Purchasing Your First Home
Buying your first home is a big milestone, and it can feel a little overwhelming. That’s why our team’s here 24/7 to help guide you and answer any questions along the way. Give us a call anytime, toll-free at (706) 842-2522 or start your quote online.
How Much Home Can I Afford?
Typically, the first question many first-time homebuyers ask is, "What can I afford?"
Your ideal mortgage payment depends on a few things, like your income, existing debt and ideal down payment amount. Even costs like homeowners insurance or HOA fees should be factored into your overall budget. Veterans United’s VA loan payment calculator makes it easy to estimate a monthly payment that fits your budget.
What Type of Home Loan Should I Get?
There are many financing options available for first-time homebuyers out there, each with their own unique advantages. For most Veteran and active duty military members, Veterans United highly recommends the federally backed VA loan due to its distinct benefits over traditional loans.
Advantages of a VA Loan
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No Down Payment Necessary
You’ll usually need at least a 5% down payment for conventional loans or a 3.5% down payment for FHA financing. On a $200,000 loan, that's $10,000 for conventional borrowers and $7,000 for FHA. For many first-time homebuyers, coming up with that kind of cash can be challenging. Being able to purchase a home with a 0% down means VA borrowers don't have to spend years saving to scrape together a big down payment. -
Less Stringent Qualifications
Many first-time homebuyers might not have a strong credit history, which can make it difficult to get approval for a mortgage or qualify for an affordable interest rate. Since the VA loan is government-backed, lenders may be more flexible with credit and income requirements. Even if your credit isn’t perfect, it could be easier to qualify for than a conventional mortgage. -
Lower Monthly Payments
Since VA loans don't require the added monthly expense of private mortgage insurance (PMI), they tend to leave more money in your pocket each month. The competitive VA loan rates can also save you thousands over the lifespan of the loan.
In addition to the VA loan, Veterans United Home Loans offers several other financing options for homebuyers, including USDA loans, FHA loans and traditional mortgages when they’re a better fit for the homebuyer.
Why First-Time Military Homebuyers Choose the VA Loan
Buying your first home after military service can feel like unfamiliar territory. That’s why so many first-time military homebuyers turn to the VA loan. It’s not just about competitive interest rates and no down payment, it’s about the sense of support and understanding it provides during the homebuying process.
I would use the VA loan for every home. Part of the reason why is that feeling that someone has your back. After getting out of the military, sometimes Veterans feel like no one really understands what being in the military is like or that anyone will truly support you, and I know I’ve felt this way. But with the VA home loan, it really felt like I wasn’t out here doing it alone.
The VA loan isn't just a benefit you've earned; it's a trusted path that can make the entire journey feel more manageable and less overwhelming.
Getting Preapproved
The first step toward securing your loan is getting preapproved. This involves a prequalification process, where a loan officer assesses the homebuyer's financial situation and determines what they qualify for. The homebuyer then submits a completed loan application to the lender for approval. During the VA loan preapproval process, the lender will verify your information by requiring documentation such as pay stubs and bank statements.
Veterans United offers two ways to begin this process: You may either call us directly at (706) 842-2522 or answer a few questions below to start your preapproval online.
Finding a Real Estate Agent
When using a VA loan, it's important to find a real estate agent who knows the intricacies of the VA Benefit Program and understands the specific needs of Veterans and active duty military members. Veterans United has put together a nationwide network of military-friendly real estate agents for just this purpose.
Learn More about Veterans United Realty
Helpful First-Time Homebuyer Resources
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The Guide to VA Homebuying
Browse our VA homebuyer education and resources page. -
VA Home Loan Affordability Calculator
This free VA home loan calculator helps you understand how much you can afford to pay for a house based on your income, debts and more. -
First-Time Homebuyer Tips
This article discusses the top tips for first-time homebuyers to navigate the VA loan process with ease.
As a first-time homebuyer, you have many options when it comes to purchasing your home, including homes in high-cost areas. Learn about VA jumbo loans in our next section.
1 Our military advisors are paid employees of Veterans United Home Loans.
