Veterans: How to Get a VA Loan

One of the main dreams of the military is to provide a comfortable home for their families. As such, the government designed the Veterans Loan or VA, a program that will benefit the military toward fulfilling this dream that is, in fact, woven into the ultimate American dream of providing all Americans with a comfortable home to live in. Here are some tips on how veterans can get such a loan.

Know if you are eligible

Veterans, active duty, or members of the National Guard or selected reserves may apply for a VA loan, pending eligibility determination. For applicants to determine their eligibility, they must submit a completed VA Form 26-1880 along with proof of service. Eligibility is generally determined 10 days after filing.

Home inspection of your choice

There are many types of houses to choose from, but of course, you only need to select the one that best suits your preferences, needs and lifestyle. Options can complicate your decision making. But you can always seek help from real estate professionals licensed by the government of your state. They can determine affordable price ranges and can help schedule home tours so you can inspect the home and see what’s in it for you and your family.

Loan application

Sellers can sometimes require buyers to submit a veteran’s home loan pre-approval. So, to make sure everything will go smoothly, you may want to get pre-approved before you even close deals. For some sellers, applying for loan pre-approval means serious interest in the property being sold.

What is the price of the house for sale

A home appraisal is also required to take advantage of a veteran’s home loan. In some states, the pre-approval is issued along with a tracking number for the lender to track the progress of the appraisal, as well as the status of the loan application. The main reason why an appraisal is necessary is to determine if the price of the home will be enough to become collateral for the requested loan.

You must remember that the VA loan is designed with a no down payment scheme. The government relies on your honesty and reliability to pay the monthly installment on the veteran’s home loan. This is in recognition of the selfless efforts made by you and those who wear your uniform to serve and protect the country, its territories, borders, resources, assets, interests, and its people.

After completing all the above steps, you will be considered eligible to get the loan. With the help of an insurance agent, you will finally close the deal by finalizing the insurance clauses to protect both the seller and the new owner from damage and loss. Then all the documents will be entered into the public records.