The VA loan program offers excellent advantages for qualified military soldiers, including, but not limited to 0% down payment, lenient credit requirements, and no private mortgage insurance.
While the home buying process is basically the same with buying a home using other types of loans, you need to have accurate information and team backing you up to make the whole experience smoother and overall, easier for you. Below are top tips to help you do just that.
1. Assign ample time to locate the perfect house.
If you are one of the lucky ones, you will find that dream house as quickly as you begin looking around. This is easier said than done, though, particularly if you have to work with a limited budget. It’s also more difficult to find affordable houses in great condition, which is a requirement for VA loans, notes Primary Residential Mortgage, Inc.
For instance, if your loan amount is $150,000 or less, you need to look far and wide to locate a home that’s in tip-top shape. If you’re fortunate enough to find the perfect house and the seller accepts your offer, consider the time needed for escrow, loan approval, and of course, closing.
2. Work with the right real estate agent.
Basically, you need to find someone who has ample experience with VA loans and someone who’ll be completely focused on your requirements.
While purchasing a house is not that complicated for military members, it certainly helps to work someone who knows all about the related requirements for VA loans. In the same vein, work with a lender that has extensive experience in VA loans.
3. Leverage technology for finding your dream house.
Planning on moving to a different state, you have to find a real estate agent that will hunt houses for you and make offers without you actually being there with them.
You could ask your agent to send you videos, or better yet, go on home tours with your agent via video chat. You need to see and nitpick every inch of the property, inside and outside, to determine if you need to make repairs (if so, how extensive) or not.
With this in mind, don’t forget to put this in practice when buying a house using a VA loan and keep important tips in mind so that you could find the home of your dreams without issues.