The VA Loan Buyer's Guide to Owning a Home
VA Loan Guide
A comprehensive Veterans' guide to buying your a home.
The VA has a mission to serve, proide a home loan guaranty benefit and additional housing related programs for the benefit of veterans and their families in buying, maintaining and owning your own personal occupancy.
VA home loans are provided by private lenders, such as direct lenders, banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide the Veteran with more favorable terms.
Whether you are purchasing your first home with VA benefits or have purchase a home in the past, the information provided is free, for your benefit and will help educate you through the process of owning a home with a VA loan.
VA Home Loans 101
What is the VA Home Loan Benefit?
VA home loans are provided to veterans and their spouses as a benefit to help purchase a home. VA home loans are provided by private lenders, banks and mortgage companies. VA guarantees a portion of the loan against loss, enabling the lender to provide you with more favorable terms.
Why Use Your Benefit?
The guarantee VA provides to lenders allows them to provide you with more favorable terms including:
-No down payment unless required by the lender or the purchase price is more than the reasonable value of the property
-No private mortgage insurance premium requirement
-VA rules limit the amount you can be charged for closing costs
-Closing costs may be paid by the seller
-The lender cannot charge a pre-payment penalty if you pay off the loan early
-VA may be able to provide you some assistance if you run into difficulty making payments
Who is Eligible for a VA Guaranteed Loan?
Generally, the following people are eligible:
-Veterans who meet length of service requirements
-Servicemembers on active duty hwo have served a minimum period
-Certain Reservists and National Guard members
-Certain surviving spouses of deceased Veterans
How Do I Start the Process?
VA provides policy, guidelines and oversight of the program. Lenders provide financing for eligible Veterans. The guaranty allows Veterans to obtain a competitive loan without a down payment. Lenders need a Certificate of Eligibility (COE) to prove your entitlement. Most Veterans can obtain the COE online through eBenefits. Lenders may also have the ability to request the COE on your behalf.
You Might Be Wondering...
Can I download this guide and read it later?
Yes, you can. Information can be reviewed at your convenience. The lender you work with also be able to provide you with information and answers to questions you have.
Can I start looking for my home now?
It is generally recommend that you obtain a pre-approval letter first. The lender you work with will review appropriate information and help you with preliminary information such as how much you may qualify for to have a better idea before you start to look at homes. Make sure to get started with the VA Loan Buyer's Guide to Owning a Home.
Ready to Get Started?
VA Home Loans are a benefit for veterans and their families. If you believe you are eligible, download the guide to learn more about how to purchase a home with the guarantee of the VA. The VA Loan Buyer's Guide to Owning a Home is a comprehensive guide to answer all of your questions, and help you with the process of using a VA Loan to purchase a home.
©2023 VA Home Loan Guide. ALL RIGHTS RESERVED.