One option available to all active-duty military personnel discharged veterans and medically discharged veterans is a VA Loan. These loans offer lower interest rates, lower (or no) down payment, and no private mortgage insurance. Generally speaking, VA Loans do not require a down payment. Of course, any down payment, whether self-funded or gifted, will help with the monthly mortgage payment.  

The great thing about a VA Loan is the process works like any other mortgage loan. The four steps to obtain a VA Loan are discussed below. 

The Pre-Approval 

Like any other loan, you’ll need a certificate of eligibility for your lender. The type of documentation needed will depend on your current veteran status, such as a DD-214 or statement of service. Then, gather your income, assets, and debt information for the lender to review. While a low credit score won’t hinder a loan, some lenders do have minimum requirements.  

Home Search and Getting an Accepted Offer  

The home search can be the most fun and stressful part of getting a new home. With a VA Loan, there are basic safety, structural, and sanitary expectations for the home you purchase. Your real estate agent and the lender can assist you with the details of these requirements. Once you find ‘the one,’ you can put an offer in writing. Once an agreement is made and accepted, you’ll move onto underwriting.  

Off to Underwriting 

Your lender will submit for the underwriting process to ensure you still qualify for the home. Simultaneously, the VA will require an appraisal ensuring those basic standards of safety, structure, and sanitary conditions are met.  

At Last, the Closing  

Once the appraiser has approved the home and underwriting has processed your loan, it’s time to sign for your loan. You’ll bring any down payment with you, sign (or virtually sign) a significant number of documents. Once signed, you will be handed the keys to your home. 

If you are or have served our country and are ready to start the home buying process, our team of professionals is ready to begin the journey of purchasing your new home.