Mortgage loans guaranteed by the Department of Veterans Affairs (VA), or VA mortgages, offer a number of incredible benefits including no down payment, no mortgage insurance, flexible underwriting, and limits on closing costs and fees. Other mortgage options typically can’t match these benefits. If you’re a Florida home buyer, how can you tell if a VA loan is right for you?

You’re eligible: For starters, you have to be eligible. Typically, that means you’ve served in the military for 90 consecutive days during war, 181 consecutive days during peacetime, or at least six years in the National Guard or Reserves. There are some other beneficiaries, like surviving spouses or cadets at different military academies, so you should double-check if you think you might be eligible. You’ll need to get a Certificate of Eligibility (COE) from the VA, but lenders will often help you get the COE.

You plan to live in the home you buy: The VA loan program is for people who plan to live in the homes they buy full-time. You can’t use VA loans to buy investment property or vacation homes. However, in some cases, your spouse may be able to fulfill this requirement.

You don’t want to make a down payment: The main benefit of a VA loan is buying a home without a down payment. You also won’t have to pay mortgage insurance. If you want, you can certainly make a down payment. But it’s not required.

You don’t want a fixer-upper: VA loans require safe and structurally-sound houses, and there is an appraisal process to verify that the home you’re buying meets the minimum property requirements. So, you can’t buy a fixer-upper property with a VA mortgage.

Learn more about VA loans

If you fit the profile outlined about, give Embrace Home Loans a call at 407-733-6425. We’re experts in VA mortgage lending, and we’ve helped veterans in Florida determine their eligibility and obtain VA loans. We’d be happy to answer your questions and work with you to get the financing you need for your home.

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