Already have a VA loan?
Finding out whether you can get a second VA loan is easy. Even if you already have one VA loan, simply use this tool to discover the details of getting a second VA loan.
VA Mortgage Loans in Florida
As a Veteran-Owned mortgage company, Florida Mortgage Firm takes pride in helping veterans, active-duty service members, National Guard members, reservists, and eligible surviving spouses understand and use their VA home loan benefits.
With potential $0 down payment options and no monthly mortgage insurance, VA financing can be a great option for eligible borrowers throughout Florida.
But VA loans can also come with a lot of questions. How many times can you use your benefit? Do you have to be a first-time homebuyer? What if you already have a VA loan? What does the funding fee actually mean?
That’s where we can help. You don’t need to know every VA guideline before getting started — you just need to understand the options that apply to your scenario.
Benefits of a VA Home Loan
There are some pretty significant benefits that come with VA financing, including:
- Potential $0 down payment for eligible borrowers
- No monthly mortgage insurance
- Competitive interest rates
- Seller-paid closing costs within VA guidelines
- Seller concessions that can help with certain expenses
- The ability to use your VA benefit more than once
Do I Have to Be a First-Time Homebuyer?
Nope. This is another misconception we hear from time to time. VA loans are not just for first-time homebuyers.
You may be able to use VA financing whether you’re buying your first home, moving into your next one, or coming back to your VA benefit after using it in the past.
What matters is your eligibility and what your specific scenario looks like now.
What Credit Score Do You Need for a VA Loan?
There isn’t one magic credit score that automatically determines whether you can or can’t get a VA loan.
Your credit is one piece of the overall picture. Your income, monthly debts, assets, the property you’re purchasing, and other factors can also play a role in determining what financing options are available.
So if your credit isn’t perfect, don’t automatically count yourself out. It’s worth looking at your full scenario before assuming a VA loan isn’t an option.
What Is the VA Funding Fee?
The VA funding fee is one of those VA loan terms that sounds more complicated than it needs to be.
Simply put, it’s a one-time fee that applies to many VA loans. The amount can vary depending on the type of VA loan, your down payment, and whether you’ve used your VA loan benefit before.
But not everyone has to pay it. Certain borrowers may be exempt from the VA funding fee, including some veterans receiving qualifying service-connected disability compensation.
There are also situations where a veteran who previously paid the fee may later become eligible for a refund.
We break that down further in our guide to VA funding fee refund.
How Long Does it Take to Close a VA Loan?
There’s a pretty persistent myth that VA loans are automatically harder or take significantly longer to close.
That isn’t necessarily true.
Every home purchase has moving pieces, and the timeline can depend on the borrower, property, appraisal, title work, and the overall transaction. Simply using VA financing doesn’t automatically mean you’re signing yourself up for a drawn-out closing.
Our team works with VA financing regularly, so we know what needs to happen and can help keep everyone informed along the way.
Can You Use a VA Loan More Than Once?
Yes! One of the biggest misconceptions about VA loans is that you get to use the benefit once and you’re done.
That isn’t necessarily the case.
Eligible borrowers may be able to use their VA loan benefit multiple times. In some situations, you may even be able to have more than one VA loan at the same time.
If you already have a VA loan, your remaining entitlement helps determine what another VA purchase could look like.
And instead of making you do the math yourself, we built a calculator for it.
Use our Second VA Loan Calculator to estimate your remaining entitlement and see whether a down payment may be needed.
Already Have a Home? Your VA Benefit May Still Be Useful
VA financing isn’t just for buying a home. Depending on your current mortgage and what you’re trying to accomplish, you may also have options to refinance.
For example, a VA refinance could potentially help you access available home equity, change your loan term, or lower your interest rate and monthly payment when the numbers make sense.
If you already have a VA loan, there’s also the VA Interest Rate Reduction Refinance Loan (IRRRL) — better known as a VA Streamline Refinance.
The name is a mouthful, but the idea is pretty simple: for eligible borrowers, it can provide a more streamlined way to refinance an existing VA loan.
Whether refinancing actually makes sense is another question, and that’s something we’re happy to help you look at. Sometimes the numbers make sense. Sometimes they don’t. We’ll give you the same advice we would give our family.
Have a VA Loan Question We Didn’t Answer?
Ask us.
You don’t have to understand entitlement, funding fees, refinance options, or every VA guideline before you reach out.
Florida Mortgage Firm is veteran-owned, and helping veterans and military families understand the benefits they’ve earned is something we genuinely care about. We work with veterans and military families throughout Florida, and we’re always happy to look at a scenario, answer a question, or explain something that doesn’t make sense.
No pressure and no sales pitch. Just tell us what you’re trying to do, and we’ll help you figure out what your options look like.
Take the next step
Getting started is easy. Just pick one of the options below and answer some questions. It only takes a few minutes.
What others are saying about Florida Mortgage Firm
“Best closing we ever had! Thank you so much for helping us with a smooth refinance into a VA loan with a lower rate. We are saving $300 a month. Everyone at Florida Mortgage Firm was professional, friendly and efficient. We will definitely recommend to our family and friends.”