VA Mortgage Loans: Do You Qualify?

Before you start shopping for a VA loan, you'll need a DD214 form, which certifies your veteran status. You will also need all the other information you'd need when applying for a loan, including your Social Security number, gross monthly salary, bank account information, and other pertinent details.

The maximum guarantee authorized by the VA is 25 percent of the loan amount up to $104,250. The maximum VA home loan is $417,000. The maximum guarantee in Hawaii and Alaska is 25 percent of the loan amount up to $156,375. The maximum VA home loan in these states is $625,500.

While there are closing costs, some fees are negated for veterans, including settlement fees, document-preparation fees, attorney's services for non-title work, and escrow fees, among others.

You'll negotiate the interest rate and the other details of the loan directly with your lender. Since VA loans are insured by the government, lenders may be willing to concede in certain areas. But it still pays to shop around.