How to Use Your VA Home Loan Benefit

Jun 15, 2022

Introduction to VA Home Loans

Veterans Affairs (VA) home loans are a special mortgage option backed by the U.S. Department of Veterans Affairs. Designed to make homeownership more accessible for veterans, active-duty service members, and their families, VA home loans offer numerous benefits, particularly for those living in Tulsa, OK.

Advantages of VA Home Loans

  1. No Down Payment: One of the biggest benefits of VA home loans is the possibility of financing 100% of a home’s value.
  2. No Private Mortgage Insurance (PMI): Unlike other mortgage types, VA loans do not require PMI, saving you money over time.
  3. Lower Interest Rates: VA loans typically offer lower interest rates than conventional loans.
  4. Flexible Credit Requirements: While still important, credit score requirements are often more forgiving with VA loans.

Eligibility Criteria

To be eligible for a VA home loan, you must meet at least one of the following criteria:

  1. Service Length: A minimum period of service is required, which varies by service type.
  2. Discharge Status: Generally, only those who have not been dishonorably discharged are eligible.
  3. Spousal Eligibility: Some spouses of deceased veterans are also eligible.

Steps to Using Your VA Home Loan Benefit

  1. Certificate of Eligibility (COE): Your first step is to obtain your COE from the VA.
  2. Pre-Approval: Pre-approval gives you an idea of how much you can afford and shows sellers that you are a serious buyer.
  3. Home Search and Purchase Agreement: Once pre-approved, you can start looking for your dream home.
  4. VA Appraisal: Before the loan is approved, the property must undergo a VA appraisal.
  5. Closing: After approval, you’ll attend the closing, sign paperwork, and receive the keys to your new home.

Common Mistakes to Avoid

  1. Skipping Pre-Approval: Without pre-approval, you won’t have a clear budget, which can result in wasted time and potential disappointment.
  2. Ignoring Loan Limits: While there is technically no maximum VA home loan amount, there are limits to what the VA will guarantee.
  3. Overlooking Additional Costs: Remember to budget for closing costs, home maintenance, and other expenses that aren’t included in the loan.

About Kyle Bradley, Your VA Home Loan Specialist in Tulsa, OK

Kyle Bradley | The Bowtie Lender VP Mortgage Banker
NMLS #488324
Kyle Bradley Mortgage
100 S. Riverfront Dr. Jenks, OK 74037
C: (918) 855-0494
E: [email protected]
www.kylebradley.com

With over 16 years of experience in the mortgage industry, I can expertly guide you through the VA home loan process. My focus includes conventional, jumbo, and new construction loans, and my priority is to ensure that you experience a smooth mortgage transaction that closes on time. Reach out to me for personalized guidance on utilizing your VA home loan benefit in Tulsa, OK.

Contact Kyle for More Information

For further information on VA home loans or to start your application, feel free to contact me at (918) 855-0494 or [email protected]. Let’s work together to make your dream of homeownership a reality in Tulsa.