As both past and present military personnel and veterans and their families know preparation is key to any major change or event – and buying a home is no different. When purchasing a home through the VA loans program, preparation is key in making sure that you are able to submit information as/if needed in order to ensure that the process does not stall.
There is No Certificate of Eligibility Required
When beginning the process, you do not even need to be completely sure that you qualify. Lenders will generally obtain this information through an automatic system once you have applied.
Make Sure that You Get Pre-Approved
Pre-approval provides both yourself and any real estate agents that you deal with either on your behalf or representing the owners of a potential purchase that you are serious. Pre-approval also provides you with a budget by letting you know how much money you can be approved for.
Be Aware of the Upfront Costs
VA loans offer unique benefits that were put in place to help those who have sacrificed so much for our country start a new journey in their lives with homeownership. Some of these benefits include $0 down payment, and the covering of most if not all closing costs. There are always, however, additional fees that go along with purchasing a new house, from small cosmetic renovations (all houses purchased through the program must be safe, secure, and not require any major renovations), to travel to home inspections.
Condos are a popular choice among homebuyers, however, only those approved condos will be approved for the program. Members do have the option to request that a condo is added to the list, however, this does take a great deal of time, and can greatly impact your timeline.
Find the Right Agent
Not all real estate agents are familiar with VA loans. This can cause some concern and really stall the entire process if you end up finding an agent that is unaware of the requirements that go along with a VA loan. Thankfully we are well versed in the VA process! We have helped a TON of military families find their dream home!
It is not uncommon for the seller to pay a portion of the closing costs. There is no limit as to how much a seller can be asked to pay out of costs covered by the program. Additionally, depending on the deal that your real estate agent and the seller’s agent work out the seller can legally pay up to 4% of the selling price in order to cover things like insurance and taxes.
More than Once
VA loans can be used every time that you move. If you qualify and then move again 10 years down the line, you still qualify for these wonderful benefits and savings.