Veterans and their families can benefit from a host of home financing options offered through the Veterans Administration, which were all designed to assist American vets and their surviving spouses.

Backed by the government, VA loans require no money down when purchasing a home and are currently guaranteed for loan amounts up to $417,000. Even a spotty credit history can be salvaged, as VA home loans can ultimately lead to a lower loan rate in comparison with conventional lending.

VA loans are often less expensive and offer better rates than traditional loans.

There are several types of VA loans. Flexible options like assumable mortgages and opportunities to finance energy efficiency improvements into the cost of the home exist for all eligible borrowers.

The agency also allows veterans in a hardship situation to modify their loans through the VA Home Loan Guarantee Program.

The first step in obtaining a VA loan is determining whether you are eligible. There are certain requirements you must meet before applying for a VA loan.

These include obtaining a Certificate of Eligibility. You can request a Certificate of Eligibility for VA Home Loan Benefits by filing out VA Form 26-1880. The process of obtaining a Certicate of Eligibility has been simplified in recent years with the Automated Certifiace of Eligibility, an online application used by VA Loan providers to quickly determine eligibility of applicants. The turnaround time on applying for and recieving a Certificate of Eligibility is typically around ten days.

Once you have your Certificate of Eligibility and have applied for a VA loan, the next step is to find your dream home sign a purchase agreement. The VA will do an appraisal of the home as requested by the lender, although the buyer is sometimes asked to notify the VA.

While the appraisal is being processed, the lender will typically be checking your credit information. Some lenders have the authority to process their loans automatically, which dramatically lower the wait time for a loan.

If all goes well, you will be notified of your approval immediately and should be able to move into your new home in a few days.  Obviously this is just some initial information on the benefits offered by the VA Home Loan Program.  You can consult the government website for more background information and progress to a lender for specific questions.