The Ultimate Guide to VA Home Loans for Current and Retired Military Members

At Coldwell Banker Ellison Realty, we believe our military heroes deserve nothing less than the best when it comes to achieving the dream of homeownership. Whether you’re active duty, retired, or a surviving spouse, the VA loan program offers powerful benefits to help you buy, refinance, or build your next home. In this blog, we’re breaking down everything you need to know about VA loans—what they are, how they work, and why partnering with a Coldwell Banker Ellison Realty Realtor gives you a trusted advocate every step of the way.

Ready to start your home journey? Visit us at www.EllisonRealty.com and connect with one of our experienced VA loan experts today.

What Is a VA Loan?

A VA loan is a home mortgage loan backed by the U.S. Department of Veterans Affairs, created specifically for service members, veterans, and eligible surviving spouses. Unlike conventional loans, VA loans often require no down payment, no private mortgage insurance, and come with lower interest rates—making homeownership more accessible and affordable.

Because the VA guarantees a portion of the loan, lenders take on less risk, and you receive better terms as a result.

Why Choose a Coldwell Banker Ellison Realty Realtor for Your VA Home Purchase?

At Coldwell Banker Ellison Realty, our Realtors are trained and experienced in helping military clients navigate the VA loan process. We proudly serve current and retired military personnel, as well as the families of those who’ve served, with the highest level of service and dedication. From finding the right home to closing the deal, we stand with you every step of the way.

Top Benefits of VA Loans

1. No Down Payment

   • Finance up to 100% of the purchase price—no down payment required for most buyers.

2. No Private Mortgage Insurance (PMI)

   • Save hundreds of dollars each month by avoiding PMI, a cost often required with conventional loans when you put down less than 20%.

3. Lower Interest Rates

   • VA loans usually offer interest rates that are significantly lower than traditional mortgage options.

4. Flexible Credit Guidelines

   • VA lenders can often approve buyers with credit scores that may not qualify for other loan types.

5. No Prepayment Penalties

   • You’re free to pay off your VA loan early without being hit with additional fees.

6. Limited Closing Costs

   • The VA regulates the closing costs lenders can charge, protecting your budget.

Who Qualifies for a VA Loan?

You may be eligible if you meet one of the following service criteria:

• 90 consecutive days of active duty during wartime

• 181 days of active duty during peacetime

• More than 6 years in the National Guard or Reserves

• Surviving spouse of a service member who died in service or from a service-connected disability

Need help confirming eligibility? A Coldwell Banker Ellison Realty Realtor can walk you through the steps and connect you with a trusted VA lender.

Understanding the VA Funding Fee

Most VA borrowers pay a one-time funding fee instead of monthly mortgage insurance. This fee helps sustain the VA loan program and varies depending on whether it’s your first use and how much (if anything) you put down.

Note: Veterans with service-connected disabilities are often exempt from paying the funding fee.

Types of VA Loans

• VA Purchase Loan: Buy a primary residence with no down payment or PMI.

• VA IRRRL (Interest Rate Reduction Refinance Loan): Easily refinance your current VA loan to a lower interest rate.

• VA Cash-Out Refinance: Tap into home equity for large expenses or debt consolidation.

• VA Construction Loan: Build a custom home using VA loan benefits (available through specific lenders).

Step-by-Step VA Loan Process

1. Get Prequalified

   • Speak with a VA-approved lender to understand how much you can afford.

2. Work with a Coldwell Banker Ellison Realty Realtor

   • Our agents have extensive experience helping military families and veterans. Find yours at www.EllisonRealty.com.

3. Get Your Certificate of Eligibility (COE)

   • Your lender or Realtor can help you request this document online or by mail.

4. Find the Right Home

   • Our Realtors will guide you to VA-eligible homes that fit your needs and your budget.

5. Submit an Offer

   • Your Realtor will negotiate the best price and terms on your behalf.

6. VA Appraisal & Loan Approval

   • The VA appraiser ensures the home meets minimum standards and is priced appropriately.

7. Closing Day

   • Sign the final documents and get the keys to your new home!

Common VA Loan Misconceptions—Debunked

Myth: You can only use a VA loan once.
Fact: You can use your VA benefit multiple times, even if you’ve used it before.

Myth: VA loans take longer to close.
Fact: VA loans typically close just as fast as other loan types with the right team in place.

Myth: VA loans are only for combat veterans.
Fact: Many types of service qualify—including Reserves, National Guard, and peacetime duty.

Why It’s Smart to Use Your VA Benefit Now

With interest rates fluctuating and home values continuing to climb, there’s never been a better time to take advantage of your VA loan benefit. VA loans protect your cash, lower your monthly payment, and make homeownership more accessible.

And when you work with a Coldwell Banker Ellison Realty Realtor, you get the added benefit of:

✅ Local expertise
✅ Trusted lender connections
✅ Personalized service tailored to your military background
✅ A team that’s proud to serve those who’ve served

Let’s Get You Home

If you’re a current service member, a veteran, or a surviving spouse, the VA loan is one of the most valuable tools at your disposal. At Coldwell Banker Ellison Realty, we consider it an honor to serve you in return by helping you secure a home you love.

📲 Ready to get started?
Visit us today at www.EllisonRealty.com to connect with a trusted Realtor who understands your unique needs and knows how to maximize your VA benefits.

Proudly serving our military heroes and their families—because home is the least we can help you find.