Buying a home in Delaware with a VA loan

VA home loans are backed by the U.S. Department of Veterans Affairs. They are for people who have served, and in some cases their surviving spouses. In general, that includes:

• Veterans who meet the service requirements
• Active-duty service members
• Members of the National Guard and Reserves who meet the service requirements
• Some surviving spouses of service members or veterans

The exact rules depend on when and how long you served. A VA lender can check your eligibility for you, usually in a few minutes.

The COE shows the lender that you qualify for the VA benefit. Most lenders can request it for you online. You can also request it yourself through VA.gov. Have your service documents handy, such as a DD-214 if you have separated from service.

Most eligible buyers with full entitlement can buy with no down payment. There is also no monthly mortgage insurance, which many other low-down-payment loans charge. You still need to qualify for the loan, and you will still have closing costs, though sellers can agree to help with some of them.

Most VA buyers pay a one-time funding fee. It helps keep the program running. The amount depends on things like your down payment and whether you have used the benefit before. It can usually be rolled into the loan instead of paid at settlement. Some buyers are exempt, including many who receive VA disability compensation. Your lender will tell you the exact figure for you.

Every VA purchase gets an appraisal by an appraiser the VA assigns. The appraiser sets the value and checks that the home meets the VA’s minimum property requirements. In plain terms, the home must be structurally sound, sanitary and free of hazards, with working heat, water and electricity and a sound roof.

This is not the same as a home inspection. We still recommend a full inspection so you know the home well. If the appraiser flags a repair, it usually must be done before settlement, and we work it out with the seller. If the appraised value comes in below the price, we can send the appraiser more sales to consider, renegotiate, or talk through your options.

Some sellers have heard old myths about VA loans. A well-prepared VA offer can compete with any other. Here is how we help:

• Get pre-approved early with a lender who closes VA loans often
• Include a clear pre-approval letter with the offer
• Keep the terms clean and the settlement date workable for the seller
• Ask for seller help with costs only when it makes sense for that home
• Call the listing agent to explain the VA timeline and answer questions up front
• Look at the home’s condition before offering, so repair surprises are less likely

Through our partners at Veterans United Realty, we work with VA buyers often and know the steps well.

VA rules change from time to time, and every buyer’s situation is different. This page is a general guide, not loan advice. Please confirm eligibility, fees and loan limits with a VA-approved lender before you make plans.