Publisher: American Veteran Mortgage Corporation. Editorial update: October 1, 2026. How these guides are prepared · Company verification
VA PURCHASE LOANS · CALIFORNIA & FLORIDA
VA purchase loans: eligibility, down payment and closing steps
Eligible borrowers may use a VA loan to buy a primary home. Whether a down payment is needed depends on available entitlement, the appraised value, purchase price and lender requirements. Approval also requires review of your finances and the property.
You can ask a general question before choosing a property or collecting every record. Call 800-705-5885; use the approved secure process for sensitive documents.
BEGIN WITH THE BASICS
Before making an offer, review financing and deadlines.
- Confirm VA eligibility and available entitlement
- Review income, assets, credit, and estimated costs
- Set a practical payment and purchase-price range
- Prepare a preapproval for the property search
Buying around new orders?
Coordinate reporting, income, signing, housing costs and the intended move-in date before committing to a closing calendar.
Primary residence
Financing for an eligible borrower's intended home
Flexible structure
Compare actual Loan Estimates for the available programs, including rate, fees, mortgage insurance, funding fee and cash to close.
No monthly mortgage insurance
VA loans do not require monthly mortgage insurance. Homeowners insurance, flood insurance when required, and other property costs remain separate.
THE PURCHASE DECISION
Know the benefit. Understand the full transaction.
Before writing an offer, review your COE (Certificate of Eligibility, the VA document showing your home-loan benefit eligibility), purchase budget, cash to close (the money you need to bring to closing after deposits, credits and other adjustments) and plan for using the home with the lender. Coordinate appraisal (a professional estimate of the property’s value for the loan review) and inspection deadlines with the purchase contract.
PREPARE TO BUY
Four questions to answer before you shop.
Are you eligible?
Review military service history, Certificate of Eligibility status, and available entitlement (the VA benefit amount available to support a lender’s loan guaranty).
What fits the budget?
Consider payment, cash to close, taxes, insurance, homeowners association dues, and reserves (funds the lender requires you to have left after closing).
What property works?
Discuss occupancy (how you use the home, such as living there as your main home), property type, condition, appraisal requirements, and state-specific considerations.
How will you compete?
Coordinate preapproval (a lender’s preliminary review of borrowing ability, subject to conditions and further checks), timing, documentation, and communication with your real estate professional.
FROM CONVERSATION TO CLOSING
A purchase process built around informed steps.
Ask which financing, appraisal, inspection and closing steps remain, who is responsible for each, and which contract deadlines apply.
Plan and preapprove
Ask the lender which COE, income and asset records it needs, then compare a complete payment estimate and estimated cash to close with your budget.
Find and contract
Coordinate the financing strategy with the property, offer terms, and expected timeline.
Appraise and underwrite
Complete the VA (U.S. Department of Veterans Affairs) appraisal, documentation review, title work, and the lender’s review for loan approval conditions.
Review and close
Confirm final terms, required funds, closing documents, and ownership transfer.
PROPERTY & APPRAISAL
The appraisal protects the loan not a buyer's full inspection decision.
The VA appraisal considers market value and minimum property requirements (VA’s basic property standards for safety, soundness and sanitation). A separate home inspection can provide a broader evaluation of the property’s condition.
Value
The appraiser develops an opinion of market value using the property and comparable sales.
Minimum property requirements
The property is reviewed against VA requirements for safety, sanitation, and structural soundness.
Inspection
A home inspection is separate from the VA appraisal and may identify additional condition concerns.
CALIFORNIA AND FLORIDA GUIDANCE
Buying in California or Florida?
For the selected home, request current tax, insurance and association-cost estimates. Confirm whether the lender needs additional property or project records before setting a closing date.
VA PURCHASE QUESTIONS
Useful answers before you make an offer.
Who may be eligible for a VA purchase loan?
Eligibility may extend to qualifying veterans, active-duty service members, National Guard and Reserve members, and certain surviving spouses. The VA determines eligibility.
Can a VA purchase loan be used more than once?
Another VA-backed purchase may be possible when enough entitlement is available or VA restores previously used entitlement. The borrower must also meet the lender’s credit, income and property requirements and the applicable rules for using the home. Read VA’s explanation
Does the VA appraisal replace a home inspection?
A VA appraisal estimates property value and reviews basic VA property standards; it does not replace an independent home inspection. A buyer’s inspection can identify concerns outside the appraisal’s scope, and the lender may still require repairs or other property review.
Can American Veteran Mortgage help in California and Florida?
Yes. American Veteran Mortgage provides VA purchase loan guidance for eligible borrowers buying homes in California and Florida.
Purchase example: the home still has to work
Decision example: Suppose a buyer has a COE and a preapproval but the appraisal identifies a value or property issue. The buyer should review the appraisal result, contract options, cash needs and any separately ordered inspection with the lender and agent before deciding whether to proceed.
Primary source: VA: home-buying process. Source linked for this illustration; no transaction-specific review is implied. Examples are educational; actual eligibility, costs and terms require lender review.
Open the printable checklist
VA purchase preparation checklist
Use this blank worksheet to record what you have verified and what still needs review. Keep your completed copy private; this page does not collect your notes.
- Ask the lender what the COE confirms and which income/asset records remain.
Source or document: __________________
Question / person to ask: __________________
Needed by: __________________ - Compare the full property payment and cash to close with your budget.
Source or document: __________________
Question / person to ask: __________________
Needed by: __________________ - Write down inspection, appraisal, financing and closing deadlines; ask who must resolve each outstanding condition.
Source or document: __________________
Question / person to ask: __________________
Needed by: __________________
Sources to check
Before relying on the result: Use current official guidance and the records relevant to your question. This worksheet does not verify your facts or determine eligibility, approval, costs or timing.
Before making an offer
Before sending closing funds
Confirm payment instructions with your settlement agent through an independently verified contact. Unexpected last-minute changes deserve a separate check before you transfer money.
Confirm the rate and closing timeline
Ask whether your proposed rate is locked, its expiry date and what happens if the closing is delayed. Read the lock conditions and any extension charges before treating an estimated payment as settled.
PRIMARY SOURCES
Verify the rules with official sources.
American Veteran Mortgage summarizes mortgage information for education. Transaction-specific requirements and current agency guidance control.
Source-check dates appear beside the statements they support. An editorial update does not mean every rule was reverified.
Questions to resolve before your next step
Can I buy a condo with a VA loan?
VA identifies a condo in a VA-approved project as an eligible purchase category. Ask the lender to check the exact project and proposed loan before relying on a listing that says “VA eligible.” Association records, insurance, the borrower and the property still require review. A project approval does not approve your loan.
How should I compare VA and conventional financing?
Ask for comparable Loan Estimates using the same property, proposed borrowing amount and repayment term. Compare rate, lender fees, mortgage insurance when applicable, the VA funding fee, cash to close and costs over the time you expect to keep the loan. Neither program is automatically the less expensive choice for every borrower.