Are you a veteran who’s looking to buy a house? The VA loan is a mortgage loan guaranteed by the United States Department of Veterans Affairs (VA). With a VA home loan, veterans will find it easier to finance a home compared to many commercial loan programs. This loan program does not require any down payment and private mortgage insurance. Follow the steps below to avail of it.
- Get counseling. Although not required under the loan program, this is a good idea especially for first-timers. Pre-purchase counseling offers information on the home-buying process and debt management. This is usually free and is offered by the Department of Housing and Urban Development.
- Look for a house. Whether you decide to hire a real estate agent to look for you, or do it yourself, this is a very important process and is a prerequisite before you apply for the loan.
- Make an offer. Once you find a property, give your offer to the selling agent or seller. At this point, you can sign a purchase contract for as long as it is in the condition of your VA Home Loan approval.
- Choose a lender. Almost all lenders participate in the VA Home Loan Program so this should not be difficult. Keep in mind, though, that not all lenders are made equal, so focus on looking for one that offers the best possible terms.
- Get a Certificate of Eligibility. This certifies that you can avail of the home loan program. Usually, lenders can get the certificate for you via the Automated Certificate of Eligibility system. IF they do not have access to it, you can apply on your own at the VA website.
- Give proof of your military service. Along with your request for a Certificate of Eligibility, include proof of your military service as well. The VA can establish your eligibility without this, but this can greatly help avoid possible delays.
- Get a VA appraisal. Your lender will get the VA to assign an appraiser to determine the value of the property. Know that the VA will only guarantee the loan, and not the condition of the house. Thus, it is your responsibility to ensure that the home you are buying is to your satisfaction.
- Wait it out. After a period of time, your lender will inform you on the decision on the loan. If the value of the house and your income and credit are acceptable, then you should be approved.
- Attend the loan closing.You will have to attend this event where the closing attorney or lender will explain to you the terms and requirements of the loan, including where and how you will make the monthly payments. In this meeting, you will sign all the necessary paperwork.
After all these, you can now move in your new house. Congratulations, you are now a homeowner! If you have any more questions about the VA loan, or you need assistance in acquiring one, contact RL Real Estate at 601-212-8431 or at firstname.lastname@example.org. Regan Laughlin and her team of real estate experts would be more than happy to serve you.
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