Using Your VA Loan in the River Region: A Plain-English Guide

This week is Veterans Day, and we want to start by saying thank you. The River Region has a proud military community, and helping veterans and service members buy homes is one of our favorite parts of this job. One question comes up again and again: how does a VA loan actually work? Here's the plain-English version.

What makes a VA loan different

• No down payment for most eligible buyers with full entitlement
• No monthly mortgage insurance, which can save a lot every month
• Competitive interest rates
• You can use it more than once in your lifetime
• Since 2020, there's no VA loan limit for buyers with full entitlement

It's one of the best benefits you earned, and many people don't realize how much it can help.

Who can use it

Veterans, active-duty service members, many National Guard and Reserve members, and some surviving spouses can qualify. The first step is getting your Certificate of Eligibility (COE). A lender who does VA loans often can usually pull it for you in a few minutes.

Things to know before you shop

• The home has to be your primary residence.
• There's a VA funding fee, but it's often waived if you receive VA disability compensation. Ask your lender.
• The VA appraisal checks that the home is safe and sound. Homes that need major repairs can be harder to buy with a VA loan, so we keep an eye out for that when we tour.
• Sellers can help pay closing costs, and we'll negotiate for that when it makes sense.

A VA loan can win a home

Some people think sellers don't like VA offers. In our experience, a well-prepared VA offer competes just fine: a strong pre-approval letter, a lender who closes on time and an agent who explains the offer clearly to the other side.

Property taxes and disabled veterans

Alabama already has some of the lowest property taxes in the country, and some disabled veterans may qualify for additional exemptions on their home. Ask your county's revenue office what applies to you once you close.

Ready to use your benefit?

We're Courtney and Chris Lowry with RE/MAX Cornerstone Plus. Call or text (334) 777-8636. We'll connect you with a lender who knows VA loans and help you find a home anywhere in the River Region, from Prattville and Millbrook to Wetumpka, Pike Road and Montgomery. And to every veteran reading this: thank you.