The Veterans Administration (VA) Home Loan is one of the best and most important benefits for those who served in the military. It is essential that everyone who is entitled for loans for veterans understands how it works. A VA loan makes home buying possible for veterans who otherwise would be unable to buy a house. It is part of the compensation package for serving in the military. Here are some great home buying tips for veterans:

1. Get a certificate of eligibility
The first step is to obtain a certificate of eligibility (COE). Individuals who served on active duty for 90 consecutive days during wartime, 181 days during peacetime, or served six years in the National Guard or Reserves are entitled to the COE. In addition, a spouse of an eligible member who died while on duty or died from a disability sustained on active duty is also eligible. Many certificates are obtained online from the VA. Most VA mortgage lenders can obtain the document for the veteran.

2. Compare experienced VA mortgage lenders
There are mortgage lenders who specialize in VA loans. Find them on the internet or through word of mouth from other veterans. Compare what they offer. Make sure you are dealing with a company that has placed many loans. An experienced VA mortgage lender is crucial to the process. Ask questions and do not settle for inexperience.

3. Build a down payment and emergency fund
This is good advice for anyone wanting to buy a house. A VA loan can be obtained with no down payment but there are always closing costs, moving expenses, and unexpected costs. An emergency fund is needed when something unforeseen occurs. Do not let a VA loan slip away due to lack of funds. The lender will work to keep costs low but the veteran must meet their end of the bargain.

4. Choose a real estate agent who’s worked with military clients
This is just as important as the experienced lender. Many real estate agents know how to draft an offer to purchase to include the correct and necessary language for a VA loan. Make sure before you hire an agent that they know about the VA loan and all its many benefits. A properly drafted contract can save money. Also, the agent should work with the lender to make sure no benefits are lost.

5. Show stable income for loan repayment
The lender can count the income of the veteran’s spouse when determining whether there is stable income. Stable income means a job that is not likely to end. All jobs have that possibility, but certain jobs like teachers and government employees are more stable. That is not a complete list. Just present all the family income to the lender along with the amount of that emergency fund.

Mortgage rates for veterans are favorable. Get that certificate. Locate a lender and realtor who knows how the process works due to their vast experience. They can answer all of your questions. Save money and keep that dependable job. The VA loan process will then fall into place, and you will become a homeowner.