VA Loans Explained – The Basics of Using a VA Loan To Buy A Home
Heritage Home Loans
Heritage Home Loans Spokane, WA
Published on December 9, 2022
VA Loans explained, va loan, va mortgage

VA Loans Explained – The Basics of Using a VA Loan To Buy A Home


VA loans are a fantastic way to purchase a home. If you are considering purchasing a home, it is essential to know all the facts before making a final decision. This guide will give you everything you need to know about VA loans and their benefits.

What is a VA Loan?

A VA loan is a mortgage loan made available through private lending institutions. It is insured by the Department of Veterans Affairs, which protects lenders from losses in case you fail to make payments on your loan. This means that lenders can afford to offer competitive interest rates and more flexible underwriting standards than they would otherwise be able to.

Benefits of a VA Loan

If you are a veteran, you can take advantage of the VA loan program to buy a home without paying a down payment or monthly mortgage insurance. This makes it easier to qualify for your dream home since there are lower upfront costs. Additionally, the VA’s flexible underwriting requirements mean that many veterans with lower credit scores and other loan-related issues can still get approved to buy a home.

VA Loan Pre-Approval

VA loan pre-approval is the first step in obtaining a VA home loan. Pre-approval means that your lender has already verified and approved the maximum amount they are willing to lend you. The good news here is that it is quick, easy, and free! You will be able to get a rough estimate of your monthly payment as well as see which closing costs you can expect. This will give you an idea of how much house you can afford before heading out to shop for homes!

VA Mortgage Eligibility

Eligibility for a VA Loan is based on your time and type of service in the military.

You may be eligible if…

  • You’re currently serving
  • You formerly served and met the minimum active duty requirements
  • You currently serve or served in the National Guard or Reserves.
  • If you are a surviving spouse of a veteran.

To see the requirements of service time during your time of service click HERE.

VA Loan Pre-Approval Process

Getting a VA home loan preapproval is the first step in qualifying for a veteran’s mortgage. This process can be done in as little as one day, and the following are elements that it typically entails:

  • Application – Gathering information
  • Review documents – Verifying information
  • Estimates of the monthly payments and closing costs.

Closing Costs for VA Loans Explained

What are the closing costs for a VA mortgage? A closing cost is the total of all fees, interest, taxes, and other charges associated with purchasing or refinancing your home. This includes:

  • Lender Fees (Credit, Appraisal, Etc.)
  • Title and Escrow Fees
  • Property Taxes and Homeowners Insurance
  • Home Inspections and Moving Expenses

You can estimate that you will pay around 3% in upfront costs when they buy a property with a VA Loan. However, this could be higher depending on how you choose to set up your loan.


There are many options for veterans who are looking to buy a home or refinance their current mortgage. The VA loan program has been around since 1944 and is designed specifically to help veterans with their financial needs. If you are looking for more information about how this works, contact us today! We will help walk you through the process step by step so that buying a new home can be easy and stress free.

Heritage Home Loans
Heritage Home Loans Spokane, WA
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(509) 991-3493