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The Military Advantage Program
The MILITARY Advantage from
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Obtaining Your VA Loan Benefit a Step-By-Step Guide
Step-by-Step Guide to Obtaining Your VA Loan Benefit
There’s a lot that is less than fantastic about military life. Missed birthdays and anniversaries. Worry during deployments. Picking up and moving time and again. But there are also perks to military life. One of those perks is the VA Loan Benefit. What’s not to like about a 0% down loan with no mandatory private mortgage insurance (PMI) and often with lower rates than a conventional loan? If you are eligible for this benefit, it’s one you should take advantage of.
Keep in mind: While it’s called a VA Loan Benefit, the VA does not provide home loans. What the VA does is act as the security of the loan, meaning the VA guarantees to cover the bank’s losses if there’s a default on the mortgage. This is added peace of mind for lenders!
Do you qualify? Did you or your spouse serve on active duty during wartime for 90 consecutive days? Or serve on active duty during peacetime for 181 days? Or serve in the National Guard or Reserves for six years? Were you or your spouse discharged from the service under honorable conditions? Or are you the spouse of a service member who died in the line of duty or as a result of a service-related injury or disability? If you can respond with “yes” to one or more of these requirements, you should be eligible.
Prove you’re eligible. You’ll need to obtain a Certificate of Eligibility (COE) to establish that you are indeed eligible for a VA Loan. You can do this yourself by completing a Certificate of Eligibility Request Form (VA Form 261880). Sign onto ebenefits.va.gov with your CAC card (ID card) to complete this form. This part of the process will require you to create an eBenefits account if you don’t already have one, or to login with existing credentials. Once on the site, click on the link entitled “Certificate of Eligibility for a Home Loan” and follow the instructions. Make sure to print out at least two copies of the COE—one for your own records and one for your mortgage lender.
Any questions or technical issues? You can contact VA/DoD at 1-800-983-0937. You can also ask your lender for assistance with obtaining your COE.
Speaking of lenders… While most lenders can offer VA Loans, it is to your advantage to choose a lender who specializes in them. One of the advantages of working with a military-serving real estate agent is that he or she knows and works with lenders with experience and expertise navigating the VA Loan program. This means smoother sailing for you!
Get your other documentation in order. You’re no stranger to needing documentation. Here’s where you’ll want to ensure you’re tracking which documents you’ll need: A DD-214 will verify an honorable discharge. You will also need to demonstrate that you have steady income sufficient to cover your mortgage payment and monthly expenses, so you’ll want to make sure you have your pay stubs or other proof of income readily available. While individual lender requirements may vary, you will likely be asked to produce bank statements, tax returns, W-2s, and orders (if you’re PCSing). Your lender will communicate any additional documentation that is necessary.
Pro tip: Put this information aside before you’re packing up if you’re in the middle of a move.
Once you’ve obtained your Certificate of Eligibility, put together your documentation, and assembled your dream team—an agent who is a pro at working with military families and a lender who’s comfortable with VA Loans—you’re ready to move forward with your home purchase. And in the process, you’ll be able to reap the financial rewards of a hard-earned benefit.
Magazines to Read for Design Inspiration
Most military-connected folks will tell you that one of the downsides to this life is the seemingly constant moving from one place to the next. But this transient lifestyle presents you with a unique opportunity as well. With each move, you get to leave your own distinctive decorating mark on your new home. You can experiment with different colors and mediums without being committed to them over the long haul. All you need to do is roll up your sleeves and let yourself be inspired.
Whether you like to read digital magazines online or prefer the feel of a real “book” in your hands, magazines are a great source of design inspiration.
You can start with lifestyle magazines like Real Simple, Better Homes & Gardens, and Good Housekeeping. These types of publications usually cover leisure, fashion, health, decorating, and culture, or some combination of any of these. They’re the same magazines you’re likely to find in the checkout aisle of the grocery store. The ones that promise they’ll show you how to organize your kitchen, pull off the perfect outdoor barbeque, or keep up with the latest fitness craze. They’re not marketed as design magazines, but they’ve got their finger on the pulse of what’s new and trending.
Interested in a lifestyle magazine focused specifically on military spouses and families? Check out Military Spouse Magazine. You’ll find page after page of beautiful photos and inspiring stories about people living this life and how they make it work. (And how they’re handling the frequent moves, just like you.)
If your taste is eclectic, or if you’re not sure what your taste is just yet, there are a whole host of magazines geared toward interior design and decorating. HGTV promises real-life solutions for all the things that homeowners deal with every day. Interior Designshowcases the latest design trends and ideas. Elle Decor markets itself as home design for the fashion-conscious soul. House Beautiful offers inspiration for home design and lifestyle. Architectural Digest features both classic and contemporary design styles.
Magazines like Town & Country, Veranda, and Luxe cater to an upscale, luxury crowd. While admittedly, “upscale” and “luxury” aren’t typically words you find in the same sentence as “military family,” don’t let that deter you from sourcing them for ideas. You can create a budget-friendly version of practically any high-ticket item design if you’re resourceful and creative enough.
Then there’s a whole niche market of design magazines. Like a country aesthetic? There’s Country Living, Southern Living, and Country Sampler to name just a few. Dream of a home inspired by life on the water? That’s Coastal Living’s focus. Fond of Victorian stylings? Then grab Romantic Homes and Victorian Homes. Prefer a beautiful ranch feel? Try Atomic Ranch. Modest 20th century homes? Pick up a copy of American Bungalow. Modern flair? You’ll find that in Dwell.
This is by no means an exhaustive list of what’s out there in terms of magazines focused on interior design. There is something that fits everyone’s sense of style. The wonderful thing is that you don’t have to be committed to any one look or feel; you can choose across styles. Let magazines like these be inspiration, but not gospel. For example, you may have modern taste but find the perfect piece of furniture in a country design magazine that you can make work with your other more contemporary pieces.
And think outside the box, too. A magazine doesn’t have to be labeled as a design or lifestyle magazine for it to be a great source of design inspiration. Peruse the magazines you see in waiting rooms or at your local library. That copy of Outdoor Life or Field & Stream might just remind you that there are other applications for camouflage besides military uniforms and tanks. Or check out the latest issues of top fashion magazines—like Vogue, Harper’s Bazaar, or InStyle—for tips on trending colors, patterns, and fabrics.
Pay attention to whatever catches your eye or draws your interest. Inspiration can come from anywhere!