If you served or are serving in the military, or are the surviving spouse of a veteran, you may be eligible for a home loan from the Department of Veteran’s Affairs (VA).
These loans are designed to offer easy terms from the start of the mortgage process to homeownership, in order to get those who have served into homes quickly and affordably.
But is the process of getting a VA loan the same as conventional loans? These are the four steps you’ll take when buying a home with a VA loan.
Step 1: Find A Lender
You’ll get a VA loan like any other mortgage – by finding a lender, either locally or online, that offers these types of mortgages. While these loans are guaranteed by the VA, they are issued by approved lenders. There is no minimum credit score for a VA loan, but you should check your lender’s loan requirements as they can ultimately determine what scores get preferential terms.
Step 2: Get Your Certificate of Eligibility
You’ll need to obtain a VA Form 26-1880 to establish your eligibility for this mortgage. You’ll typically be required to show proof of service, but this form will ultimately show any lenders that you are eligible for a VA loan. If you get pre-approval from a lender for a loan, they may also be able to help you get your Certificate of Eligibility.
Step 3: Find A Home
Work with a real estate agent who is familiar with VA loans when finding your property for the most support when it comes to negotiations.
Step 4: Get Your Loan
Once you have a contract signed, your lender will need an appraisal done by a certified professional for VA appraisals. Should the property appraise within VA and lender guidelines, you’ll move forward towards closing – and being a homeowner.