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# VA Home Loan Information - Buying A House With A VA Loan

Buying a home with a VA guaranteed loan grants veterans and service persons better terms than that of a conventional mortgage loan. VA loans are handled through private mortgage lenders, so there is limited bureaucratic red tape.

Understanding VA Loans

VA mortgage loans are guaranteed by the government, but the actual home loan is handled by a mortgage lender. In effect the government is like your co-signer. However, you still need to qualify for the mortgage loan by having a good credit record and enough income to cover the cost of a home, which includes mortgage payments, insurance, and taxes.

As long as the loan is equal to or less than the value of the property, no down payment is required. The government guarantees $36,000 to mortgage lenders, which is like a down payment in the finance company’s eyes. As a result, you don’t have to pay mortgage insurance premiums.

Other benefits of a VA loan include no prepayment fees, negotiable interest rate, and a warranty from the builder for homes inspected by the VA during construction. The VA will also assist borrowers with financial difficulties before they have to default on their loan.

Obtaining A VA Loan

Obtaining a VA loan is very similar process for a conventional mortgage. To begin, start home shopping. Once you are ready to buy a home, sign a purchase contract on the condition of approval of a VA guaranteed loan.

The next step is to apply for a loan with a private lender and submit a certificate of eligibility from the VA or discharge papers. The lender will process your loan application and contact the VA to appraise the value.

The loan will be approved based on the property’s value and your credit report. The final step is to discuss the terms, pay for any closing costs, and sign the final paperwork.

Finding VA Loan Lenders

VA loan lenders can be found virtually everywhere you would look for a traditional finance company. Online lenders allow you to easily compare rates, since the government doesn’t dictate lending rates. You will also want to find a user friendly process. Online lenders enable you to complete forms in your home through their websites, with final paperwork signed with a notary.

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