• Home
  • Military Discounts
    • Military & Veteran Discount List
    • Local Military & Veterans Discounts
    • Apple Military Discount
    • Veteran & Military Cell Phone Discounts
    • Gym and Health Club Discounts
    • Veterans Day Deals & Discounts
    • Veterans Day Free Meals
  • Benefits
    • 10 Veterans Benefits You May Not Know About
    • Top Military Spouse Benefits
    • Medal of Honor Benefits
    • Purple Heart Benefits
    • Veterans Health A to Z
  • Housing & Home Ownership
    • 2021 BAH Rates
    • BAH Calculator
    • VA Loan Limits by County
    • VA Home Loan Guide
    • 5 Benefits of a VA Loan
    • VA Home Loan Tools
  • Money & Finance
    • 2021 Defense Budget
    • 2021 Military Pay Charts
    • 2021 BAS Rates
    • 2021 Military Pay
    • COLA Watch 2022
    • Military Pay Calculator
    • Military Pay Dates
    • VA Disability Rates
  • Jobs
    • Veteran Friendly Employers
    • Military Spouse Employment Preference
    • Veterans Employment and Training Service (VETS)
    • Security Clearance Jobs After the Military
  • Education
    • Veteran Friendly Colleges
    • Online Colleges with Military Discounts
    • Veteran Friendly Colleges Guide
    • Military Spouse Career Advancement Accounts (MyCAA)
    • Monthly Housing Allowance (MHA) for the GI Bill
    • Forever GI Bill
    • School Search
  • Resources
    • How to Get a Veterans ID Card
    • Veterans ID on Driver’s License or ID Card by State
    • Military ID Cards
    • Military Calendar
    • State Veteran’s Benefits

Military Benefits

Military Benefits Information for US Military, Active Duty, Reserve, National Guard, Military Spouses and Military Family

You are here: Home / Housing / What First Time VA Borrowers Should Know

What First Time VA Borrowers Should Know

by MilitaryBenefits

Are you thinking of using your VA home loan benefits for the first time? Here are the basic things you need to know about the VA home loan process.

Air Force photo by Staff Sgt. Teresa J. Cleveland

VA Loans Are Guaranteed By The Government

Your VA mortgage is guaranteed by the government, but offered and processed by participating lenders. Your current financial institution may be one of these participating lenders, but if not you won’t have to search long before finding one. The Department of Veterans Affairs does not offer loans, nor does it accept loan applications. Your chosen participating lender will be able to tell you how to get started with their application process.

{Sponsored} Veterans Can Buy a Home with $0 Down
The VA Home Loan offers $0 Down with no PMI. Find out if you’re eligible for this powerful home buying benefit. Prequalify today!

VA Loans Are For Eligible Service Members, Veterans, and Surviving Spouses

VA home loans, unlike the GI Bill®, are not a transferrable benefit. A military member becomes eligible for the VA loan benefit after serving a specific number of days-a requirement which varies depending on when you join the military. Military members who are married may apply for the VA loan benefit with their spouses regardless of whether or not the spouse has served in uniform. The children of veterans or currently serving military members are not eligible for the VA loan benefit.

Some qualifying surviving spouses of military members who have died on active duty or as a result of active service may be eligible for VA loan benefits, but these must be applied for via the Department of Veterans Affairs before you approach a lender. Surviving spouses should contact the VA directly at 1-800-827-1000 for more information on how to get started.

VA Loan Benefits Include Grants For Qualifying Disabled Veterans

This aspect of your VA loan benefits isn’t as well-publicized, but is a major help to those who qualify. According to the VA official site (www.VA.gov) the VA Specially Adapted Housing Grant program is available “to Servicemembers and Veterans with certain permanent and total service-connected disabilities to help purchase or construct an adapted home, or modify an existing home to accommodate a disability.”

To apply for this program, VA Form 26-4555 is required, which is available for download at www.eBenefits.va.gov. VA money for specially adapted housing is a bona fide grant with no expectation of repayment. Borrowers must have qualifying disabilities and use the grant money for VA-approved renovations, upgrades, or construction.

VA Loans Feature No Down Payment Options

VA home loans offer a no-money-down option. However, it is important to know that VA mortgage loans do require a credit check and employment verification. Some borrowers who have FICO scores or credit history that a lender may consider marginal could be required to make a down payment as a “compensating factor” in such cases. Potential VA borrowers should not come to the application process with fewer than 12 months of on-time payments on all financial obligations. Anything less seriously compromises your chances at loan approval.


About The AuthorJoe Wallace is a 13-year veteran of the United States Air Force and a former reporter for Air Force Television News


Related Articles
VA Home Loan Guide VA Loan Limits by County
VA Home Loans: How to Get Started VA Home Loans for First Time Buyers
5 Benefits of a VA Loan FAQs About VA Home Loans
VA Home Loan Eligibility VA Home Loan Myths
VA Loan Tips VA Refinance Loan Options

Filed Under: Housing

Comments

Popular Articles

New VA Loan Limit Rules

VA Disability Rates

2021 Military Pay

Military Pay Calculator

2021 BAH Rates

Connect With Us

  • facebook
  • instagram
  • pinterest
  • twitter
  • youtube
Military Benefits Logo

Company

  • About
  • Contact Us
  • Advertise
  • Add a Discount
  • Privacy Policy
  • Terms of Use
  • Disclosure
  • Unsubscribe
  • Do Not Sell My Personal Information

Quick Links

  • Home
  • Military Discounts
  • Benefits
  • Housing & Ownership
  • Money & Finance
  • Employment
  • Education
  • Resources

Join Our Military Benefits Newsletter!

  • This field is for validation purposes and should be left unchanged.

Connect With Us

  • facebook
  • instagram
  • pinterest
  • twitter
  • youtube
MilitaryBenefits.info Copyright © 2021

Disclaimer: This is a private website that is NOT affiliated with the U.S. government, U.S. Armed Forces or Department of Veteran Affairs. U.S. government agencies have not reviewed this information. This site contains information about GI Bill benefits, VA loans, news and services for military veterans and is not connected with any government agency. GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). If you would like to find more information about benefits offered by Veteran Affairs, visit the official site for veterans benefits at Veterans Affairs. The appearance of U.S. Department of Defense (DoD) visual information does not imply or constitute DoD endorsement.

Advertiser Disclosure: Our website contains some affiliate marketing links, which means we may get paid commission on sales of those products or services.