The Veterans Affairs home loan process
A VA or a Veterans Affairs loan for your home can be one of the best ways that you can go to get your own home. With this, not only can you get your house fully financed, but also do it without any form of mortgage insurance. These are amongst the most beneficial things to a home buyer, and if you are looking to go down this road, then you have made the right choice!
Getting this loan is quite similar to a regular mortgage process- here are the major steps in doing it.
Be sure of your eligibility- As a first; get some surety that you are eligible for the home loans that the VA offers. These loans are for veterans, active duty people, and members of the National Guard and selected Reserves. If you are amongst the eligible category of people, then you will need to submit the form VA 26-1880 with your service’s proof to the Eligibility Center of the VA.
The importance of pre-approval: Getting pre-qualified before you start looking at homes will not only tell you about your eligibility and the maximum amount which you would get through it. This is important to avoid wasting time in shopping outside your budget. In order to decide the limit for your loan, you will need to produce your income tax returns, present income statements and other financial documents as may be necessary and asked for by the VA.
Beginning to shop for homes: After getting pre-approved, finding an agent and looking at homes that you would get is the next step. It is also amongst the most fun parts in the whole exercise. For first time homeowners, keeping the loan limitations in mind is important. These limits vary depending on the location where you are looking to get a house.
Getting together an offer on the home that you like: Once you have found a house that you like, the next step would involve putting together an offer on it. In this part, the real estate agent, which you are working with, will help you through the loan process of the VA and get together a contract to give you the home that you like. Deciding on a suitable price is also something that you will need to discuss with him and the seller before taking any decisions.
Getting the keys and moving in: Once the offer that you have put in is accepted, your lender will go through a routine check and inspection to ensure that the house is transferable to you. This involves getting an appraisal, a home inspection, referencing the home’s title, a second-check on your financial documents and many other elements. Once everything is through, the lender will set a closing date for you to look over everything once again and finally sign the papers. Once all of this is done, you will get the keys to your new house at the home closing and be ready to move in.