Are you a veteran or active duty service member looking to buy a home? A VA home loan could be a great option for you. VA home loans offer many benefits, such as no down payment and lower interest rates, making it easier to purchase your dream home. Here’s how you can apply for a VA home loan:
Step 1: Determine Your Eligibility
The first step to applying for a VA home loan is to determine your eligibility. To be eligible for a VA home loan, you must meet one of the following criteria:
- You have served 90 consecutive days of active service during wartime
- You have served 181 days of active service during peacetime
- You have more than 6 years of service in the National Guard or Reserves
- You are the spouse of a service member who died in the line of duty or as a result of a service-related disability
If you meet one of these criteria, you can move on to the next step.
Step 2: Obtain Your Certificate of Eligibility
Before you can apply for a VA home loan, you will need to obtain your Certificate of Eligibility (COE) from the Department of Veterans Affairs (VA). The COE verifies that you meet the eligibility requirements for a VA home loan.
You can obtain your COE in one of three ways:
- Through your lender: Many VA-approved lenders can obtain your COE for you electronically
- Online: You can apply for your COE online through the VA’s eBenefits portal
- By mail: You can fill out and mail in VA Form 26-1880 to the VA
Once you have your COE, you can move on to the next step.
Step 3: Find a VA-Approved Lender
To apply for a VA home loan, you’ll need to find a VA-approved lender. These lenders are approved by the VA and have experience working with VA home loans.
You can find VA-approved lenders in your area by using the VA’s Lender Search tool.
Step 4: Pre-Qualify for Your Loan
Before you can apply for your VA home loan, you’ll need to pre-qualify with your lender. This means that you’ll provide your lender with information about your income, assets, and credit history to determine how much you can afford to borrow.
You can pre-qualify for your VA home loan over the phone, online, or in person with your lender.
Step 5: Apply for Your VA Home Loan
Once you’ve pre-qualified for your VA home loan, it’s time to apply. Your lender will provide you with a loan application, which will ask for detailed information about your income, assets, and debts.
You’ll also need to provide your COE and other documentation, such as pay stubs and bank statements, to verify your eligibility and income.
Once you’ve submitted your application and supporting documents, your lender will review them and let you know if you’ve been approved for your VA home loan.
Step 6: Close on Your Home
If you’ve been approved for your VA home loan, it’s time to close on your home. This is when you’ll sign all of the paperwork to finalize your loan and take ownership of your new home.
At closing, you’ll need to bring a certified or cashier’s check for your down payment, if required, and any closing costs.
Congratulations, you’ve successfully applied for a VA home loan and are on your way to owning your dream home!