Honoring Those Who Serve

Every Veterans Day, we pause to recognize the men and women who have served our country. Here in San Diego, that recognition carries special meaning.

With a strong military presence throughout the region, our community is home to active-duty service members, veterans, military families, and retirees who have dedicated years of their lives to serving others. From Naval Base San Diego and Naval Air Station North Island to Camp Pendleton and Marine Corps Air Station Miramar, military service is woven into the fabric of our community.

Veterans Day is about more than remembering. It is also an opportunity to recognize the resources and benefits available to those who have served — including one that can make a meaningful difference in achieving homeownership.

A Home Loan Benefit You May Have Earned

One of the most valuable benefits available to eligible veterans, active-duty service members, and certain surviving spouses is the VA Home Loan program.

Yet, many people who may qualify are not fully aware of this benefit or have never explored how it could help them purchase a home.

The VA home loan program, backed by the U.S. Department of Veterans Affairs, offers several advantages that can make buying a home more accessible.

Some of the benefits include:

• No down payment in many cases: Qualified borrowers with sufficient VA entitlement may be able to purchase a home without a down payment, subject to lender and property requirements.
• No monthly mortgage insurance: Unlike many conventional loans with less than 20% down, VA loans do not require monthly private mortgage insurance (PMI).
• Competitive interest rates: VA-backed loans often offer competitive rates, although actual rates depend on the lender and borrower’s qualifications.
• Flexible credit requirements: VA does not establish a universal minimum credit score, although individual lenders may have their own requirements.
• Limits on certain closing costs: VA rules restrict certain fees and expenses that veterans can be charged.

For many military families, these advantages can mean keeping more money available for moving expenses, savings, family needs, and the next chapter of life.

Do You Qualify for a VA Home Loan?

You may be eligible for a VA home loan if you are:

• A veteran who meets applicable service requirements.
• An active-duty service member who meets the required length of service.
• A member of the National Guard or Reserves who meets qualifying service requirements.
• An eligible surviving spouse of a veteran.

Eligibility depends on your individual service history and circumstances. You do not necessarily need to be retired from the military or have served for an entire career to qualify.

The first step is to find out whether you meet the VA’s eligibility requirements and obtain a Certificate of Eligibility (COE).

How to Find Out If You Qualify

If you have never looked into your VA home loan eligibility, getting started is easier than you might think.

1. Visit the VA’s official website.

Start with the U.S. Department of Veterans Affairs at VA.gov – Housing Assistance. You can review eligibility information and learn about the home loan benefit.

2. Request your Certificate of Eligibility.

Your COE verifies to lenders that you meet the VA’s service requirements for the home loan benefit. You can request it through the VA website, or a VA-approved lender may be able to obtain it for you.

3. Speak with a VA-experienced mortgage lender.

A knowledgeable lender can help you understand your available entitlement, purchasing power, estimated monthly payment, and any additional qualifications needed.

4. Connect with a real estate professional.

Once you understand your financing options, a real estate professional familiar with VA transactions can help you navigate the home search, offer process, inspections, appraisal, and closing.

You Served. Make Sure You Know the Benefits You’ve Earned.

Homeownership is a significant milestone, and the path to getting there looks different for everyone. For eligible veterans and service members, the VA home loan benefit may open a door that otherwise seemed out of reach.

If you served in the military, or have a family member who did, take a few minutes to find out whether this benefit is available to you. You may have earned an opportunity worth exploring.

This Veterans Day, we extend our sincere gratitude to all who have served, those currently serving, and the families who stand beside them.

From all of us at Better Homes and Gardens Real Estate Clarity, thank you for your service and for being an important part of our San Diego community.