School of Grit
// FIELD GUIDE · FM-VA01

The VA Loan First-Property Checklist

From Certificate of Eligibility to keys in hand — the doc-by-doc path. You earned a benefit most Americans will never touch: buy a home with zero down and no monthly mortgage insurance. Every month you rent, you pay off someone else's mortgage instead of your own. This is the checklist that changes that.

Not financial advice. VA rules and fees change — verify anything cost-related on VA.gov or with your lender before you sign.

// READ THIS FIRST — THE 4 THINGS FIRST-TIME VA BUYERS GET WRONG
  • A service-connected disability rating likely means you skip the VA funding fee entirely. That's real money — the fee is a percentage of the whole loan. Tell your loan officer early so the VA confirms exempt status before closing. Purple Heart recipients on active duty and certain surviving spouses qualify too.
  • Pre-qualification is not pre-approval. Only one makes your offer real. A pre-qual is a guess over the phone; a pre-approval means a lender verified your income, credit, and debt and cut you a letter. Without it, competitive offers get passed over.
  • You can house-hack a 2–4 unit property with the same zero-down VA loan. Live in one unit, rent the rest. The catch is the occupancy rule: move in within 60 days and live there as your primary residence, generally 12 months.
  • Pick a lender AND an agent who actually close VA deals — not "sometimes." Ask both: "How many VA purchases did you close in the last 12 months?" A hedge means keep shopping.

Phase 1 — Before you shop

  • Pull your Certificate of Eligibility (COE). Confirms eligibility + entitlement. Let your lender pull it — usually faster.
  • Check your credit and knock down obvious debt. The VA sets no minimum score; lenders set "overlays." A "no" from one can be a "yes" from another.
  • Set your real number. Bedrooms, commute radius, budget ceiling — written down before you tour.
  • Decide: single-family or house-hack. Same loan, same terms. One gets you a home; a 2–4 unit gets you a home and a rental business on day one.

Phase 2 — Get pre-approved

  • Interview at least 2–3 lenders. The VA backs the loan; the lender sets your rate, fees, and speed.
  • Ask every lender the same 5 questions. VA loans closed last year, full cost breakdown incl. funding fee + disability waiver, average contract-to-close time, any overlays, and "can you send a written Loan Estimate today?"
  • Get written Loan Estimates the same day, same loan amount. The only way to compare apples to apples.
  • Get the pre-approval letter in hand before you tour. Have ready: LES/pay stubs, W-2s or returns, bank statements, and your COE.

Phase 3 — Find the property

  • Hire a VA-savvy agent. Use the same "how many did you close" question.
  • Loop your agent in on the VA angle early. So they write a competitive offer and can walk a nervous seller through it.
  • House-hacking? Run the numbers cold first. Comparable rents vs. a realistic payment (taxes, insurance, reserve). Budget ≥1% of value/yr for maintenance.
  • Write the offer WITH an appraisal contingency. Protects your earnest money if the home comes in low. Don't drop it to look competitive — it's leverage.

Phase 4 — Under contract

  • Answer every lender document request within 24 hours. A half-answered file for four days costs you four real days.
  • Know what the VA appraisal checks. Value + Minimum Property Requirements (a safety floor: sound roof, safe electrical, working heat, no major water intrusion). Well-maintained homes clear it.
  • Ask about VA appraiser turnaround in your market. Before committing to an aggressive closing date — appraisal is the step most likely to add time.
  • If something is flagged, move on the repair immediately. Reinspection can't happen until the fix is done.
  • If it appraises low, you have three moves, not a dead deal. Renegotiate the price, cover the gap in cash, or walk with your earnest money. Your agent can also request a Reconsideration of Value.
  • Keep your finances frozen. No new cars, credit cards, or big unsourced deposits until you close.

Phase 5 — Closing & beyond

  • Review your Closing Disclosure line by line. Against your Loan Estimate. Confirm the funding fee is correct — or waived, if exempt.
  • Do the final walkthrough. Confirm agreed repairs are done and the home is in the condition you agreed to buy.
  • Sign, fund, get the keys. Most VA purchases run 45–60 days from under contract to close. Plan around the honest number.
  • Move in within 60 days. To satisfy the occupancy rule.
  • House-hacked? Run it like a business. Screen tenants, keep a reserve, document everything. Later, keep it as a rental and use restored entitlement on the next one.
// DO THIS NEXT

You just mapped one pillar. There are three.

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School of Grit · Educational content only — not financial, legal, or lending advice. Verify current VA rules, fees, and eligibility at VA.gov. · Be the one in your unit who owns something.