Zero down payment. No private mortgage insurance. Competitive fixed and adjustable rates backed by the full faith of the Department of Veterans Affairs. Eglin FCU's mortgage team specializes in VA lending for active-duty, veterans, Guard, Reserves, and surviving spouses. NMLS #547890.
Eglin Federal Credit Union holds NMLS registration #547890 and originates VA-guaranteed home loans across all 50 states. The mortgage division processes VA purchases, VA IRRRL streamline refinances, VA cash-out refinances, and VA jumbo loans exceeding $1 million. Borrowers benefit from the credit union's not-for-profit structure: lower origination fees, reduced closing costs, and rates that consistently track below national averages. The average VA purchase loan at Eglin FCU closes in 32 days from application to funding.
The VA purchase loan remains the single most powerful mortgage benefit available to military borrowers. At Eglin Federal Credit Union, VA purchase loans require 0% down payment on conforming loan amounts. No private mortgage insurance is charged — ever. That eliminates the $150 to $300 monthly PMI cost that conventional borrowers pay until they reach 20% equity. On a $350,000 home, skipping PMI saves the borrower between $1,800 and $3,600 annually.
VA loans permit seller concessions up to 4% of the purchase price, covering closing costs, prepaid taxes, and insurance escrows. Eglin FCU's loan officers negotiate these concessions into purchase contracts as standard practice, further reducing out-of-pocket costs at closing. Eligible borrowers can purchase with virtually zero cash required beyond the earnest money deposit.
The Interest Rate Reduction Refinance Loan strips the refinance process down to its essentials. No appraisal. No income verification. No employment confirmation. If you hold an existing VA loan and current market rates are lower than your note rate, the IRRRL lets you capture the savings with minimal paperwork. Eglin Federal Credit Union closes most IRRRL applications within 20 to 30 days. Closing costs can be rolled into the new loan balance, meaning zero out-of-pocket expense at closing.
The VA requires a net tangible benefit test: the refinance must reduce your monthly payment, shorten your loan term, or convert an adjustable rate to a fixed rate. Eglin FCU evaluates each scenario before application to confirm the refinance passes the test and produces real savings over the remaining loan term.
VA cash-out refinancing allows borrowers to tap up to 100% of the appraised home value — converting equity into cash for debt consolidation, home improvements, education expenses, or emergency reserves. Unlike conventional cash-out products that cap at 80% loan-to-value, the VA program provides significantly more liquidity. Eglin FCU underwrites cash-out refinances with the same competitive rates applied to purchase loans. A full appraisal and income verification are required for cash-out transactions.
For properties exceeding the conforming loan limit, Eglin Federal Credit Union originates VA jumbo loans above $1,000,000. Jumbo VA loans still carry no PMI requirement. Down payment requirements depend on the borrower's remaining entitlement and the county loan limit. In Okaloosa County, the 2026 conforming limit is $766,550; borrowers purchasing above that threshold may need a partial down payment calculated from the difference between the purchase price and the county limit multiplied by 25%.
Every VA loan requires a Certificate of Eligibility (COE) from the Department of Veterans Affairs. Eglin FCU's mortgage team retrieves COEs electronically through the VA's Web LGY system — typically within minutes. The COE confirms your entitlement amount, prior VA loan usage, and any funding fee exemptions.
The VA funding fee on a first-use purchase loan with no down payment is 2.15% of the loan amount. Subsequent use increases to 3.3%. Larger down payments reduce the fee: 5% down lowers it to 1.5%, and 10% or more drops it to 1.25%. Veterans receiving VA disability compensation, surviving spouses receiving Dependency and Indemnity Compensation, and Purple Heart recipients on active duty are fully exempt from the funding fee — a savings of $7,525 on a $350,000 loan.
Basic Allowance for Housing is non-taxable income that VA lenders can gross up by 25% for qualification. An E-6 receiving $2,100 in BAH can count $2,625 toward debt-to-income calculations. This gross-up frequently bridges the gap between qualifying for a starter home and qualifying for the home a family actually needs.
PCS timing adds complexity to VA purchases. Eglin Federal Credit Union's mortgage team coordinates with orders, report-not-later-than dates, and housing office timelines to close loans within the tight windows military moves demand. For members purchasing at a new duty station before arriving, the credit union conducts the entire process remotely — digital application, e-signed disclosures, remote notarization, and funded closing.
| VA Loan Type | Down Payment | PMI | Max Term | Notes |
|---|---|---|---|---|
| VA Purchase | 0% | None | 30 years | Seller concessions up to 4%; funding fee applies unless exempt |
| VA IRRRL | 0% | None | 30 years | No appraisal, no income verification; 0.5% funding fee |
| VA Cash-Out | 0% | None | 30 years | Up to 100% LTV; full appraisal required |
| VA Jumbo | Varies | None | 30 years | Loans above $1M; down payment based on remaining entitlement |
Eglin Federal Credit Union NMLS #547890. Rates and terms subject to change. All VA loans subject to VA and lender approval.
For official VA loan eligibility requirements and funding fee schedules, visit VA.gov Home Loans. For housing counseling resources, see HUD.gov Housing Counseling.
Active-duty service members with 90+ consecutive days during wartime or 181 days during peacetime, veterans with honorable discharge, National Guard and Reserve members with 6+ years of service or 90 days of active-duty mobilization, and surviving spouses of service members who died in the line of duty. A valid Certificate of Eligibility from the VA is required. Eglin FCU's mortgage team can retrieve your COE electronically.
A one-time fee paid to the VA: 2.15% on first-use purchase loans with zero down, 3.3% on subsequent use. Down payments of 5% reduce it to 1.5%; 10% or more reduces it to 1.25%. Veterans with VA disability compensation, surviving spouses receiving DIC, and active-duty Purple Heart recipients are exempt. The fee can be financed into the loan amount.
Yes. Basic Allowance for Housing is non-taxable, so lenders gross it up by 25% for income qualification. An E-6 with $2,100 BAH counts $2,625 toward debt-to-income ratios. Eglin FCU's underwriters apply this calculation automatically when BAH appears on your Leave and Earnings Statement.
An Interest Rate Reduction Refinance Loan (VA Streamline Refinance) allows existing VA borrowers to refinance to a lower rate without an appraisal or income verification. Closing costs can be rolled in. Eglin FCU processes most IRRRLs in 20 to 30 days. The refinance must pass the VA's net tangible benefit test — lower payment, shorter term, or ARM-to-fixed conversion.
Yes, if you have remaining second-tier entitlement. Common during PCS: keep your current home as a rental and purchase at the new duty station with a second VA loan. Eglin FCU calculates your remaining entitlement and the maximum no-down-payment amount based on county loan limits. Contact the mortgage team at (850) 862-0111 for a second-tier entitlement analysis.
Free checking, early pay, deployment protections, and SCRA benefits for service members.
Conventional fixed and adjustable-rate mortgages, jumbo loans, and first-time buyer programs.
Commercial real estate, equipment financing, SBA lending, and veteran-owned business programs.
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