Honoring Veterans With More Than Just a Day: VA Loans Explained
Veterans Day is an American public holiday honoring veterans for their service to the country. It’s a day dedicated to commending American servicemen and women who have served or continue to serve in the U.S. military. But a single day of gratitude isn’t all that’s done to honor those who put their lives on the line.
The Department of Veterans Affairs also offers Veteran Home Loans.
Veterans Home Loans, also known as VA loans, serve a wide range of individuals who share one thing in common: service in the U.S. Armed Forces.
These loans help service members readjust to civilian life and buy a home after their years of service. The loan program was created in 1944 and has since provided over 18 million home loans to veterans.
VA loans are especially beneficial because many military members spend significant time abroad and may not have the opportunity to build a traditional credit score. These loans level the playing field, giving them a fair shot at homeownership and asset building.
Notable benefits of VA loans include:
To qualify, applicants need a Certificate of Eligibility (COE). This document verifies that you meet the requirements, which include being:
You can apply for a COE in three ways:
After submitting your COE, the rest of the process is pretty straightforward. If the certificate is lost, you can easily request a new one. However, having a COE does not guarantee loan approval—other factors may influence the outcome.
Ready to buy your first home? Let Mares Mortgage help!
While VA loans are designed to be accessible, here are some common pitfalls:
Even small errors can lead to delays or denials. Double-check your social security number, family details, and income reports.
Late payments or hidden debts can hurt your chances. Get a soft credit check and resolve any disputes beforehand.
Frequent job changes or unstable income can signal risk to lenders. Longevity at your job helps strengthen your application.
Avoid taking on new loans or credit before applying. High debt levels can lead to rejection.
Thinking of applying? Mares Mortgage can guide you through it.
For many veterans, applying for a VA loan may feel intimidating—but it doesn't have to be. Here are the 5 key steps:
While not mandatory, prequalification helps estimate your budget and shows sellers you’re serious.
Documents needed include:
With a pre-approval letter in hand, begin your search. From single-family homes to condos, options are wide open.
Partner with a veteran-friendly real estate agent for the best results—they can even help negotiate fees.
Your agent will help draw up a purchase agreement. Be sure it includes a VA escape clause in case the home doesn’t meet inspection standards.
Next, your lender will order a VA appraisal to confirm the value and ensure the home meets VA Minimum Property Requirements.
Finally, you'll sign documents, review the closing disclosure, and do a final property walk-through. Avoid new debts (like home improvement loans) during this time to prevent financial strain.
If VA loans aren’t a fit, here are two other financial products worth considering:
This full-service credit union has served military families since 1933. It's open to:
They offer:
However, they don’t tailor services exclusively for military needs like the VA does. For example, most Navy Federal products require down payments—VA loans do not.
These loans help Americans purchase homes in rural or suburban areas with low interest rates and no down payment.
Like USDA loans, Mares Mortgage also offers accessible options for rural and suburban homebuyers.
In Summary
VA loans are among the most valuable home financing tools available to those who’ve served. They provide lower costs, better terms, and fast closings compared to conventional loans. And with the help of mortgage companies like Mares Mortgage, veterans can access expert guidance every step of the way.
Ready to get started? Mares Mortgage is here to help you achieve your homeownership goals.
