How to Qualify for a VA Home Loan: A Step-by-Step Guide

Determine Your Eligibility

The first step in securing a VA home loan is to determine your eligibility. This involves meeting specific service requirements and obtaining your Certificate of Eligibility (COE) from the Department of Veterans Affairs (VA). You can apply for your COE online through the VA’s eBenefits portal, by mail, or with the help of your lender. The COE is essential as it proves to lenders that you meet the VA loan eligibility requirements.

Eligibility Requirements:

• Veterans: Must have served 90 consecutive days of active service during wartime or 181 days during peacetime.

• Active-Duty Service Members: Eligible after 90 consecutive days of active service.

• National Guard and Reserve Members: Typically require six years of service, but may be eligible after 90 days of active duty if called.

• Surviving Spouses: Unmarried surviving spouses of service members who died in the line of duty or from a service-related disability may qualify. Certain remarried spouses may also be eligible under specific conditions.

How to Obtain Your COE:

1. Online via eBenefits Portal:

• Visit the eBenefits portal.

• Create an account or log in.

• Navigate to the COE request section and follow the prompts.

2. Through Your Lender:

• Provide your lender with the necessary information. Most lenders can access the VA’s automated system to obtain your COE within minutes.

3. By Mail:

• Complete VA Form 26-1880, “Request for a Certificate of Eligibility.”

• Mail the form to the address listed on the form for your region.

• This process can take several weeks.

Find a VA-Approved Lender

The next step is to find a VA-approved lender. For clients working with me, I have the best VA Loan partner in the business. If working with any other agent, they should have a network but make sure to look for lenders experienced with VA loans as they will guide you through the process and help you gather the necessary documentation. Their expertise will ensure that everything is in order and streamline your loan application. I am more than willing to share my VA Loan Expert’s information with anyone who asks whether or not we work together:

We are all on the same team when it comes to serving our active duty military, veterans, and their families.

Pre-Qualify for Your Loan

Pre-qualification involves providing your lender with information about your income, credit history, and other financial details. This step gives you an estimate of how much you can afford to borrow, helping you set a budget for your home search. Pre-qualification is an informal process and serves as a preliminary step before pre-approval.

Get Pre-Approved

Pre-approval is a more formal process that involves submitting documentation such as pay stubs, tax returns, and bank statements. Your lender will also check your credit score. Once pre-approved, you will receive a pre-approval letter, making you a more attractive buyer to sellers.

Start House Hunting

With your pre-approval letter in hand, you can begin house hunting. Work with a real estate agent experienced with VA loans to find homes that meet the VA’s property requirements. Once you find a home you like, make an offer and negotiate the terms.

VA Appraisal and Underwriting

After your offer is accepted, your lender will order a VA appraisal to ensure the home meets the VA’s minimum property requirements and is worth the sale price. Simultaneously, the lender will underwrite your loan, reviewing all your financial details to ensure everything is in order.

Close on Your Home

Once everything is approved, you will move to the closing stage. This involves signing all necessary paperwork, paying any closing costs, and finalizing the loan. After closing, you will receive the keys to your new home.

Move In

After closing, you can move into your new home and start enjoying the benefits of homeownership. Throughout the process, stay in close contact with your lender and real estate agent to ensure everything goes smoothly. They can provide guidance and answer any questions you may have.

For more detailed information on the VA home loan process, visit the VA Home Loans website.

Contact Logan Winn, MBA for Expert VA Loan Assistance

Navigating the VA home loan process can be complex, but you don’t have to do it alone. Contact Logan Winn, MBA, your dedicated VA loan expert, for personalized assistance and expert guidance every step of the way. With Logan’s extensive knowledge and experience, you can confidently move forward in your journey to homeownership.

Click here to book a free consultation with me, Logan Winn, and get started today!