Tips for Veterans Purchasing a Home: VA Loans

Are you a Veteran? Are you looking to purchase or refinance a home? First time home buyer? Not familiar with a VA Loan?

If you answered yes to these questions, you are in the right place. As a Veteran, one of your benefits is being eligible for a VA Loan!

Benefits of a VA Loan

1. 0% Down

2. Flexible Credit

3. Lower Rates

4. No Mortgage Insurance

5. Minimal to No Closing costs

Get Pre-Approved for Your VA Loan!

Before you begin to look at homes, it is essential to get a proper pre-approval for your VA loan. There is no reason to start looking before you have a clear idea of what you can afford and how much you will qualify for .The pre-approval process is essential and will save you a substantial amount of time and will help you start house hunting with confidence. Being prepared will give you an advantage as a potential buyer in the market and offers you a great deal of security as you search for the best value of your money. With pre-approval, you will not waste time with homes out of your price range or with sellers who are unsure if you are a serious buyer.

Stick to Your Budget

Your pre-approval amount is not a suggestion, it is a ceiling of what you can afford based off your financial situation. It is easy to get caught up in the craziness of the home search but you need to remember that just because you were approved for such a high number, that it does not makes sense for you to purchase at that max price. Home ownership brings new expenses, many unexpected, with things like homeowners insurance, property taxes, and maintenance costs.

Work with a VA Loan-Saavy Lender

VA loans are an incredible benefit for those who’ve proudly served our country. They are also a specialized product that some real estate agents and lenders are more familiar with than others. You do not want to work with a beginner when the time comes to utilize your hard-earned benefits. A lender who understands this program will save you time and money. Most larger companies will have someone reading off a script with the lone goal of selling. More times than not will that person NOT have an understanding of the VA Loan program. Try speaking with an Independent Mortgage Broker and asking them your questions. If they are knowledgeable and transparent about the VA Loan process, you will know you found the right lender. Those knowledgeable lenders also tend to offer several options for VA Loans, including Jumbo VA Loans.

Already in a VA Loan? Refinance!

If you already have a VA Loan and the interest rate is 4.5% or more, you should consider refinancing! You may have already got into a loan from someone who is not familiar with the program and strictly sold you whatever rate was provided to them. No worries! Shop around for someone who refinance you with a better rate! Chances are, you do not have to provide appraisal or income docs and the closing will take two weeks or less. Very simple process! Money Saved!