some instances, veterans can get their COE through their lender by using the VA’s Web LGY system. Once you have your COE, you will need to look over your finances and monthly budget to determine how much you can afford to spend. Then, you will want to shop for a lender. Be sure to look for one that is familiar with and has made VA-backed loans. You may want to get pre-qualified with the lender before you begin shopping for your new home. Then, choose your real estate agent, and begin shopping for your new home. Once you find the home you want to buy, you will need to have a VA-approved appraiser appraise the home to make sure it meets property condition requirements and determine the appraised value of the home. This will help determine how much you can borrow to purchase the home. An appraisal is not the same as an inspection and although an inspection may not be required, it is always a good idea to have one to make sure there are no major defects or safety hazards in hiding. The lender will still need to approve you for a loan and will look at your income, credit history, and other assets such as savings, retirement accounts, and investments to determine if you qualify and how much they will lend you. While the VA does not require veterans meet a minimum credit score, the lender may have requirements, so be sure to shop around and find a lender that meets you where you are.
Loan Limits and Entitlement
As of Jan. 1, 2020, there are no maximum limits for a VA home loan over $144,000 for eligible veterans, service members, and survivors, provided they have full entitlement to their VA loan — meaning they have met one of the following criteria:
• Have never used their VA benefits to apply for a mortgage
83
Powered by FlippingBook