The home buying experience is slightly different for veterans. If you’re still on active duty, you may have limited time to sell your current home and choose a new one. If you’re planning to move on to civilian life, there’s every possibility that you’re looking for a home that is different from what you’ve had before.
This article sheds light on how you can make your home buying process hassle-free.
It’s not compulsory to have your VA Certificate of Eligibility on ground before you can apply for a VA loan. Your lender will obtain the document during the loan process. Thus, you shouldn’t allow your COE to hinder you from getting in touch with a lender and getting prequalified and preapproved. You do however need your DD214 handy for the mortgage pre-approval process.
You need agents when buying your home. However, it’s not all of them that will be helpful. You need to hire agents that are knowledgeable about VA loans because they will guide you to avoid properties that can cause problems. They will also save you time and money. Mortgage lenders that are VA-savvy can help you pinpoint the options that are ideal for your situation.
Although you may be able to buy your new home by using the 0% down payment option through a VA loan, you still need money to cater for things such as an earnest money deposit, appraisal and home inspection. You need to have money for these on ground so that you won’t be caught off guard.
VA loans do not cover the amount of closing costs associated with the purchase, however you can request that your seller pay them. Although the seller may not be willing to pay what you ask, this is part of the contract negation period and why working with a licensed and experienced real estate agent is so important. You should also know that VA loans with “no closing costs” usually have a higher interest rate.
You need to get pre-approved so that agents will see you as a serious buyer. Getting approved will also give you a clearer picture of what you can afford. It makes no sense looking at houses and planning the future when you’ve not figured out what you can actually afford.
There’s no need going through the stress of the home buying process on your own. Connect with a mortgage originator and brokerage firm that is experienced at working with military relocations and financing and look for a VA mortgage to make your home buying process hassle-free.