VA Loan Tips

Using your VA loan benefit is one of the most valuable advantages of military service, but preparation matters. From choosing the right lender to reviewing your credit and budgeting for closing costs, taking the right steps early can save time, money, and stress during the approval process.

Contact A Participating VA Lender Early

Reach out to a VA-approved lender as soon as you begin planning. Even if you’re not ready to apply, a lender can help you understand current interest rates, estimate your funding fee, and outline potential closing costs.

If you haven’t obtained your Certificate of Eligibility (COE), your lender can often request it for you. While you can apply directly through the VA, many borrowers find it easier to let their lender handle the process.

Once you begin seriously shopping for a home, get prequalified or preapproved. Sellers are far more likely to accept offers from buyers who already have financing lined up.

Compare VA Lenders

Not all VA lenders offer the same products. Some specialize in condos, manufactured homes, or new construction. Others may not.

Rates and fees can also vary. Shopping multiple lenders within a short time frame allows you to compare offers without significantly impacting your credit score.

You are not required to use your current bank or credit union. Whether purchasing or refinancing, you are free to choose the lender offering the best terms.

Review your Credit Report Before

If you don’t know what’s on your credit report, you’re not ready to apply for a mortgage.

Check your credit reports and FICO scores well in advance — ideally 12 months before applying. Errors, identity theft issues, or outdated negative information can take time to correct.

Late payments within the past 12 months, high credit utilization, or unresolved disputes can delay or jeopardize your loan approval.

Perform Financial Due Diligence

There are many variables to consider when planning and saving for your home loan. Do you want to keep the home for a long time, or do you consider this purchase a stepping stone to a larger property later on?

How long you plan to stay in the home will help determine whether or not an adjustable rate mortgage is a good idea (it may be if you don’t plan to keep the home for the full loan term), whether or not paying down your interest rate with discount points is a good idea (it may be if you plan to keep the home for the full loan term), and other options.

Do you know how much your loan will cost you over the lifetime of the mortgage for a 15-year and/or a 30-year mortgage?

Do you know whether you are exempt from having to pay the VA loan funding fee because you receive or are eligible to receive VA compensation for VA-rated disabilities?

Here’s a biggie–do you plan on making a down payment on your VA home loan? It’s true that VA mortgages feature no-money-down options for typical transactions, but the fact is, any borrower required to pay the VA loan funding fee can get a discount on that fee by making the right size down payment.

Knowing issues like these can help you make a more informed decision about your loan choices. These are important questions to answer.

Once You Have Found Your Dream Home

An appraisal is not a home inspection.

The VA appraisal determines market value and verifies minimum property standards. It does not evaluate every system or uncover hidden defects.

A professional home inspection protects you, not the lender. Inspectors evaluate roofing, plumbing, HVAC, electrical systems, crawlspaces, and other areas the appraisal may not fully examine.

Skipping an inspection can lead to expensive surprises after closing. Always make your purchase agreement contingent on a satisfactory home inspection.

For more information on VA Loans see our FAQ on VA Loans page.