From One Veteran to Another
Andy served in the Marine Corps before starting his real estate career. He brings the same habits to your move: prepare thoroughly, communicate clearly and stay calm under pressure.
Veterans
Real Estate for Veterans and Military Families
Andy Tam is a U.S. Marine Corps veteran and part of Compass Military. We help veterans, service members and their families buy and sell homes in Brooklyn, including how to use a VA loan here.
A National Network
Compass Military is a national network of Compass agents who work with military families. If you're moving to or from another area, we can connect you with an agent there.
VA Loan Basics
A VA-backed loan is one of the strongest benefits you've earned, and you can use it more than once. You'll also need to meet VA and lender standards for credit and income.
| Topic | What to Know |
|---|---|
| Down Payment | Often none, as long as the price doesn't exceed the home's appraised value. |
| Mortgage Insurance | No monthly mortgage insurance. |
| Funding Fee | A one-time fee, generally 1.25% to 3.3% of the loan. Veterans who receive VA disability compensation are generally exempt. |
| Seller Credits | A seller can help with your closing costs. Concessions are capped at 4% of the home's reasonable value. |
| Living in the Home | You must plan to live in the home. A building with up to four units can qualify if you live in one of them. |
Source: U.S. Department of Veterans Affairs. Rules and fees can change, so your lender can confirm what applies to you. Read VA's purchase loan guide.
What a VA Loan Can Buy in Brooklyn
Brooklyn has a lot of co-ops and multi-family buildings, so the type of home makes a big difference.
| Home Type | VA Loan? | What to Know |
|---|---|---|
| House or Two- to Four-Family | Yes | You live in one unit and can rent out the others. The home must pass a VA appraisal. |
| Condo | Sometimes | The building needs VA approval or a waiver, so check this before you make an offer. |
| Co-op | Not currently | VA-backed loans aren't available for co-ops, which matters in Brooklyn. Congress has considered changing this, so ask your lender about the latest rules. |
Considering a two- to four-family home? Check the legal unit count and any current leases, and ask your lender how rental income affects your loan.
Buying With a VA Loan
Get Your Certificate of Eligibility
Your lender needs this to confirm that you qualify. You can apply through VA or ask your lender to help.
Choose a Lender
VA-backed loans come from private lenders, so compare their rates and fees. Ask how many VA loans they have closed in New York City.
Narrow the Search
We'll focus on homes your loan can work for. That means checking the building type early, and for a condo, its VA approval.
Make an Offer and Sign a Contract
We'll help you shape an offer that a seller can trust. Your attorney can include the VA escape clause, which lets you void the contract if the home doesn't appraise for the sale price.
Inspect and Appraise
A VA appraisal isn't an inspection, so VA strongly recommends getting both. If the value comes in low, you can request a reconsideration, renegotiate or pay the difference.
Close
Your lender must send your Closing Disclosure at least three business days before closing. Review the costs and ask questions before you sign.
Other Benefits to Look Into
You may qualify for these programs, depending on your service and your home. Each has its own rules.
NYC Veterans Property Tax Exemption
Eligible veterans and some family members may be able to lower the assessed value of their primary residence. Apply by March 15 for the tax year that starts that July, and have your DD-214 or other service records ready. Co-op owners have their own application.
SONYMA Homes for Veterans
This New York State program offers low-interest mortgages through participating lenders, along with down payment assistance. Eligible veterans don't need to be first-time buyers. It's a separate program from a VA loan, so ask your lender which one suits you.
Tell Us About Your Move
Whether you're using a VA loan, selling a home or just starting to think about a move, we're glad to talk it through.
Prefer to talk? Call 347.217.0204.
This page is general information, not lending, legal or tax advice. We aren't a lender or government agency, and we aren't affiliated with the U.S. Department of Veterans Affairs. We're glad to help every buyer and seller.