The VA loan program is a great benefit for veterans and active-duty service members. These loans are designed to help veterans purchase homes with little to no down payment and at a lower interest rate than conventional loans. Here are the five steps you need to take to get a VA loan if you were in the military.
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Step 1: Get your certificate of eligibility (COE)
The first step in getting a VA loan is to obtain your certificate of eligibility (COE). This document is proof that you meet the service requirements for a VA loan. You can apply for a COE online through the VA’s eBenefits portal, by mail, or through a lender.
Step 2: Choose a lender
Once you have your COE, you can start shopping for a lender. The VA does not provide loans directly, so you’ll need to work with a lender that participates in the VA loan program. You can find VA-approved lenders on the VA’s website, or you can ask for recommendations from other veterans.
Security America Mortgage is a top-rated VA lender, dedicated to providing the best possible service to veterans and active-duty service members. They have a team of experienced loan officers who can guide you through the VA loan process and help you find the best loan for your needs.
Step 3: Get pre-approved
Before you start looking for a home, it’s a good idea to get pre-approved for a VA loan. This will give you an idea of how much house you can afford and will also make you a more attractive buyer to sellers. The lender will review your credit, income, and assets to determine your loan amount.
Step 4: Find a home and make an offer
Once you’re pre-approved, you can start looking for a home. When you find a home you like, you’ll need to make an offer. Be sure to include a clause in your offer that states the sale is contingent on the home passing the VA’s property inspection.
Step 5: Close on the loan
Once your offer is accepted and the home passes the VA’s property inspection, you’ll need to close on the loan. This process includes signing the loan documents and paying any closing costs.
In conclusion, veterans and active-duty service members can take advantage of the VA loan program to purchase a home with little to no down payment and at a lower interest rate than conventional loans.
