For veterans and service members
Using a VA Home Loan in Manchester, TN
Coffee County is home to Arnold Air Force Base, and many veterans and service members look for homes in Manchester, Tullahoma and the surrounding area. If you have earned VA home loan benefits, here is how they work, based on the U.S. Department of Veterans Affairs, and how I help VA buyers in Coffee County.
What a VA backed loan is
Private lenders such as banks, mortgage companies and credit unions make the loan, and VA backs it. According to VA, a VA backed purchase loan generally lets you buy with no down payment as long as the sales price is not more than the home's appraised value. You still need to meet VA and your lender's credit, income and occupancy requirements. You must live in the home you buy. VA also notes these loans do not require private mortgage insurance, and the benefit can be used to buy an existing home, a condo in a VA approved project, or to build a new home.
Step 1: Get your Certificate of Eligibility
Your Certificate of Eligibility, or COE, shows the lender you qualify for the benefit. VA says you can request it online, through your lender, or by mail using VA Form 26 1880. Many buyers simply ask their lender to pull it.
Step 2: Talk to a lender
Shop more than one lender. Ask each one about rates, fees and how familiar they are with VA appraisals. Get a preapproval before you start touring, so you know your budget.
Step 3: Understand the funding fee
Most VA borrowers pay a one time VA funding fee. VA says the fee is waived for some borrowers, including those who receive VA compensation for a service connected disability, some surviving spouses, and qualifying Purple Heart recipients. Your lender can tell you whether it applies to you.
Step 4: Find the home
The appraisal matters with a VA loan. The no down payment benefit applies when the sales price is not higher than the appraised value, so I pay close attention to pricing when we write an offer, and I flag condition issues early so they do not surprise us later.
Step 5: Make a strong offer
A VA offer can compete well. I help VA buyers write clear offers, set realistic timelines for the appraisal, and explain to sellers how VA financing works.
Tennessee benefits worth knowing
- No state tax on wages. Tennessee does not tax wages, according to the Department of Revenue.
- Property tax relief for disabled veterans. The Tennessee Comptroller's tax relief program includes disabled veterans and eligible surviving spouses with qualifying VA disability status, with no income limit for veterans. See my property tax guide.
Living near Arnold AFB
Arnold Air Force Base sits between Manchester, Tullahoma and Winchester. My Arnold AFB relocation guide covers the area around the base, and my Tullahoma guide and Living in Manchester guide cover the two cities.
Thank you for your service
If you are planning a move with a VA loan, I would be glad to help you find the right home and guide you from preapproval to closing. Start with the buyer guide or send me a message.
Common questions
Do VA loans require a down payment?
According to VA, a VA backed purchase loan generally requires no down payment if the sales price does not exceed the appraised value, subject to lender requirements.
How do I get a VA Certificate of Eligibility?
VA says you can request your COE online, through your lender, or by mail.
Do disabled veterans get property tax relief in Tennessee?
Yes. The Tennessee Comptroller tax relief program includes disabled veterans with qualifying VA disability status, with no income limit for veterans.
Matt Sargent is a Tennessee licensed affiliate broker with Keller Williams who helps buyers and sellers in Manchester and Coffee County. Call (615) 497 1658 or send a message.