VA loans benefit military veterans, service members, and eligible surviving spouses. These loans provide financing with no down payment options, higher debt-to-income ratios and lower interest rates than traditional mortgages.
First, you’ll need to obtain a Certificate of Eligibility (COE) if you plan to apply for a purchase loan or cash-out refinance. Your COE will help prove to your lender that you qualify for a VA-backed loan.
From there, you will need to find a lender. Choosing the right lender may seem simple, but it’s essential to do your research. Consider a lender that will be your partner throughout the loan process, answer questions promptly and help you find a VA loan that fits your life. When using a VA loan, make sure the house you’re interested in meets the VA’s minimum property requirements before making an offer.