Before real estate, I spent 12 years with the Department of Defense, so VA loans are close to my heart. They are one of the best benefits available to eligible veterans and service members, and they are often misunderstood.
What makes a VA loan valuable
- Eligible buyers can often buy with no down payment.
- There is no monthly mortgage insurance.
- Sellers can contribute toward your closing costs if it is negotiated in the offer.
- There is usually a one-time VA funding fee, and some veterans, such as those receiving VA disability compensation, are exempt from it.
Making your offer competitive
Some sellers still assume a VA offer is harder to close. Usually it is not, but it helps to show you are prepared: - Get your Certificate of Eligibility and pre-approval before you start touring. - Work with a lender who closes VA loans regularly. - Know that the VA appraisal also checks the home against basic property requirements, so a home with obvious repair needs may need work before closing. We look for those issues when we tour, so there are no surprises.
If you have served and are thinking about buying, I would be glad to walk you through it. Thank you for your service.