(Updated) VA Loan Eligibility Requirements

VA Loans for First Time Homebuyers from Veterans United Home Loans

Purchasing a first home is an exciting milestone in any person’s life. For some, the process may also
seem very intimidating. That’s why our representatives are available 24/7 to help guide homebuyers
and answer any questions they may have. Please don’t hesitate to give us a call toll-free at
1-800-884-5560 or start your quote online.

How Much Home Can I Afford?

Typically, the first question would-be homebuyers ask themselves is, “What can I afford?” There are
many factors that determine what a reasonable mortgage payment should be for an individual, including
annual income, existing debt payments, down payment (if any), as well as additional costs like
homeowners insurance and housing association fees. Veterans United provides a handy
VA Loan Payment Calculator to help homebuyers find a
monthly payment that’s comfortable for them.

VA Loan Payment Calculator →

What Type of Loan Should I Get?

There are many financing options available for homebuyers out there, each with their own unique
advantages. For most veteran and active duty military members, we at Veterans United highly
recommend the federally-backed VA Loan due to its
distinct benefits over traditional loans.

Advantages of a VA Loan:

  1. No Down Payment Necessary.

    Homebuyers will usually need at least a
    5 percent down payment for conventional loans or a 3.5 percent down payment for FHA
    financing. On a $200,000 loan, that’s $10,000 for conventional borrowers and $7,000 for
    FHA. For many first-time homebuyers, coming up with that kind of cash up can be challenging.
    Being able to purchase with $0 down means VA borrowers don’t have to spend years saving to
    scrape together a big down payment.

  2. Less Stringent Qualifications.

    Many first-time homebuyers might not yet have a strong credit history, which can make it
    more difficult to get approval for a mortgage or qualify for an affordable interest rate.
    Since the VA Loan is government-backed, VA Loans are easier to qualify for at competitive
    rates.

  3. Lower Monthly Payments.

    Since VA Loans don’t require the added monthly expense of private mortgage insurance (PMI),
    they tend to leave more money in your pocket each month. In addition, the competitive
    VA Loan rates can save a typical buyer thousands over the lifespan of the loan.

In addition to the VA Loan, Veterans United Home Loans is proud to offer several other financing
options for homebuyers; including USDA loans, FHA loans, and traditional mortgages.

See If You Qualify →

Getting Preapproved

The first step toward securing your loan is getting preapproved. This involves a
prequalification process,
where a loan officer assesses the homebuyer’s financial situation and determines what they
qualify for, and is followed by the homebuyer submitting a completed loan application to the lender
for approval. Veterans United offers two ways to begin this process: You may either call us directly at
1-800-884-5560, or answer a few questions below
to start your preapproval online.

Finding a Real Estate Agent

When using a VA Loan, it’s important to find a real estate agent that not only knows the intricacies
of the VA Benefit Program, but also understands the specific needs of veterans and active duty military
members. Veterans United has put together a nationwide network of military-friendly real estate agents
for just this purpose.

Learn More about Veterans United Realty →

Helpful Resources

As a first-time homebuyer, you have many options when it comes to purchasing your home – including homes in high-cost areas. Learn about VA jumbo loans in our next section.

Read about:   Comparing Quicken Loans vs. Local Banks for a Mortgage

Leave a Reply

Your email address will not be published.