From Money Magazine:

The VA Home Loan is a powerful tool for qualifying homebuyers. This guide navigates the ins and outs of VA loans, offering a roadmap to help veterans secure their dream homes. With competitive interest rates and 100% financing, VA loans provide a housing solution for veterans, active duty service members, and certain spouses. To qualify, you need a Certificate of Eligibility, a credit score of at least 620, and proof of income.

There are different types of VA home loans, including purchase loans, interest rate reduction refinance loans, cash-out refinance loans, and Native American direct loans. VA loans are only for U.S. military veterans, active-duty service members, certain members of the National Guard and Reserves, and eligible surviving spouses. Active service members must have at least 90 days of continuous service.

VA loans feature favorable terms such as no required down payment, no private mortgage insurance, competitive interest rates, and more lenient credit score requirements. There is, however, a VA funding fee used to support the VA’s loan programs. These loans also offer flexibility during financial hardships and no prepayment penalty.

To get a VA loan, gather the necessary documentation to prove eligibility, research the best VA lenders, submit a VA loan application, get a property appraisal, begin the mortgage underwriting and approval process, and close on your VA home loan. The final step is to close, pay any closing costs, and sign the required documents to obtain the keys to your new home.



Read more: VA Home Loan Guide | Money