If you’re in the process of buying a home for the first time, you’re probably feeling a bit stressed out. Don’t worry! That stress, while certainly uncomfortable, is a totally natural part of the homebuying process. In fact, nearly half of all Americans consider the homebuying process to be the most stressful event in modern life.
Thankfully, a veteran home loan can help you to significantly decrease the emotional and financial toll of the homebuying process.
A Few Common Questions About Veteran Home Loans
You probably have a lot of questions right off the bat about veteran home loans. You might be asking yourself, for example:
- What exactly is a veteran home loan?
- Who is eligible to receive a veteran home loan?
- Who should I partner with in order to apply for a veteran home loan?
In this article, we’ll highlight the need-to-know basics of veteran home loans, including how to get started with your application.
What Is a Veteran Home Loan, Anyway?
A veteran home loan is a loan option that’s available to certain individuals who have served in the US military. They are also commonly referred to as VA loans, because they’re backed by the US Department of Veteran’s Affairs. The VA, however, does not issue veteran home loans. Instead, private lenders – such as banks or mortgage companies – facilitate the loan approval and distribution process.
Who Is Eligible to Receive a Veteran Home Loan?
A verifiable history of active military service is the main prerequisite to being approved for a veteran home loan. But there are a few other important details to understand when it comes to eligibility requirements for a VA loan.
First and foremost, applicants will need to complete a Certificate of Eligibility (COE) as a part of the application process. Your lender will refer to this document to make sure that you’re able to qualify for a VA loan.
But even if you don’t meet the COE’s basic eligibility requirements, you’re still not completely out of options. Service members who were honorably discharged, for example, may still be able to qualify for a loan.
Who Should You Partner with In Order To Apply for a Veteran Home Loan?
When it comes to applying for a VA loan, your best bet is to work through a small, independent lender. Through an independent lender, you’ll receive the personalized attention that you’ll need in order to find the ideal loan option.
At Mortgage Solutions Financial, we’ll help you to obtain the perfect loan option, given your unique budget and property goals. If you’re looking for a fast and friendly way to start looking for home loan options, then look no further!
Learn More Today!
Curious to learn more about the benefits of securing a veteran home loan? Contact us today to speak with one of our lending experts!