How to Apply for Your First VA Loan

By Bill Lyons | Updated on August 20, 2024

If you are a veteran looking to buy your first home, you may qualify for a VA Home loan. Most members of the regular military, veterans, reservists, and National Guard are eligible as well as surviving spouses of military members who died while on active duty or as a result of a service-connected disability.

Are Housing Prices in My Area Too High for a VA Loan?

VA loans are designed to help veterans become homeowners no matter where they live, so don’t let a costly housing market stop you from exploring this option. In fact, with the recent passing of the Blue Water Navy (BWN) Act of 2019 veterans and active duty can take advantage of zero down VA loans past the county loan limits – well into the million dollar plus jumbo territory. For example, a qualified veteran can put zero down payment when purchasing $1.5 million dollar home.

What is a VA Loan?

The VA Loan began in 1944 to provide housing and assistance for veterans and their families to attain the dream of homeownership. VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy (primary residence). The guarantee means the lender is protected against loss if you or a later owner fails to repay the loan and effectively replaces the need for a down payment, allowing you to obtain favorable financing terms.

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5 Steps to Buying a Home with a VA Loan

But where to start? You may be wondering. Here are 5 simple steps to get you through the loan process and into your dream home.

1. Find the Right Mortgage Lender or Broker
   1. Finding a Loan Officer with plenty of expertise in this area will help you understand all of your options for your VA loan. They can get you acquainted with important factors like:
      1. The housing market
      2. Loan amounts and limits
      3. Loan entitlement
2. Get a Certificate of Eligibility
   1. An experienced mortgage lender or mortgage broker can help you obtain a Certificate of Eligibility (COE), which proves that you meet initial-eligibility standards for VA loan benefits. The COE also tells the lender how much the Department of Veterans Affairs will guarantee on your VA loan.
3. Find a Home and Sign a Purchase Agreement
   1. Your Loan Officer is usually well connected in the real estate industry and can connect you with an agent that will help you find and purchase the home of your dreams. This is where you get to give your agent your desired price (set by you and your lender) and wish list.
   2. Once you find your home, your agent will take you through the purchasing process and work with you and your lender to complete the VA Loan Application. 
4. VA Loan Application and Processing
   1. You and your Loan Officer will work together to complete your loan application. This involves gathering the needed documents, such as pay stubs and bank statements.
   2. Then your Loan Officer will order a VA appraisal where all of the credit and income information is processed before they decide whether the loan should be granted.
5. Close and Move into Your Dream Home
   1. Once you are approved, it’s time to close. This is where you and your agent will sit down and go over the necessary paperwork such as providing proof of home insurance, signing documents and paying closing costs. 
   2. After you have crossed all the t’s and dotted the i’s, you will receive the keys to your new home and can make it yours. 

Finding the right lender for this process is crucial. They will help you make applying for a VA Loan and buying your home smooth, seamless and timely (which can be key for getting your desired home). 

At Griffin Funding you can expect transparency and open communication, a knowledgeable team of industry experts and a customer-centric team working together to make your home buying experience effortless and exciting. We are fast and efficient, closing most of our purchase loans in 30 days or less.

Griffin Funding will offer the right loan tailored to you (VA, FHA, Conv, Jumbo, Non-QM and much more). Contact us for more information on your mortgage loan needs.

Bill Lyons

Bill Lyons is the Founder, CEO & President of Griffin Funding. Founded in 2013, Griffin Funding is a national boutique mortgage lender focusing on delivering 5-star service to its clients. Mr. Lyons has 22 years of experience in the mortgage business. Lyons is seen as an industry leader and expert in real estate finance. Lyons has been featured in Forbes, Inc., Wall Street Journal, HousingWire, and more. As a member of the Mortgage Bankers Association, Lyons is able to keep up with important changes in the industry to deliver the most value to Griffin's clients. Under Lyons' leadership, Griffin Funding has made the Inc. 5000 fastest-growing companies list five times in its 10 years in business.