With Veterans Day on November 11, thank you to everyone who has served. If a Boca or Delray home is on your list, the VA-backed home loan is worth understanding. Start with eligibility, then look at the lender’s terms, the property and the full ownership budget.
As you compare locations, explore my Boca Raton real estate guide and Delray Beach real estate guide for an overview of each market.
What the VA Benefit Can Offer
Little or no down payment. Eligible borrowers with full entitlement may qualify for no down payment, subject to credit, income, occupancy, appraisal and lender requirements. A price above appraised value can require cash.
No monthly mortgage insurance. VA-backed loans don’t require private mortgage insurance (PMI). That doesn’t mean there are no other loan or closing costs.
Compare lender terms. VA-backed loans come from private lenders with a Department of Veterans Affairs guarantee. Compare actual rates, fees and terms rather than assuming every quote will be the same.
A one-time funding fee. A VA funding fee may apply and can generally be financed. Exemptions exist, including for qualifying borrowers receiving VA disability compensation. Have the lender confirm your fee or exemption.
Who May Be Eligible
Veterans, active-duty service members, certain National Guard and Reserve members, and some surviving spouses may qualify. A Certificate of Eligibility (COE) helps establish benefit eligibility; your lender must still evaluate the loan. Ask the lender to help obtain and review the COE.
VA Loans and Boca Raton Condos
For a VA-backed condo purchase, confirm that the project is VA-approved. Check early rather than assuming the building qualifies. Also review its applicable Florida safety inspections, reserve requirements and financial documents.
Get the Loan and Property Questions Answered Early
Get pre-approved with a lender experienced in VA loans.
Understand the VA appraisal and minimum property requirements. An appraisal does not replace an independent home inspection.
Ask about seller contributions toward closing costs and have the lender confirm applicable limits.
Look at property condition early. Even a home advertised as move-in ready may have appraisal repair conditions.
Budget for Florida Ownership, Too
Homeowners, windstorm and flood insurance
Property taxes, plus any homestead exemption you qualify for
HOA or condo fees
Florida has additional property-tax exemptions for some qualifying veterans, including certain service-connected disability situations. Ask the Palm Beach County Property Appraiser which eligibility rules and documentation apply to you.
This is general information, not lending or tax advice. Confirm current program requirements with the VA and a participating lender, and tax eligibility with the property appraiser.
Thank You for Your Service
If you're a veteran or service member thinking about buying in Boca Raton or Delray Beach, I'd be honored to help. Call or text me at 561-888-3115, or browse homes for sale.
Official references: VA purchase-loan eligibility and benefits, VA home-buying and appraisal process and VA funding fees.
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