Basically, you fill out paperwork from the VA that verifies your eligibility for the program. You also receive what’s known as your entitlement, which is the dollar amount guaranteed on each VA loan. Lenders might be willing to loan up to four times the amount of your entitlement.
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With all of that in place, it’s possible to get a VA loan with no money down. Additionally, instead of paying mortgage insurance, or PMI, you pay a VA funding fee at the beginning. It can start to get a little complicated, but with a little guidance, it’s possible to get through the process and buy a home. Let’s take a look at how to get a VA loan in a little more detail.
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