If you have been considering maximizing the rewards from your military service, you might be thinking about taking advantage of your VA loan access to buy a home. If you've never dealt with the VA loan process before, you might not really understand what to expect. If you're hoping to make the most of your military benefits, there are some things that you should understand. Here's a look at what you need to know before you pursue that VA loan.

You Need A Certificate of Eligibility

You don't automatically qualify for a VA loan when you enlist. There are clearly defined eligibility requirements for each enlisted service member, and once you meet those requirements, you can get a certificate of eligibility that shows that you've qualified for a VA loan. That's when you'll be provided with the amount that you qualify for as well so that you can start shopping for your home.

VA Loans Typically Require No Down Payment

One of the things that make VA loans an attractive option for homeownership is the fact that these loans typically don't require any down payment. You can get 100 percent financing for your home without any mortgage points. If you're hoping to buy a home and you don't have a lot of cash to put into a down payment, using your VA loan eligibility is a great alternative.

The Property Must Pass A VA Appraisal

When you choose a property to buy with your VA loan, you'll have to allow time for the VA appraisal to be completed. This appraisal is mandatory for every VA-funded property purchase, and it can take a couple of weeks to complete in some instances. This assessment usually costs a couple of hundred dollars and simply ensures that you're paying a fair market price for the home. This doesn't include the home inspection that you'll need to have done as well.

VA Loans Aren't A One-Time Thing

Once you have eligibility for a VA loan, that eligibility doesn't go away. If you pay off your first loan, you can qualify again. It's important to remember that in case you decide you want to sell your home and move or if you get stationed somewhere else for an extended period.

These are important facts to know when it comes to buying a home with a VA loan. The better you understand the VA loan process, the easier it is for you to get the home that you want. Talk with a lender near you for more information about VA loan options.