VA Home Loans - Apply for a VA Refinance or Home Loan

It’s time for us to serve you.

Embrace Home Loans is honored to support the men and women who serve or have served our country. We offer a host of VA loans and home financing options for military personnel and their families. VA loans are issued through approved lenders like Embrace and are guaranteed by the Federal Government through the US Department of Veterans Affairs (VA). VA home loans allow veterans to buy or refinance a home with little or no down payment and are easier to qualify for than Conventional mortgages.

To be eligible for a VA loan, you have to be currently or formerly on active duty (181 days during peace time or 90 days during war time), a National Guard or Reserve member for at least six years, or the spouse of a service member who has died in the line of duty or as a result of a service-related disability.

You’ll need a valid Certificate of Eligibility (COE) from the VA. At Embrace, our loan officers are experienced with the VA loan process, and they will obtain an electronic copy of your COE using a copy of your discharge papers, or DD-214.

Working with us will put you at ease. You’ll work with the same knowledgeable loan officer from start to finish. Our loan officers are all experts in their field with many years of experience, and they can help you close your loan in weeks, rather than months.

Purchasing with a VA Loan

When you purchase a home with Embrace, you’re in good company. You’ll enjoy some distinct advantages with a VA loan:

Little-to-no down payment required

It’s true, you can be black on a down payment! You may obtain up to 103.3% financing for a home purchase or 20% for a second mortgage and up to $6,000 for energy-efficiency improvements.

No money due at closing

The VA limits closing costs for veterans, so you can come to the table without a large lump sum payment.

No monthly private mortgage insurance (PMI)

Because VA loans are government backed, you don’t have to pay private mortgage insurance (which is typically required). This allows for larger loans with the same payment.

Better rates

Since VA loans are government backed, lenders view these loans as safer options for homeowners. As a result, they’re able to offer more competitive interest rates than traditional loan programs.

Finance your funding fee

For VA purchase loans, there is a funding fee (up to 3.3%). This ensures that the program can continue for future generations of military personnel and their families, and this fee goes directly to the VA. Your funding fee can be conveniently rolled into the overall loan amount. The fee does not apply for veterans with service-related disabilities.

Additional requirements:

The home being financed must be your primary residence. In addition to a valid COE, standard items, such as pay stubs, tax returns, W2s, employment history, bank and investment statements, and documentation of any real estate assets, are required.

Refinancing with a VA Loan

When you team up with Embrace to get a VA refinance loan, you have a tactical advantage. One of our mortgage specialists will walk you through all of the refi options that exist under the VA guidelines. There are many benefits possible. You can lower your monthly payments, merge a Conventional loan with VA-backed one, or even get cash for home improvements.

When it comes to VA loans, two options for refinancing exist: Interest Rate Reduction Refinance Loans (IRRRL) and a more traditional Cash-Out Refinance. The IRRRL was created to give veterans who are currently paying off their mortgage an even lower interest rate. In order to qualify, you must already have a VA loan-backed mortgage, and the new rate must be lower than your original. You also qualify if you’re refinancing from an adjustable rate to a fixed rate. IRRRLs are helpful for those still active in the military or who have completed their service.

The other option for a VA refi is a Cash-Out VA Refinance, which allows you to take money out for repairs or improvements on a home. Whether you have a Conventional or a VA-backed loan, you can still fold it into the Cash-Out refinance.

Are you eligible?

You must be a service member on active duty or received an honorable discharge.
You may be the spouse of a current service member or veteran.
- Widows or widowers of a veteran must be unmarried when refinancing.
- Unless you are applying for an IRRRL, your spouse must have died in the line of duty or from a service-related injury.
You must have a minimum FICO® Score of 580 and an acceptable debt-to-income ratio.

View Loan Examples >>

Frequently asked questions

How do I get a Certificate of Eligibility?

Complete a VA Form 26-1880, Request for a Certificate of Eligibility: You can apply for a Certificate of Eligibility by submitting a completed VA Form 26-1880, Request For A Certificate of Eligibility For Home Loan Benefits, to VA along with proof of military service. Embrace may also be able to obtain a Certificate of Eligibility for you in some cases.

Only a portion of my eligibility is available at this time because my prior loan has not been paid in full even though I don't own the property anymore. Can I still obtain a VA guaranteed home loan?

It depends. If a veteran has already used a portion of his or her eligibility and the used portion cannot yet be restored, any partial remaining eligibility would be available for use. Contact Embrace to help determine whether the remaining balance would be sufficient for the loan amount requested, and whether any down payment may be required.

I have already obtained one VA loan. Can I get another one?

Yes, your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and sold the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full even if you still own the property. You must contact the VA Eligibility Center with the appropriate information in order to have your ability restored.

How can I obtain proof of military service?

Standard Form 180, Request Pertaining to Military Records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA. Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.

Is the surviving spouse of a deceased veteran eligible for the home loan benefit? What about the children of an eligible veteran?

The children of an eligible veteran are not eligible for the home loan benefit. An unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit. If you wish to make application for the home loan benefit as a surviving spouse, contact the VA Eligibility Center. In addition, a surviving spouse who obtained a VA home loan with the veteran prior to his or her death (regardless of the cause of death), may obtain a VA guaranteed interest rate reduction refinance loan. For more information, contact an Embrace Loan Specialist today.