Independent Florida VA mortgage education, reviewed October 11, 2026. This site is not a lender or government agency. Verify terms and property costs with qualified providers.
Why VA financing is different
VA-backed purchase loans generally don't require monthly private mortgage insurance (PMI). That's a distinction from many conventional loans with small down payments. It doesn't mean the loan has no other fees or that every buyer will qualify for zero down.
Understand the VA funding fee
Many VA borrowers owe a one-time funding fee unless exempt. The percentage depends on the loan type, use history and, for certain transactions, down payment. The fee is different from monthly PMI and may affect the amount financed.
Homeowners insurance still matters
Your lender generally still requires appropriate hazard insurance, and flood insurance may be required in some circumstances. In Florida, wind coverage, hurricane deductibles and property condition deserve particular attention.
Compare the total payment
Ask lenders to show principal, interest, property taxes, insurance, association dues, closing charges and any VA funding fee. A no-PMI loan can still have a high total monthly expense on a particular property.
Keep your options open
If you qualify for multiple mortgage programs, request comparable Loan Estimates. The best fit depends on costs, down-payment choices, credit, property and expected time in the home.
Before making a decision
- Separate mortgage insurance from homeowners insurance
- Ask about the VA funding fee
- Compare total monthly payments
Frequently asked questions
Does no PMI mean no insurance?
No. PMI and homeowners insurance are different. Property insurance can still be required.
Is every VA borrower funding-fee exempt?
No. VA determines eligibility for specific exemptions.
Official sources
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