5 Must-Read Tips Before Applying for a VA Home Loan

The sole purpose of the US Department of Veterans Affairs (VA) to offer mortgage to eligible veterans and their spouses, is to provide long-term home financing and purchase properties without any down payment. Veterans who serve for our country are eligible for VA loans, given that they meet some pre-defined criteria. Needless to say, they shouldn’t face any moments of frustration and uncertainty while trying to apply for a loan. Here are a few tips you need to learn when applying for a VA home loan so that no hiccups and unexpected issues arise.

You can use VA Benefit for Your Primary Residence

VA home loan benefits aren’t just for first time buyers. People applying for the loan always have a doubt in mind whether they can use the loan benefit again. Once you earn the benefit, you can use it again and again for future home purchases or refinances. Moreover, you can have more than one VA loan at a time. The only condition to reuse the VA benefit is that you must make the property your primary residence and not an investment.

You can Start Without a COE

As mentioned above, veterans applying for a VA loan need to fulfill an eligibility criteria and need to have a Certificate of Eligibility(COE). It isn’t necessary to produce this document at the start of the loan process. You can start the prequalification and preapproval process if you don’t have the COE and you can obtain it later online, through the eBenefits Portal.

Stick to Your Budget

Once your pre-approval amount is decided, it doesn’t mean you should use it all up. It is just a standard of what you can afford according to your financial situation. It is recommended to stick to the budget and live within your means because once you start the process of homeownership, you’ll realise that there are other expenses to be taken care of, including maintenance costs and taxes. The loan is provided for a safe and sanitary living, not for lavish housing.

Opt for a VA-Savvy Agent

Choose an agent who has considerable experience regarding VA loans and are familiar with their structure and process, to avoid any delays and confusion. A real estate agent who understands the potential of this program can help you save a lot of time and money. An agent who is familiar the terms of VA appraisal process will keep you away from properties which will pose a problem in the appraisal process.

Don’t Make Big Expenses During the Process

Lenders need reliable and stable income streams to provide the loan. Making big expenses or changing jobs during the loan process may set off red flags which may not work in your favour. Lenders need to make sure your credit profile and assets remain steady. Any huge expenses like an expensive car or a big credit card bill may kill the loan.


Now that you know some tips on how to prepare yourself for the VA loan process, you can start with the preapproval process and move further. Choose a mortgage company which is familiar with the process and has years of experience along with positive reviews. If you are looking to apply for a VA home loan in texas, you can find trustworthy lenders and experts to help out how what suits your needs best.

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