VA loans, explained

Six things to know, one tap each.

• How a VA loan worksA lender makes the loan. The VA guarantees part of it, which is why lenders can say yes with little or no down payment.Ask a lender
• Who may be eligiblePeople who served, service members and some surviving spouses may be eligible. A lender and the VA decide.Ask a lender
• The Certificate of EligibilityThe COE is the VA's proof that you may use the benefit. There are three ways to get one.Ask a lender
• The funding feeMost borrowers pay a one-time funding fee. Some are exempt. It can often be added to the loan.Ask a lender
• Down payment and entitlementNo down payment is often possible. Entitlement is the amount the VA will back, and it can be used more than once.Ask a lender
• The VA appraisal and the homeThe VA has its own appraisal and Minimum Property Requirements. The home has to be safe, sound and sanitary.Ask a lender

Check where you stand

Three taps about service and the home. Nothing you tap is saved or sent. The result says what may be worth asking a lender about.

• Might a VA loan fit?Three taps about service and the home. Nothing you tap is saved or sent. The result says what may be worth asking a lender about.

VA checklist

Plain steps, in order. Tick them off at your own pace.

• Decide that the home will be where you live. VA loans are for a home you occupy.
• Gather the service papers the COE walk-through names for your kind of service.
• Get your Certificate of Eligibility: through a lender, online at the VA, or by mail with VA Form 26-1880.
• Read your own credit reports and fix any mistakes you find.
• Ask a lender that makes VA loans for a pre-approval, and ask for the Loan Estimate in writing.
• Ask whether you would owe the funding fee, whether you may be exempt, and how it would be paid.
• Ask how much of your entitlement is available, and whether a loan limit applies.
• Choose a home and make an offer. Ask your agent how a VA appraisal changes the offer.
• Book your own inspection. The VA appraisal is ordered through the lender; the inspection is yours.
• Compare the Loan Estimate to the Closing Disclosure a few days before closing.

Open the checklist page

Slide show

Six slides, one idea each. Swipe on a phone, tap Next and Back, or press the arrow keys.

• Open the slide showSix slides, one idea each. Swipe on a phone, tap Next and Back, or press the arrow keys.

Full details

One page for each topic, with what each one rests on and where to read the official page.

• How a VA loan worksA regular loan from a regular lender, with a government guarantee behind it.Read
• Who may be eligibleThe VA decides, and it looks at service, not at a person's background.Read
• The Certificate of Eligibility (COE): a walk-throughThe COE is the VA's proof that you may use the home loan benefit. Most lenders ask for it. Here is how to get one.Read
• The funding feeA one-time cost that helps keep the VA loan program running.Read
• Down payment and entitlementTwo words that come up in every VA loan conversation.Read
• The VA appraisal and the homeThe VA looks at the house as well as the buyer.Read

Common questions

Does the VA lend me the money?

No. A lender does. The VA guarantees part of the loan.

Can I use a VA loan more than once?

Often yes. It depends on how much entitlement is left. Ask a lender.

Do I need a Certificate of Eligibility?

Lenders almost always ask for one. The COE page walks through the three ways to get it.

Does AskResi make loans?

No. AskResi is not a lender. We explain, and a lender answers.