Steps to Apply for a VA Home Loan

loan application

Did you know that a VA Loan is something guaranteed to every eligible person who served in the armed forces?  The basic requirements are that you have served at least 90 consecutive days of active duty during wartime, or, you served at least 181 days of active duty during peacetime, or, you have more than six years of service in the National Guard or Reserves, or, you are the spouse of a disabled veteran or the spouse of a service member who died in the line of duty.

A VA Loan is a guaranteed, no-money-down mortgage option for eligible candidates and it’s not only a competitive rate but should also include no mortgage insurance requirements.   It’s a hassle-free loan where you don’t need to haggle with a mortgage lender in order to receive the full loan, but there are a few things you need to know in order to get a VA loan.

First, get your Certificate of Eligibility, or COE.   You can get your COE from your local VA or online though the VA’s benefits portal, or, the easiest method is through a VA approved lender.  Next, you need to prove that you have a reliable income that can cover the loan payments.  Third, you need to have a credit score pulled and pending your score you can lock in a great rate for your mortgage.

Once you have these things in place, it’s just a matter of finding a home and applying for the loan through an approved VA lender.  You might need to provide some additional paperwork like W2’s, tax returns and recent bank statements, but from there it’s a done deal and it’s just a matter of time before the paperwork makes its way through the system.    Like most government-involved processes, it takes a little bit of patience, but you know you’ll be a homeowner, so you might as well start preparing yourself and choosing the new colors you plan on painting walls in the new house.

A VA loan is a great opportunity to become part of the American dream by owning a home.   If you’re one of the eligible candidates, you’ve earned the right to obtain a no-money-down loan, so you should use it, but you’re not limited to only the first loan.   In fact, you can use your VA loan opportunity over and over again but know that only the first loan is fully a zero-fee and no-money down loan.   The other loans might charge a fee, but that can be rolled into the loan.

If you’ve had your home for a few years and built some equity in it, you can also apply for VA loan refinancing options down the road, which provide special rates and discounts specific to those who have a VA loan.   It’s a win-win situation when you decide to use your benefits and purchase a home through the Veterans Affairs home loan program and it’s a shame if you don’t take advantage of this awesome benefit that you earned.   Get in line and get onboard for the American dream!

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