As a Veteran, the smart thing to do is take advantage of a VA loan to help you get into a home. Lots of people would love to take advantage of a zero money down. Lucky for you, it is given to you by the government! The even smarter thing to do is let a veteran owned and certified business guide you in this process. The best people to guide you in the this process are your own military brothers who have been in your place and know exactly what you need.
Here are the steps:
Step 1- Understand Your Own Money
It is easy to want to rush out online and start browsing places to live. But it is essential we get your finances looked at before anything serious happens.
- Know Your Budget – Only you know what you can comfortable spend every month. You want to live in a home that doesn’t completely eat your budget, but gives you enough room to live comfortably.
- Credit Check – As a military veteran we all know you could have credit challenges. Its important to speak to a professional about where your score is and if there is anything you can do to improve it.
- Pre-approved – Getting this done means no one is going to waste time. A real estate agent will know what houses to show you and you won’t be looking at houses you can’t afford. This means you will not be missing out on other homes that don’t stay on the market very long.
Step 2 – The Loan
Once you have the finances in order, you will want to find out if you are eligible for a VA loan, the benefits, and what options you will have.
You are eligible if you meet the following requirements:
- Served 90 consecutive days of active service during wartime
- Served 181 days of active service during peacetime
- You have more than 6 years of service in the National Guard or Reserves
- You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability
- Questions about your eligibility? Call (909) 239-8047 to speak with a specialist from the Veterans Housing Alliance.
The VA Loan is backed by the government, but will still come from a private lender. We truly think it is one of the most home buying tools you can use.
- No down payment requirement
- No PMI ( mortgage insurance )
- Lower interest rates
- Closing costs limits
- Ideal for lower credit requirements
If I qualify for a VA Loan, should I automatically take advantage over all other loan types? Not Necessarily. Remember:
- You can reuse a VA loan if the first one is payed off.
- Looking at a “fixer upper”? The VA Loan is for “move in ready” homes. This means it is not the right type of loan for investment properties.
- Use another loan if you are looking at a property that will not be your primary place of residence.
- If you can put more than 20% down on a house, it might be smart to consider a different loan to avoid the VA funding fee
Step 3 – Home Search
After step 1 & 2 are finished, it is now the best possible time to start actually looking for a home. You know how much you can afford, how you are going to pay for it, and you are pre-approved for your agent to give you the best homes to look at.
We always recommend to use professional help in real estate transactions, but this holds especially true with VA Loans. In fact, getting real estate assistance from a Veteran like yourself means the process will go as smoothly as possible. We recommend you find a real estate agent who has done VA Loan transaction before in the last 6 months.
Step 4 – Contract and Close
How do I make the perfect offer using a VA loan? The number one thing to keep in mind is the inspection and the condition of the home being purchased. You might hear A VA Loan buyer can be a turn off for a seller, but sellers that see offers come from a VA buyer will know that buyers are very serious and qualified.
Anyone that has been in the military knows that sometimes you need a potentially move in a short time frame. This mean when you are shopping for homes, be prepared to have multiple homes ready to put offers on, even while working with your top choice.
Once the offer is ready to submit, you will work with your agent on closing details.