Steps To Buy Your Dream Home Through A VA Loan

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Steps To Buy Your Dream Home Through A VA Loan

The best way for you to buy your dream home is through a VA Loan. This is a home loan that you borrow from a private lender like banks or mortgage lenders. This loan is backed by the government – an arrangement that will give you favorable terms.
Steps To Buy Your Dream Home Through A VA Loan

The guarantee that the government provides will enable you to buy a house even if you do not have sufficient down payment to pay for it. You will also not be required to get a Private Mortgage Insurance.
Steps To Buy Your Dream Home Through A VA Loan

Since the down payment is no longer necessary, you can immediately stop wasting your money on rent and proceed to buy a home of your own. As a member of the military, this is a privilege that you should grab so you and your family can securely live in your own house.
Steps To Buy Your Dream Home Through A VA Loan

Steps to buy a home through a VA Loan

Step 1: Get a pre-approval

It is important to get a pre-qualification before you start looking for a property to buy.
Steps To Buy Your Dream Home Through A VA Loan

Step 2: Request for a Certificate of Eligibility

Also referred to as the COE, this will help confirm that you are in the military service and thus eligible to use a VA Loan to buy a house. While it is possible for the lender to get this for you, getting it yourself will help expedite the process.
Steps To Buy Your Dream Home Through A VA Loan

Step 3: Look for a lender

When looking for a lender, make sure that they accept VA loans. Not only that, you should look into more than one lender. That way, you can compare prices and see which ones will give you the best deal.
Steps To Buy Your Dream Home Through A VA Loan

Step 4: Start looking for a home

At this point, you should have an idea how much you can afford to buy a home. This will help you narrow your search. Look for a trustworthy real estate agent to help you find the home that fits your budget.
Steps To Buy Your Dream Home Through A VA Loan

Step 5: Review and sign the home purchase agreement

After finding the home and agreeing to the price, you should look into the home purchase agreement and review it carefully. This document should have a VA option clause. This clause means you are not legally bound to buy the home if the VA appraisal is lower than the asking price of the seller.
Steps To Buy Your Dream Home Through A VA Loan

Step 6: Arrange for a VA appraisal

Get in touch with a VA-certified appraiser so they can determine the fair market value of the property you want to buy. The property has to meet the Minimum Property Requirement of the VA for it to be eligible for a VA Loan.
Steps To Buy Your Dream Home Through A VA Loan

Step 7: Schedule a home inspection

This is different from the VA appraiser. Make sure the home you will buy is in good condition. Get a professional home inspector to check the structure of the house and the condition of the electrical, heating, cooling, and plumbing systems. This can be a good negotiating point in case you find any defects.
Steps To Buy Your Dream Home Through A VA Loan

Step 8: Sign the closing documents

This mean everything is in order and that you and the seller agree to the terms of the home buying process. You need to sign the closing documents and the lender will proceed to pay the seller the amount of the VA Loan that was approved.
Steps To Buy Your Dream Home Through A VA Loan