Published on: July 28th, 2021 | Written by Jimmy Vercellino
Basics of VA Home Loans

Veterans and active-duty military have chosen to faithfully serve the United States with their lives and careers. However, whether they are still fighting wars in another country or have returned from gunfire, both have one thing in mind: homeownership.

Servicemen and women long to invest their family’s future in the Great Country they have fought so hard to protect. I was in the Marine Corps during Operation Iraqi Freedom in 2003, 1so I understand what it means to want to buy a home for you and your family.

With the trust of hundreds of veterans and active-duty military, I want to give you the “bootcamp basics” of VA Home Loans. You deserve to know the best home loan options so your family can get homeownership and live where you have always wanted to.

VA Home Loans: What are They?

Unlike conventional loans and FHA loans, VA Loans are part of a United States loan program that was made for deserving veterans. Private lenders such as mortgage companies and bankers will support a majority of the loan amount while the Federal Government will back the rest. The goal of VA Home Loans is to meet qualified veterans exactly where they are.

These home loans can be used for many purposes such as buying, building, repairing, retaining, or adapting a home for primary residency. VA Home Loans are earned by the selfless service of veterans and can be used multiple times throughout their lives. They are known for having low monthly payments with a small funding fee that make them the best option for servicemen and women.

How Will VA Home Loans Benefit Me?

VA Home Loans bring tremendous benefits to any military family looking to settle down. With a 0% down payment, you do not have to worry about paying a huge chunk of change upfront. Your family’s dream home does not require private mortgage insurance (PMI), which leaves more room for more custom additions. Credit score is not the ultimate factor in securing a VA Home Loan, so you can rest easy.

These versatile home loans will also benefit you with the Cash Out Refinance program that allows you to pull money out of your home’s equity toward other purchases. VA Home Loans give your family greater choices such as saving for your child’s college or paying off closing costs. With the amount of benefits VA Home Loans give to veterans and active-duty military, they are the top option on the market.

The VA Home Loan Journey

Every veteran that applies for the VA Home Loan goes through the same finance journey. An excellent VA Home Loan Specialist will be a trusted advisor that walks with you through each step. These are the steps every serviceman and woman travel while Jimmy Vercellino partners with them:

  1. Choose your dream home
    Sign with a knowledgeable real estate agent who can take you and your family to several home showings.
  2. Partner with a trusted lender
    Collect your DD-214 and COE documents and choose a VA Home Loan Specialist who understands veterans and who you can trust.
  3. Bring in a licensed appraiser
    Your trusted lender will send a licensed appraiser to value your dream home to make sure you are getting what you are paying for.
  4. Wait for the loan decision
    The loan specialist will decide whether the VA loan limits for your desired house is right for you and your family.
  5. Celebrate the loan closing
    Your family and trusted lending advisor will celebrate the purchase of your dream home at the loan closing.
  6. Receive the guaranty
    The Department of Veterans Affairs to finish the VA Home Loan process and watch for the property to close.

COE and Other Requirements

In order to be eligible for this great home financing loan, veterans must submit their DD-214 and COE (Certificate of Eligibility) forms to their chosen lender. Surviving spouses (that haven’t remarried) of a United States hero who have not remarried can also apply under certain circumstances.

Most service members are familiar with the DD-214 document, or “discharge paperwork” received during their military service. Lenders ask for a copy in order to check to see if you had an honorable discharge by looking at Box 24. They want to ensure that deserving veterans who have sacrificed for their country are eligible for the loan.

After you hand a copy of your DD-214 to your VA Home Loan Specialist, the last item they will need is your COE (Certificate of Eligibility). This document proves to the lender your loan eligibility with Veterans Affairs and allows them to offer you a loan amount. It can be obtained by turning in your VA Form 26-1880 to the Winston-Salem Eligibility Center or letting me get the document on your behalf.

Veterans Know Veterans Better than Lenders Do

Those who have chosen to faithfully serve the United States armed forces need someone who understands their home loan needs. If you are like me, you know that it takes a veteran to speak to a veteran: someone who gets them. I served in the Marine Corps during Operation Iraqi Freedom 2003 and know better than anyone what it means to sacrifice for this Great Country.

If you have any questions about the Bootcamp Basics for VA Home Loans or want to contact me about the VA Home Loan Program, feel free to call my office at 602.908.5849. Allow me the honor to be your trusted advisor and do the loan work for you!

Benefits

Author

VA loan specialist Jimmy Vercellino
Jimmy Vercellino

Mortgage Originator, Specializing in VA Loans

Jimmy Vercellino, a Marine veteran, specializes in helping military veterans benefit from the VA Loan Program and buy the home of their dreams.