VA loans are a great benefit, but about a third of veterans don't know it's even available to them. And in the two-thirds that do know about the benefit, many avoid it because they've heard all the myths and they're misinformed about how they actually work.
So, how does a VA loan work?
If you've served in the military or National Guard, chances are you're eligible for a VA Loan.
Despite the name, you don't actually work with the Veterans Administration to get your mortgage when you use your VA loanbenefits. The VA's role in the whole process is that they guarantee part of the loan, so banks are able to offer you better rates than if you applied for a conventional loan.
All you'll need to do to get started is find a lender who works with this type of loan. You can check with your regular bank or credit union or you can go with a company that specializes in VA loans, like Veterans United. Once you find your lender, the loan process is almost identical to getting a conventional loan. The main difference is that you will need to get a Certificate of Eligibility to prove that you meet all the requirements to get a VA loan.
Get the full article on mortgages.com.