If you are a veteran or an active-duty military member, you may be eligible for a VA loan to help you buy a home. A VA loan is a mortgage loan that is guaranteed by the Department of Veterans Affairs (VA). It can be an excellent option for those who want to buy a home but may not have a large down payment or perfect credit. Here are some steps you can take to buy a home with a VA loan.
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- Check your eligibility
To be eligible for a VA loan, you must meet certain service requirements. This includes being an active-duty member of the military, a veteran, a member of the National Guard, or a surviving spouse of a veteran. You will also need to obtain a Certificate of Eligibility (COE) from the VA to show that you are eligible for the loan.
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- Determine your budget
Once you know your eligibility, you need to determine how much you can afford to spend on a home. This will depend on factors such as your income, debts, and other expenses. To get an idea of how much home you can afford, use an online mortgage calculator or speak with a lender. You can also get pre-approved for a VA loan, which will give you a more accurate idea of your budget.
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- Find a lender
To get a VA loan, you’ll need to work with a lender that is approved by the VA. You can search for a VA-approved lender on the VA website or ask for referrals from friends or family members. When comparing lenders, look at interest rates, fees, and other loan terms to find the best deal.
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- Shop for homes
Once you have pre-approval for a VA loan, you can start shopping for homes. Consider factors such as location, size, and price when looking at homes. Keep in mind that the property must meet certain standards to be eligible for a VA loan, so look for homes that are in good condition.
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- Make an offer
When you find a home you like, make an offer that is contingent on VA loan approval. This means that if your loan is not approved, you can back out of the sale without penalty. Your offer should also include any contingencies that are important to you, such as a home inspection.
Once your offer is accepted, you need to complete the loan application process. This involves submitting documentation such as tax returns, pay stubs, and bank statements. Your lender will also order an appraisal and a property inspection to ensure that the property meets VA requirements.
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- Close on the loan
Once your loan is approved, you will need to attend a closing meeting where you sign the loan documents and pay closing costs. Your lender will then fund the loan, and you can take possession of your new home.
In conclusion, buying a home with a VA loan can be a great option for veterans or active-duty military members. By following these steps, you can increase your chances of getting approved for a VA loan and buying your dream home. Remember to work with a reputable lender and real estate agent, and don’t hesitate to ask questions throughout the process. With patience and diligence, you can achieve the dream of homeownership with a VA loan.
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We would love to help you buy or refinance a home so feel free to call or text our office at 812-650-0708 or you can email [email protected] with any questions that you may have.
Nathan Soliday, NMLS #166402 205 N Main Street, Salem IN 47167
Take our FREE Home Buying Quiz to see if you qualify: https://bit.ly/3PLx6BA
Success Mortgage Partners, NMLS #130562
We are located in Southern Indiana but we lend in many states. *8/17/22 Program subject to change without notice. This is not an offer or commitment to lend. Equal Housing Lender