One of the benefits for serving our country in the armed forces is the Veterans Administration Loan Guaranty Program, often referred to as a VA loan. If you are a veteran who is relocating to Florida or simply moving to a new home, Embrace Home Loans can help you with VA loan financing.

What are VA loans?
It’s important to note that VA loans are not issued by the Veterans Administration but are guaranteed by them. That allows mortgage lenders to provide you with more favorable terms than other borrowers. The process is not much different than conventional home loans. You find a property that meets your needs, apply for a loan with a lender and present your discharge papers and/or a Certificate of Eligibility (COE). The property will be appraised by an approved appraiser and if the application is approved, you will get the loan. The VA guarantees the loan, protecting the lender if you fail to repay the loan.

What are the advantages of a VA loan? VA loans come with significant benefits that can help veterans, service members and military families. These benefits include:

  • No down payment. Qualified borrowers can finance 100 percent of a home’s value without any down payment.
  • No private mortgage insurance. Most conventional borrowers must pay for private mortgage insurance (PMI), but VA loans are guaranteed by the Veteran’s Administration. This means lower payments and potentially thousands of dollars saved over the life of the loan.
  • Competitive interest rates. Interest rates are based on the risk assumed by the mortgage lender, and VA loans are less risky because they typically have rates that are lower than conventional interest rates.

Who is eligible?
Generally speaking, VA loans are available to service members, veterans, spouses and other beneficiaries. The VA determines who is eligible, and will issue those people a COE. You can apply for your COE online or by mail. Embrace Home Loans will be happy to assist you with your application. You must have satisfied your service requirements and have sufficient “entitlement” available for a VA loan. Veterans with full entitlement may qualify for a VA loan of up to $417,000.

Eligible VA loan borrowers must qualify for any loan they receive, which means they must have appropriate income and creditworthiness. The lender sets this criteria within VA guidelines, so these requirements may vary. What properties can I buy with a VA loan? The primary restriction is that VA loans must be used for owner-occupied, single-family homes or VA-approved condominiums, townhouses or multi-family homes of up to four units.

How do I find out more? You can contact Embrace Home Loans by visiting or calling 800-333-3004 extension 3560