The United States Department of Veterans Affairs (VA) has been a forerunner in providing programs and benefits to Veterans.
Among these benefits that they enjoy until today are VA home loans both for purchase and refinance.
Like any other mortgage, the process of getting approved can get very overwhelming. As much as possible, you want to aim for a smooth mortgage application process.
Through the guidance of real estate experts, lenders, and careful research and preparation, you can definitely have a chance of a worry-free process.
While there are bound to be some challenges along the way, it’s smart to always know what to expect as you go along.
In order to give eligible Veterans and Servicemembers perspective, here’s a quick guide to buying a home with a VA home purchase loan.
Prepare, prepare, prepare
Before you jump into the actual VA mortgage process, you need to get your finances and your financial status in order.
Make sure you make yourself creditworthy. While VA doesn’t set strict credit guidelines he more creditworthy you are, the lesser risky you will look through lenders’
While VA home loans provide 100 percent financing, you may still need fund for other possible out-of-pocket costs unless the fees needed are allowed to be rolled into the loan.Click to See the Latest Mortgage Rates»
Check your eligibility
Like any other loans, borrowers need to make sure that they are eligible to apply. VA sets their eligibility in a way that a lot of Veterans may qualify.
If you look into the VA website, Veterans, and Servicemembers should meet VA’s service requirements in order to be considered eligible for a VA mortgage.
It’s important to emphasize that VA doesn’t directly finance the mortgage. It only guarantees the loan. Eligible Veterans and Servicemembers get financing through VA-approved lenders.
Since every lender has their own standards, the rates they offer often varies. Therefore it’s always best to shop around before you decide on who or where you get your mortgage from.
Pre-approval is just as important as every other process when it comes to buying a home.
By getting a loan pre-approval, eligible borrowers will have a clearer picture of how much you can afford.
Other than that, your pre-approval will give you the upper hand among other buyers who are also interested in the property you wish to buy.
Once you’re pre-approved for a VA mortgage, that will be the best time for you to begin your house hunting journey.Click to See the Latest Mortgage Rates»
This is where your trusted VA-approved lender will look into your ability to carry out a mortgage.
As borrowers, it’s important that you have prepared all the necessary documents needed at this point in your home buying journey.
You should also expect the possibility that some lenders may require you to send additional documentation to supplement the ones you already submitted.
After a careful process, this is the part where you can finally call yourself a Veteran homeowner.
At closing, your mortgage approval will be finalized and the next thing you know, you’ll be opening the door to your new home for the first time.Click to See the Latest Mortgage Rates»