5 Important Tips to Start the VA Loan
For military home buyers, the VA loans offer some unbeatable advantages, like a $0 down payment, no mortgage insurance, and more lenient credit requirements. This is a hard-earned benefit for those that qualify and isn’t all that different from buying with other loan products. Having the correct information and the right mortgage and real estate team in place can make a big difference.
The 5 Tips to Get Started
Whether this is your first VA loan or your 10th, you will want to have these tips:
- Start with the right Loan Officer – Not all mortgage professionals have experience and knowledge of the VA Loan. When selecting your Loan Officer, find out how many VA loans they have done in the past and if their team has experience in processing these loans. A lender that stays up on the VA requirements will facilitate the speed in which you can close your loan.
- Start with the right Realtor – To save yourself a lot of time, look for an agent who has VA experience, or is also a Vet. Buying a home isn’t any more complicated for veterans, but it helps to have someone who knows the ropes to negotiate your contract.
- Budget extra time to find the right home. – Do your research up front, to know what neighborhood you want to live in, the affordability of that area, and how much you can spend. Inventory can be tight in the most sought after areas. They may be experiencing multiple offers on homes in your price range. It may take several offers to get into contract. This is another reason, having the right Real Estate Agents is essential.
- Use technology to help your home search – If you are moving from out of state, you can do your home search online. Most Realtors will view homes for you and guide you in the decision-making process. Online searches will also be valuable in understanding what neighborhoods are attractive, school systems, and the median home prices.
- Be familiar with the VA rules on what homes are eligible – The VA has specific guidelines on what properties are eligible for VA financing. If you are looking for a condo, make sure it is on the VA Condo list. If it is a fixer upper, the VA appraisers require certain aspects of the property be in acceptable condition.
Great Benefit for Veterans
The VA Loan is an awesome loan product for Veterans and their families. It’s one of the only loans that requires zero down and doesn’t require Mortgage Insurance. It’s definitely a benefit you should take advantage of if you are an eligible Veteran. If you are unsure of your eligibility, give us a call and we can assist you with that as well. With the right lender and real estate agent, you can use this great benefit you deserve. I have an eBook on the VA Home Loan you can download. Thanks again for taking time to read my blog.
We love to serve our Veterans and our Loan Officers have experience in the VA Loan process. Have a great day.