florida, Arizona and Texas
🏛 Michigan
Michigan has a significant veteran population across the Detroit metro, Grand Rapids, and northern Michigan. VA loans are a strong option across Michigan's range of price points — from entry-level homes in Southeast Michigan to properties in the $400K–$600K range in Oakland and Washtenaw Counties.
🌴 Florida
Florida's veteran population is one of the largest in the country. In our markets — Jacksonville, Sarasota, Lakewood Ranch, and Bradenton — VA loans are active at a wide range of price points. Note: Florida's higher insurance costs affect total monthly payments and need to be factored into your pre-approval.
🍎 Arizona
The Phoenix metro — including Gilbert, Tempe, Chandler, and Scottsdale — has a large and active veteran community. Arizona's relatively low property tax rates (0.5–0.7%) make VA loans particularly attractive in this market.
⭐ Texas
Texas has one of the largest veteran populations in the country. In the North Dallas corridor — McKinney, Frisco, Prosper, and Denton — VA loans are actively used at price points from $350K to $700K+. Texas also has no state income tax, which improves overall affordability for veterans relocating here.
VA Loan Refinancing — IRRRL and Cash-Out
VA IRRRL — Interest Rate Reduction Refinance Loan
The VA IRRRL — also called the VA Streamline Refinance — allows existing VA loan holders to refinance to a lower rate with minimal paperwork, no appraisal in most cases, and no out-of-pocket costs if structured as a no closing cost refinance.
If you have a VA loan at 7% or higher, the IRRRL is exactly the program to watch as rates decline in late 2026. Join our Rate Watch System and we will notify you the moment an IRRRL makes financial sense for your specific loan.
VA Cash-Out Refinance
Eligible veterans can refinance up to 100% of their home's value and take cash out — a benefit not available on conventional loans without PMI implications. VA cash-out refinancing is a powerful tool for debt consolidation, home improvements, or accessing equity for other financial goals.
Unlike the IRRRL, the VA cash-out refinance requires a full appraisal and credit qualification — but the terms available to veterans are significantly better than conventional cash-out programs.
Watch Out for VA Loan Predatory Lenders
Veterans are unfortunately targeted by predatory lenders who push unnecessary refinances, charge excessive fees, or use deceptive loan comparison tactics. The VA has issued multiple warnings about these practices.
At First Commerce Financial, we charge zero junk fees on VA loans — no origination fees, no processing fees, no administrative fees. As an independent broker, we shop your loan across multiple wholesale lenders to find the actual best rate for your situation. If a lender is pushing you to act fast, pay points, or sign without fully explaining the numbers — walk away.
Frequently Asked Questions
Can I use my VA loan benefit more than once?
Yes — VA loan entitlement can be restored and reused multiple times. If you have paid off a previous VA loan and sold the property, your full entitlement is typically restored. You can also have more than one VA loan simultaneously in some circumstances. Talk to us about your specific situation and we will explain exactly what your entitlement looks like.
Is the VA funding fee always required?
No — veterans with a service-connected disability rating of 10% or higher are completely exempt from the VA funding fee. Purple Heart recipients who are on active duty are also exempt. Always verify your disability status before closing — this exemption can save thousands of dollars and many veterans do not realize they qualify.
Can I use a VA loan to buy a second home or investment property?
VA loans are designed for primary residences — you must intend to occupy the home. However, if you have remaining entitlement, you may be able to purchase a second property with a VA loan in certain circumstances, such as a permanent change of station. Investment properties do not qualify for VA financing. Talk to us about your specific situation.
What credit score do I need for a VA loan?
The VA does not set a minimum credit score — individual lenders do. Most lenders require a minimum of 580–620 for VA loans. As an independent broker, we work with multiple VA-approved wholesale lenders and can often find options for veterans with lower credit scores than a single bank might accept.
How does the VA loan process work with First Commerce Financial?
We handle everything — including obtaining your Certificate of Eligibility directly through the VA's automated system. You do not need to gather VA paperwork before reaching out. Just let us know you are interested in a VA loan, tell us a bit about your service history and financial situation, and we will walk you through every step from pre-approval to closing. Zero junk fees, wholesale rates, same-day pre-approvals for most veterans.
Ready to Use Your VA Loan Benefit?
Talk to Kirk or Ken — zero junk fees, wholesale rates, and a team that handles your Certificate of Eligibility for you. No pressure, no obligation, just straight answers about what you qualify for.
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