As a veteran who is thinking about applying for a VA home loan, you are probably wondering what to expect from the process. Here are a few things you should know about getting a VA home loan:

What is a VA Loan?

VA loans are issued by private banks just like regular home loans are. But unlike regular home loans, the loans that are offered to veterans are guaranteed by the United States Department of Veteran Affairs. So the bank doesn't have to worry about whether they will get their money back in the future, which means getting a VA home loan is pretty easy for veterans because they don't have to meet the same harsh requirements that civilian home buyers typically do.

So as a veteran, you won't have to worry about things like your income, your credit score, or your ability to make a big down payment. In fact, your VA loan will likely cover most if not all of your down payment, so you don't even have to worry about saving up a bunch of money before you can apply for a VA home loan.

How Does the Home Buying Process Work?

While getting prequalified for a loan amount is not required, you will have an opportunity to do so when you begin working with a bank to secure your home loan. Doing so can save you a lot of time and frustration when you start actually looking for homes to buy. By getting prequalified, you will know exactly how much you can spend on a home and therefore avoid wasting your time looking at homes that you can't get a loan for.

Once you find the house you want to buy, you will sign a purchase contract and then your bank will have a qualified professional head to the home to perform a VA appraisal. This appraisal is necessary to make sure that the home meets the minimum property requirements set forth by the VA and that the home isn't valued less than the loan amount you are applying for.

After the appraisal has been completed and your loan has been approved by the underwriter, you can start the closing process and get ready to move into your new home. Closing on the home simply means that ownership is being transferred from the seller to the buyer. The transfer can take a few weeks, but once it is complete, you should be able to move right in.

To learn more about VA loan financing, consult a resource in your area.