How Do I Get a VA Loan?
The Department of Veterans Affairs (VA) offers a home loan guaranty benefit and other housing-related programs to help qualified veterans purchase, build, repair, retain, or adapt a home for their own personal occupancy.
For more information on the VA Loan Process, veterans should contact a VA-approved lender.
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What is a VA Loan?
A VA loan is a mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs (VA). The loan is available to eligible veterans, service members, and surviving spouses. The VA loan program was created to help veterans and their families purchase homes.
What are the benefits of a VA Loan?
There are many benefits to a VA Loan, but perhaps the most significant is that it allows eligible veterans to purchase a home with no money down. In addition, there are no monthly mortgage insurance premiums required with a VA Loan. Closing costs can also be lower than with a conventional loan, and there is more flexibility with credit requirements.
Who is eligible for a VA Loan?
VA Loans are available to eligible service members, Veterans, reservists, and National Guard members, as well as their unmarried surviving spouses. Active duty service members and their eligible spouses may apply for a VA Loan through a lender of their choice, or through the Veterans Benefits Administration’s Loan Eligibility Center.
What are the eligibility requirements for a VA Loan?
All active duty service members, reservists, National Guard members, and veterans are eligible for a VA Loan. You must have served a minimum of 90 consecutive days during wartime or 180 days during peacetime. If you were discharged due to a service-related disability, you may be eligible with as little as
qualify with as little as 90 days of service. surviving spouses of service members who died in the line of duty or as a result of a service-related disability are also eligible for the VA Loan program.
How do I apply for a VA Loan?
You may be eligible for a VA loan if you are a Veteran, service member, or spouse of a Veteran. To apply, you will need a Certificate of Eligibility (COE). You can get a COE through eBenefits, by mail, or your lender can help you get one. Once you have your COE, you can apply for a VA loan.
How do I get started?
The first step in getting a VA loan is to contact a VA-approved lender, such as a bank, credit union, or mortgage company. You can search for a VA-approved lender on the Department of Veterans Affairs website. Once you’ve found a lender, you’ll need to get a Certificate of Eligibility (COE) from the VA to show that you are eligible for a VA loan. You can get your COE online or through your lender.
What are the next steps?
After you’ve been approved for a VA loan, there are a few next steps that need to be completed before you can close on your home. The first step is to find a home that you want to purchase. Once you have found a home, you will need to get an appraisal. The appraisal is to make sure that the home is worth the price that you are paying for it. If the appraisal comes back higher than the purchase price, you will need to come up with the difference in cash. If it comes back lower, the seller will need to lower the price of the home.
What happens after I’m approved?
After your loan is approved, you will work with your loan officer to select a house within an approved price range. Once you and the seller agree on a price, the next step is to have the property appraised to make sure the selling price is appropriate. The appraisal will also help determine the loan amount you are eligible for. Once the appraisal is complete, you will need to provide a deposit (usually 10 percent of the loan amount) and then sign a purchase agreement. At this point, the lender will order a title search to make sure there are no outstanding claims on the property. If everything comes back clean, you will then close on the loan and be given the keys to your new home!