Nov. 5, 2013

What is a VA Home Loan?

Military Couple with House KeysA VA Home Loan is a home loan made to eligible Veterans for the purchase of a home that will be used as a primary residence. The VA home loan is secured by the U.S. Department of Veterans Affairs and has favorable loan terms and competitive interest rates. This type of loan is available to Veterans, Active Duty Servicemembers, Select Reserve members, and some spouses. A VA home loan can be used to purchase a home, construct a new home, refinance a home, or install energy-related features in a home. The first step of applying for a VA Home Loan is to obtain a Certificate of Eligibility (COE). A Veteran eligible for a VA loan still must meet other loan requirements such as income and a good credit score.


Veteran with LaptopA Veteran is eligible for a VA Home loan if he or she served on Active Duty and was not dishonorably discharged. Wartime service periods include service during World War II, the Korean Conflct, the Vietnam Era, and the Persian Gulf War. Veterans with Peacetime service, Active Duty Service Personnel, Members of the Selected Reserve, and certain other types of service or spouses are eligible. The Department of Veterans Affairs determines eligibility and issues Certificates of Eligibility to qualified Veterans and Servicemembers.

Restoration of Entitlement

If a veteran has used all or part of the entitlement, entitlement may be "restored" when purchasing another home. Entitlement is not automatically restored and certain conditions must be met. It is possible for a veteran to have up to two VA home loans at one time.

"Got Your Six" - Choosing a REALTOR®

Veterans Giving BackIf you think you are eligible for a VA home loan, it is important to work with a REALTOR® that understands the benefits of VA loans. In addition to a VA loan saving you money, a REALTOR® knowledgeable about VA loans can also save you money on closing costs. While the VA secures the loan, the VA does not make any guarantees about the condition of the home or the decision you are making. It is important to work with a REALTOR® who will work with you through the process of purchasing a home with a VA loan. If you choose to work with Linda Holloway as your REALTOR®, I will have your back through the entire home buying process meaning that I will provide the information for you to make the best decisions possible for you and your family. If needed I will introduce you to business partners - loan officers, home inspectors, etc., that will also be knowledgeable about VA home loans and the process of buying a home.

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