Skip to content
Fact Checked by Experts

VA Loans in Collier County, Florida: Take Advantage of the Zero Down Payment

There is no doubt that Florida is one of the most beautiful states in the country. It's also a trendy destination for retirees looking to escape the cold winters up north. While there are many reasons people want to move to Florida, one of the biggest is its mild climate. It's estimated that roughly 120,000 people move to Florida each year!

While no one can blame you for wanting to live in an area like Collier County, there's something you should be aware of before you start trying to buy a house here.

The average home price in this area is $725,000. It wouldn't be fair to move to Florida and make it impossible for you to buy a house here. That's why VA loans were created first – to help veterans finance their new homes when they leave the military and transition into civilian life.

If you are a U.S. veteran or service member in the market for a new home, there is good news: You may be able to buy a house without putting any money down. The Department of Veterans Affairs offers zero-down mortgages with no monthly insurance for eligible veterans, active-duty service members, and surviving spouses.

The U.S. Department of Veterans Affairs created VA loans to aid veterans, service members, and surviving spouses buy a home.

VA loans were created by the U.S. Department of Veterans Affairs (VA) to aid veterans, service members, and surviving spouses in buying a home without making any down payment or private mortgage insurance (PMI). If you've recently returned from serving in the U.S. military, you might be eligible for a VA loan to help purchase your first home. If so, you must take advantage of this opportunity as soon as possible.

Veterans may borrow up to $647,200 with no down payment on eligible properties using the VA's Interest Rate Reduction Refinance Loan program (IRRRL).

Qualifying spouses can receive an additional $57,500 toward their purchase price with no money down under certain conditions; however, only one spouse must have served at least 90 continuous days during wartime or 181 continuous days during peacetime/mobilization—not both!

VA Loan Eligibility Requirements

Your eligibility requirements change depending on the type of loan you need. The VA loan is available to any service member who has an Honorable Discharge, has served for at least six years, and has served for the past 24 months.

If you have served in a combat zone, your time may be reduced by one year for each month you spent there (up to a total reduction of three years). Your Certificate of Eligibility from the Department of Veterans Affairs is required before applying for a VA loan.

Additionally, if you are not in active duty due to a disability incurred or aggravated during service in time of war or peacetime military operation; are getting disability compensation payments based on such disability; are receiving veterans pensions based on such disability, or have re-entered active duty with permission from DOD and do not live outside the continental United States—you may also qualify.

The basics of a zero-down VA mortgage in Collier County, Florida

VA loans are only available to eligible veterans, service members, and surviving spouses. You don't have to be a homeowner or have any previous home loan experience.

The government will guarantee up to 100% of the loan's value, making it easier for you to get approved.

The VA will also pay your closing costs and funding fee (if applicable). This means that even if you can't afford a large down payment on your mortgage, you should still qualify for one of these no-money-down mortgages!

A few other things worth mentioning: these loans have low-interest rates and require minimal upfront fees. Plus, there are no prepayment penalties associated with them either!

What to expect during the VA Home Loan Process

After applying for a VA loan, several things must happen before funding can be approved. First, the lender will review your credit score, income information, and other documentation.

If everything checks out and you're eligible, they'll contact you with an approval letter and send it to your real estate agent or attorney. (In some cases, lenders will notify applicants by phone.) Then, after reviewing all of this with their clientele—the property seller—the lender will sign off on funding once they've received payment from both parties involved in the transaction.

If your application falls through due to insufficient income or low credit score (or any other reasons), don't worry! Just keep applying until you find something that works for you!

VA loans allow eligible veterans to buy a home with zero down payment

If you're an eligible veteran, VA loans allow you to buy a home with zero down payment. This is an excellent option for veterans because it can help them secure their dream home without needing upfront cash.

While VA loans are often considered a military benefit for veterans, their benefits extend beyond those who served in the armed forces. These loans can also be beneficial for members of law enforcement and firefighters, as well as their families.

They're ideal for first-time homeowners. They're also available even if you've previously owned homes! And finally, these mortgages don't require low-income families to pay more than 10% of their gross income on monthly housing costs—a requirement that many other mortgage types have!

VA loan limits for Collier County, Florida is $647,200

The VA loan limit for Collier County, Florida, is $647,200. This amount increased from $548,250 in 2021. The VA Home Loan program is subject to change, and the amount of financing you can get for your home's purchase price will vary depending on your location and eligibility criteria.

If you would like to learn more about what this means for you or if you have any questions about the loan program, we encourage you to contact us today!

Allows Borrowers to Use Gift Funds or Grants to Pay Closing Costs

You can use gift funds toward your down payment. You can use gift funds if you're getting a VA loan and want to put less money down. If your friend or family member is willing to help, they can give you their money as a gift, which can go towards your down payment.

In this case, the lender won't need any documentation regarding the source of those funds. However, keep in mind that there are limits on how much of your total loan amount may come from gifts — you can only count up to 50 % of its value towards closing costs (including fees and down payments).

You can also get grants for closing costs from nonprofits like Habitat for Humanity International and Volunteers of America—they each offer grant programs that let people borrow at zero interest rate for specific projects related to affordable housing or community development initiatives such as building homes for low-income families.

You Can Take Out a Higher Loan Amount Based on Your Income and the Mortgage Rates

The more money you make, the higher your loan amount will be. The same is true for your credit score and down payment. If you have a high income and a good credit score, you can take out a larger loan than someone with a low or bad credit score.

According to HUD data, buying an average-priced home in Collier County with zero money down is possible if the buyer has an excellent credit score of 740 or higher and earns more than $100,000 per year.

What Are the Main Benefits of a VA Mortgage?

  • No down payment - The VA doesn't require any down payment. Most lenders will allow you to put less than 5 % down, but the VA will pay for up to 100% of the loan amount.

  • No income or credit score requirements - There are no income or credit score requirements for a VA transaction. You'll have an advantage over other borrowers because even if they have higher incomes and better credit scores than you do, they still may not be eligible for financing.

  • No monthly mortgage insurance - Private mortgage insurance is required on conventional loans if you don't make a 20 % down payment, but with a VA loan, you don't need PMI. Home buyers typically pay for PMI for as long as the lender requires. Therefore by eliminating the need for PMI, a VA loan can save you thousands of dollars.

  • No prepayment penalties - You can pay off your loan as early as possible without paying any penalty fees, unlike conventional mortgages, which often have prepayment penalties that can cost hundreds of dollars on top of the money you would have saved by paying off the loan early.

  • No closing costs - Most VA loans don't require closing costs, saving you thousands of dollars upfront.

  • No appraisal fees - VA mortgages don't require an appraisal, which means no out-of-pocket expenses for you.

  • No property restrictions - There are no geographical restrictions on VA home loans, so they're available to military members who may be moving around frequently or who might want to buy a house in an area where there's a shortage of homes for sale or where homes are too expensive for them based solely on their income.

Sunset over the colorful shops of the Village on Venetian Bay in Naples Florida

How Do You Qualify for a VA Loan?

The VA loan process is simple. You will be required to fill out an application, which can be done online. You will also need to begin the home search for your dream home. If you cannot find a suitable home in South Florida, our agents will help you locate one!

Once your lender has pre-approved you for a VA loan, they will send an appraisal inspection of your property. After the appraisal, your lender will contact an attorney who specializes in VA loans to complete the closing on your house purchase transaction.

What Kind of Documents Do I Need to Apply for a VA Loan?

Proof of income

You'll need to submit documentation that proves your stable source of income. Your lender will evaluate your monthly income, average income over the last two years, and credit history to determine whether you qualify for a loan.

Proof of residency

Your lender will also require proof that you reside in Collier County or another Florida county eligible for VA loans.

If you are an active duty service member or veteran, you can use your latest Form DD214 as proof of residency. The VA will only accept this document if they've already established that it's been updated with a new address after leaving the military/veterans affairs system (i.e., not all veterans have kept their address up-to-date).

If this isn't the case, we recommend submitting another form that lists both addresses (elderly parents may have moved into senior housing while maintaining ownership - keeping power over medical decisions).

How Do I Apply for a VA Home Loan in Collier County, Florida?

The first thing you should do is speak with the lender. They may have something extra in mind that would help you get approved.

The next step is to find a VA-approved lender with whom you can work. You can search online or ask friends if they have used any lenders in the past.

Once you have found a few lenders and chosen one that works for your needs, it's time to apply! The process is simple.

  • Talk with the loan officer about your situation and needs

  • Fill out some paperwork (which they'll send over)

  • Pay any fees associated with applying for your loan (typically $0)

  • After the entire process, wait until they call back with good news! Or bad news if it doesn't go through, but hopefully not!

Top 5 Things for Veterans to Do in Collier County, Florida

Naples Beach

Naples Beach is an excellent spot for veterans to visit. The beach offers beautiful views of the Gulf of Mexico and plenty of things to do on land. For example, several restaurants along the beachfront serve delicious food and drinks.

Veterans can also enjoy shopping at The Village at Vanderbilt Place or walking around the shops at Mercato Center. The best part about Naples' beaches is that they are open all year round!

Corkscrew Swamp Sanctuary

Corkscrew Swamp Sanctuary is located in Naples and provides veterans with an opportunity to explore nature while learning about its history. This sanctuary was founded in 1930 by Charles Edwin Fossey. He wanted to create a haven for migratory birds and other wildlife such as alligators and snakes (there are no venomous species here!).

Visitors can take guided tours or explore independently—this sanctuary provides an educational experience for all ages!

Naples Zoo

This zoo features many different species worldwide, including elephants, giraffes, tigers, and bears, to name a few! Many exhibits feature educational information about each animal species as well as some interactive areas for kids where they can get up close and personal with some animals like monkeys or lemurs! It is located on the northwest side of Naples, so it's easy for locals to visit.

Everglades National Park

Everglades National Park is a protected area in the southern portion of Florida, encompassing 1.5 million acres of swamps and forests. It is one of only two national parks in the continental United States that have an abundance of alligators. This park aims to protect the Everglades' natural resources and preserve this unique ecosystem for future generations.

Lowdermilk Park

Lowdermilk Park is a beautiful place to visit when in Collier County, Florida. This park offers many wonderful amenities, including picnic areas, grills, playground equipment, and restrooms. You will find the park at 3700 Tamiami Trail N., Naples, FL 34110.

There are also hiking trails throughout the park for those who enjoy walking or biking outdoors on scenic paths through wooded areas and lakeside areas that offer breathtaking views of nature's beauty and wildlife such as deer or squirrels running freely around them. In contrast, they enjoy their time out in nature.


For veterans, service members, and surviving spouses looking to buy a home in Collier County, Florida, the VA loan can be a great way to do so with zero down payment. If you're interested in learning more about this option or would like assistance with your mortgage, contact us.

With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.

Find The Right Mortgage

For more than 20 years, Phil have been helping customers achieve their home purchase and refinance goals by providing them with invaluable resources and support.

Schedule a FREE Consultation
Phil Ganz

Subscribe to Get Your First Time Homebuyer Checklist

Sign up for the weekly newsletter to stay up to date on the latest real estate market trends, loan news, and so much more!