Buying your first home is an undeniably exciting milestone–but it can also feel like an overwhelming process. Luckily for veterans, active-duty service members, and eligible spouses, VA loans provide unique benefits that make the process more affordable and accessible.
At Commander Mortgage, we’re here to guide you along the way; that’s why we put this guide together. Below, we’ll explore the key advantages of VA loans, outline the requirements, and break down the home-buying process to help you make informed decisions on your path to homeownership.
VA home loans come with amazing benefits that can help make your dream of owning your first home a reality.
For first-time homebuyers, these benefits can make homeownership more attainable and cost-effective:
Learn more about VA Loan Benefits.
In order to qualify for a VA loan, you’ll need to meet specific service-related criteria, along with some basic financial requirements relating to factors such as your credit score and income.
Veterans, active-duty service members, National Guard members, and eligible spouses meeting one of the following criteria may be eligible for a VA loan.
have died during active-duty service or as a result of a service-related injury
There are a few exceptions, as well, including discharge due to hardship, medical conditions, and more. For a detailed guide, visit our VA Loan Eligibility Page.
As a first-time homebuyer, it’s essential to understand the steps involved in applying for a VA loan and buying a home. Here’s a breakdown of the process:
Before applying, make sure you meet the VA loan eligibility requirements. You may qualify if you’re a veteran, active-duty service member, National Guard or Reserve member, or the spouse of a service member who meets specific criteria, as outlined above.
Your Certificate of Eligibility (COE) proves your eligibility for a VA loan. You can apply through the VA website or ask your lender for help. Veterans and active-duty members typically need discharge or separation papers, while spouses will need additional documentation.
Pre-approval is key to understanding your budget and making competitive offers on homes. During this process, your lender will review your financial and credit information to determine how much you can borrow.
Here’s the fun part: starting your search for the home of your dreams (and your budget). It helps to work with a real estate agent experienced with VA loans to find properties that comply with the VA’s property requirements.
Once you’ve chosen a home, it’s time to finalize your loan application by providing personal identification, your COE, proof of income, asset statements, and debt information. We’ll be there to help guide you through this process.
A VA appraisal ensures that the home’s value aligns with the purchase price and meets the VA’s minimum property standards before your loan is approved.
Finally, your lender will review all documents during underwriting to confirm you meet VA requirements. After final approval, you’ll close on your home and officially become a homeowner. Woohoo!
At Commander Mortgage, we’re dedicated to helping first-time homebuyers navigate the VA loan process with ease. Our team is here to support you with care and respect every step of the way, from confirming your eligibility to closing on your dream home.
Ready to get started?
Apply for Your VA Loan Today!
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