How to Get a VA Loan in 2024 - A Comprehensive Guide

Shashank Shekhar

July 29, 2024

4 Minutes Read

I am the author of this blog and also a top-producing Loan Officer and CEO of InstaMortgage Inc, the fastest-growing mortgage company in America. All the advice is based on my experience of helping thousands of homebuyers and homeowners. We are a mortgage company and will help you with all your mortgage needs. Unlike lead generation websites, we do not sell your information to multiple lenders or third-party companies.

VA loans are an exceptional benefit for eligible veterans, providing opportunities to purchase or refinance a home with favorable terms. Understanding how to navigate the VA loan process can be transformative for homebuyers. This guide will answer key questions about VA loans, including eligibility requirements, the application process, and more.

What is a VA Loan?

A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA). These loans are offered by private lenders, such as banks and mortgage companies, and are available to veterans, active-duty service members, and certain members of the National Guard and Reserves. One of the primary benefits of a VA loan is that it allows eligible borrowers to purchase a home with no down payment and no private mortgage insurance (PMI). Furthermore, VA loans often offer competitive interest rates and have more lenient credit requirements compared to conventional loans.

Can You Have Two/Multiple VA Loans at the Same Time?

Yes, it’s possible to have two VA loans simultaneously, but certain conditions must be met. The VA allows eligible borrowers to have more than one VA loan, provided they have enough remaining entitlement. Entitlement refers to the amount the VA will guarantee on a loan. If a borrower has used a portion of their entitlement but not all of it, they may be able to use the remaining entitlement to obtain another VA loan. However, the new loan must still meet the VA’s guidelines, including occupancy requirements and loan limits.

Who Qualifies for a VA Loan?

To qualify for a VA loan, you must meet specific service requirements set by the VA. These requirements generally include:

Active Duty Service – Veterans who served at least 90 consecutive days during wartime or 181 days during peacetime.
National Guard and Reserves – Members with at least six years of service or those called to active duty for at least 90 days.
Discharge Status – Must be discharged under conditions other than dishonorable.

To get details on whether you qualify based on your service, visit the VA.gov site.

In addition to service requirements, borrowers must meet the lender’s credit and income standards. This includes having a satisfactory credit score and a stable income to support mortgage payments. InstaMortgage may allow credit scores as low as 500 if the credit and other qualification criteria are met.

How to Apply for a VA Loan

Getting/Applying for a VA loan in 2024 involves several steps, each crucial for a successful application. Here is a step-by-step guide:

1. Obtain Your Certificate of Eligibility (COE)

The first step is to obtain a Certificate of Eligibility (COE) from the VA. This document proves to lenders that you meet the service requirements for a VA loan. You can apply for a COE through the VA’s eBenefits portal or by mail, or we can assist you in obtaining it. Request your COE by clicking this link

2. Choose a VA-Approved Lender,

Select a lender that is approved by the VA to handle VA loans. Not all lenders offer VA loans, so it is essential to find one with experience in this type of mortgage. InstaMortgage is a VA-approved lender and has successfully helped hundreds of homebuyers buy a home using a VA loan. We offer very competitive rates and fast closing while guiding you every step of the way.

3. Get Pre-Approved

Before house hunting, get pre-approved for your loan. This involves submitting financial documents to your lender, such as proof of income, credit history, and assets. Pre-approval gives you a clear idea of how much you can afford and strengthens your position when making an offer on a home. You can get started with a VA loan pre-approval online here or by contacting us.

4. Find a Home and Sign a Purchase Agreement

With your pre-approval in hand, you can start shopping for a home that meets your needs. Once you find a suitable property, work with your real estate agent to negotiate and sign a purchase agreement with the seller.

5. Complete a VA Appraisal and Home Inspection

The lender will order a VA appraisal to determine the home’s value and ensure it meets the VA’s minimum property requirements. Additionally, it’s wise to get a home inspection to identify any potential issues with the property.

6. Underwriting and Closing

Once the appraisal is complete, your lender will process your loan application through underwriting. If everything is in order, you’ll receive a clear to close, and you can proceed to closing, where you’ll sign the final paperwork and take ownership of your new home.

Benefits of a VA Loan

VA loans offer numerous benefits that make them an attractive option for eligible borrowers:

No Down Payment – You can finance 100% of the home’s purchase price.
No PMI – VA loans do not require private mortgage insurance. However, they do require funding fees.
Competitive Interest Rates – VA loans often have lower interest rates compared to conventional loans.
Lenient Credit Requirements – VA loans have more flexible credit score requirements, making them accessible to more borrowers.
Assumable Loans – VA loans can be assumed by another qualified borrower, potentially making it easier to sell your home in the future.

Conclusion

VA loans provide a valuable opportunity for eligible veterans and service members to achieve homeownership with favorable terms. By understanding the qualifications, application process, and benefits, you can make informed decisions and take advantage of this significant benefit.

Whether you’re looking to get pre-approved, get a competitive rate quote, or simply answer your questions about How to get a VA loan in 2024, InstaMortgage is your trusted resource. Contact us today to get started on your journey to buy a home in 2024 with a 0% down payment VA loan.