Veterans, service members and surviving spouses
Using your VA benefit
If you qualify, VA is often your best option. Eligibility, the funding fee, how VA compares and what the appraisal checks.
Steps
- Why VA loans usually win, and who qualifiesIf you qualify for a VA loan, it is often your best option: no down payment, no monthly mortgage insurance and typically lower rates than other loans.
- How much house can you afford?Your debt-to-income ratio compares monthly debts with income, and each loan type sets its own line. Your own budget should come first.
- The four main loan typesConventional, FHA, VA and USDA loans differ in down payment, mortgage insurance and credit. If you qualify for VA, it is often the best of the four.
- Getting pre-approvedA mortgage pre-approval means a lender has checked your credit, income and assets. It backs your offer, but it is not a loan commitment.
- Reading a Loan EstimateThe Loan Estimate is the same three-page form at every lender. Check the loan type, term, amount and rate lock first, then the costs on page 2.
- Appraisals and low valuesA home appraisal confirms the value supports your price, and your loan is based on the lower of the two. A low value still leaves you options.
- Cash to close, explainedCash to close is your down payment, closing costs and prepaids, minus your deposit and any credits. Confirm wire instructions by phone before you send it.
- At the end: see it with your own numbersDaniel builds your Mortgage Plan: every option that fits, side by side, with your payment, cash to close and cost over time.