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VA Home Loan

The VA home loan is one of the best benefits available to veterans, offering zero down payment, competitive interest rates, and no private mortgage insurance (PMI). Follow these steps to get started on securing your first VA home loan:

Step 1: Determine Your VA Loan Eligibility

To qualify, you must meet at least one of the following:


✅ Served 90 consecutive days on active duty during wartime


✅ Served 181 days on active duty during peacetime


✅ Served 6 years in the National Guard or Reserves


✅ Spouse of a service member who died in the line of duty or due to a

service-related disability

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Step 2: Obtain Your Certificate of Eligibility (COE)

The COE proves to lenders that you qualify for a VA home loan. You can get it through one of these options:

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1. Online:  Apply through the VA eBenefits Portal 

👉https://www.ebenefits.va.gov/ebenefits/homepage​

2. Lender Assistance: A VA-approved lender can obtain your COE for you.

3. Mail Application: Submit VA Form 26-1880 to the VA Loan Eligibility Center.

Step 3: Check Your Credit Score & Financial Readiness

Even though VA loans don’t have a minimum credit score requirement, lenders usually prefer a 620+ credit score.

To improve your credit:
✔ Pay off outstanding debts or collections
✔ Lower your credit utilization rate (keep credit card balances low)
✔ Check your credit reports for errors (AnnualCreditReport.com provides free reports)

Step 4: Find a VA-Approved Lender

Only VA-approved lenders can process a VA home loan. Compare multiple lenders to get the best interest rate and terms.


🔹 Some reputable VA lenders include:

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Ask lenders about closing costs, interest rates, and VA loan-specific requirements.

Step 5: Get Pre-Approved for a Loan

Once you choose a lender, submit a pre-approval application with:
 

✔ Your COE
✔ Pay stubs or proof of income
✔ Tax returns (last two years)
✔ Bank statements (last 2-3 months)
✔ List of debts (auto loans, credit cards, etc.)

 

A pre-approval shows sellers you are a serious buyer and helps determine your loan limit.

Step 6: Start House Hunting with a VA-Savvy Realtor

Not all realtors understand VA loans, so work with an agent experienced in VA home purchases.

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✅ Look for homes that meet VA loan property requirements, including:

  • Safe, structurally sound, and sanitary

  • No major roof, electrical, or plumbing issues

  • Must be a primary residence (not for rentals or vacation homes) for at least one year.

Step 7: Make an Offer & Get a VA Appraisal

  • Make an Offer: Your agent submits an offer to the seller.

  • VA Appraisal: The VA requires an independent appraisal to ensure the home meets minimum property standards.

  • Home Inspection: While not required, a home inspection is strongly recommended to uncover any hidden issues.

Step 8: Close on Your VA Home Loan

Once the appraisal & inspection are complete:


✔ Sign closing documents with your lender.
✔ Pay any closing costs (VA loans limit what you pay, but some costs like title fees still apply).
✔ Receive the keys to your new home!

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🎉 Congratulations! You are now a VA homeowner with a zero-down loan!

Bonus: VA Loan Benefits to Remember

 

 

🔹 No down payment required (in most cases)
🔹 No private mortgage insurance (PMI)
🔹 Competitive interest rates
🔹 No early payoff penalties
🔹 VA loan can be reused for future home purchases

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