|
Here is your quick VA Loan Information Sheet covering the absolute essentials.
* No down payment is required for most qualified buyers.
* No monthly private mortgage insurance (PMI), saving hundreds monthly.
* Competitive interest rates that are typically lower than conventional loans.
* Flexible credit requirements with no strict, government-mandated minimum credit score.
Eligibility & Rules
* Military service: Available to active-duty members, Veterans, National Guard, Reserves, and eligible surviving spouses.
* Primary residence: Must be used for your main home, not for vacation or rental properties.
* VA Funding Fee: A one-time fee paid to the VA. This fee can be waived for Veterans with service-connected disabilities.
Document Checklist
* Certificate of Eligibility (COE): Your lender can usually pull this for you instantly.
* Military proof: Form DD214 (for Veterans) or a signed Statement of Service (for active duty).
* Income proof: Last 30 days of pay stubs (or LES) and last 2 years of W-2s.
* Financial proof: Last 60 days of statements for checking, savings, and investment accounts.
Step-by-Step Process
1. Find a VA-approved lender to get pre-approved.
2. Obtain your COE via your lender.
3. Shop for a home and sign a purchase agreement.
4. Pass the VA Appraisal to ensure the home meets basic safety and habitability rules.
5. Close on the loan and move in.
Are you planning to purchase a home or refinance an existing loan? We can customize a checklist based on your specific military status.
| 
