VA Home Loans: Keema’s Journey Through the Process

Keema is a Social Service Aide for the Veterans Assistance Commission of McHenry County. Growing up, her family moved around a lot, so owning a home has always been a huge dream of hers. After joining the military, she learned of the many benefits offered to those who have served, including the VA home loan guarantee.

“The VA home loan guarantee allows a service member, veteran, or surviving spouse to purchase a home with no down payment and no primary mortgage insurance requirement,” Keema explained. “The home loan guarantee ensures that if the recipient defaults on the loan, the lender is compensated by the VA. The VA home loan guarantee can be used to purchase a home or condo, construct a new home, repair or alter a home, buy a manufactured home and lot, or make a home more energy efficient. The home you are purchasing must be your primary residence for at least a year. The benefit can be utilized multiple times.”

To be eligible for a VA Home loan, you must be a service member, veteran, or surviving spouse and must request a certificate of eligibility through your chosen lender, VA.gov, or a veteran service organization like the VAC in McHenry County. You may be responsible for paying the VA funding fee (this may be waived for some) and some closing costs, includingthe appraisal.

“I started my home search last November after I found out about the Homes for Heroes program,” said Keema. “You get set up with a realtor and lender, and may receive money back after closing and not have to pay the title fee. My realtor was phenomenal, guiding me through every barrier.”

She was under contract three times, but became discouraged after a few months of searching. “I didn’t have enough income for the loan at my full-time job, and had only been at my part-time job for less than two years,” she added. “Most lenders require two years of consistent employment when starting the loan application.”

Her home search ended in January—she decided to focus on her finances and revisit buying a home next year. Although she decided to continue renting for now, she offers some advice: do not feel discouraged when it comes to seeking the services that you need. The VAC is here for you to use as a resource. Do your research, talk to people, and remain vigilant!

For more information about VA loans, please contact:

Veterans Assistance Commission

667 Ware Rd.

Woodstock, IL 60098

Ph: 815-334-4229

www.mchenrycountyil.gov