Home Buying Process
St Paul Regional Office
Regional Loan Center
The VA Home Loan Program
VA guaranteed loans are made by private lenders to eligible veterans for the purchase of a home for their personal occupancy. VA will guarantee a portion of the loan to the lender, which protects the lender against losses up to the amount guaranteed, and allows a veteran to obtain favorable financing terms. A veteran's basic entitlement, or portion of the loan that the VA will guarantee, is $36,000 (or up to $104,250 for certain loans over $144,000). Lenders generally will loan up to four times a veteran's available entitlement without a down payment (up to $417,000), provided the veteran is income and credit qualified and the property appraises for the asking price.
What is Eligibility?Eligibility is a veteran's entitlement to the VA home loan benefit described above. This benefit is extended to military veterans, persons on active duty, and members of the National Guard and Reserves.
Obtaining a Loan
Buying a home is often a very exciting and stressful time; having an experienced and qualified lender is very important.
Finding Your New Home
Most home buyers use the services of a state-licensed real estate agent to assist in finding a new home.
Closing the Sale
If your loan and home are approved for a VA Home Loan, several steps should be taken prior to closing.