VA Loans for First-Time Homebuyers: A Basic Guide

by Tracey Lizza 09/25/2022

If you've served in the U.S. military, a VA loan might be an excellent way to finance your first home. If you're interested in using this benefit, it's important to know the steps involved. Here is a basic guide to buying your first home with a VA loan:

Get Your Certificate of Eligibility

A certificate of eligibility from the VA shows you meet the requirements to apply for a VA loan. These could be either personal military requirements or surviving spouse requirements. While you won't need this document until it's time to close on the loan, it's best to get it as early as possible to avoid paperwork delays.

Compare Lenders

Comparing lenders when applying for a mortgage is especially important if you're wanting a VA loan. Not every lender offers VA loans, and some who do specialize in a specific type of loan or type of client. Find a lender who offers first-time buyer benefits to veterans through your state.

Prepare Cash

VA loans don't require down payments, but it's still important to prepare some cash to pay for other expenses. Some of these costs include the earnest money deposits and moving expenses. You can also increase your odds of approval if you have strong cash savings, as lenders use this as a determining factor in your loan application process.

Find the Right Agent

Finding a real estate agent who has experience working with military clients will benefit you in many ways. It also pays to find an agent who has worked with first-time homebuyers and can help you navigate the system with confidence. Try interviewing a few agents and asking about their prior experience and expertise. It can also help to inquire about any special training or certifications they might have received for working with military clients.

Buying your first home can be stressful, but if you're a military veteran, you have great opportunities for financing. Remember these tips when considering your loan options to make the best decision.

About the Author
Author

Tracey Lizza

 TRACEY LIZZA - Buying or selling a home is more than just a transaction: it’s a life-changing experience. Tracey is dedicated to providing exceptional, personalized service with total discretion for all of her clients. She takes great pride in the relationships she builds and always works relentlessly on the client’s behalf to help them achieve their real estate goals. Tracey places a high value on responsiveness and availability. She works with her clients every step of the way whether they are buying, renting or selling. A career as a real estate professional has been a perfect fit for Tracey. She has had a varied background in the marketing communications field including having worked in the international fashion industry as a buyer for over a decade. Combined with a personal selection of residential and commercial properties, Tracey brings her expertise along with firsthand experience. Tracey and her family enjoy the Shoreline lifestyle of Southeastern Connecticut and have garnered great pleasure volunteering and being active in her community and children’s schools. Tracey interests include gardening, fishing and boating. 

Contact Tracey and let her help you move in the right direction 

CAROL GESSNER - As a full-time Realtor I have the knowledge you need to get your home sold or find a new one. I am highly dedicated to bringing you customer service that exceeds your expectations. You can expect nothing less than superior professionalism and integrity from me. I have lived in southeastern Connecticut for 35 years. I grew up here. I have a connection to this community and the people who call it home. When I'm not helping my clients, I enjoy gardening, cooking and traveling. My true passions in life are my husband James, and our kids Nicholas and Nola. 

 Let me know how I can assist you in buying or selling and exceed your expectations!