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Buying a home can be a very exciting time. And it can also be very stressful when you need to apply for a VA loan. There are many factors that can hinder the process, like scheduling issues, policies, and documentation requirements. Here are a few tips to help you purchase the home of your dreams.
Take Care of your Finances
Getting your finances in order is a critical step when you are starting the home loan process. While a VA home loan has a number of benefits, it is still important that your credit score is in order when you seek a loan. Even with the VA backing your loan, lenders normally look at your financial history to determine how much you can borrow and at what rate. Your new home is a big investment and you need to be able to pay for it. Budget and manage your debt-to-income ratio so when applying for a loan there will be no surprises.
Do Your Homework
Before you even start to fill out any forms go online and read everything you can about the way VA home mortgages work. There are many myths out there and it’s good to avoid going down the wrong path. Learn about mortgage rates, approval requirements, and other loan options. Make sure your lender understands your situation and is able to provide plenty of options depending on your needs.
Before you start looking for a house you should get pre-approved so you will know exactly what your VA loan amount will be. The will save you a lot of time in a couple different ways: first, you can limit your house hunting to the ones you know will fit in your budget. Second, it will make the process of making an offer much easier and faster. Plus, you won’t have to worry about sellers questioning whether or not you’re a serious buyer.
Know Your Rights
As a veteran you have rights and are entitled to certain benefits – including a quick and easy loan process. This program was created to allow veterans to get a loan on a home that is by the VA. With this agency behind your application, lenders are much more likely to provide a loan and you can get into a house that suits your needs. Your past service and dedication to your country means your loan should be handle as quickly as possible.
Understand the Benefits
There are a number of benefits that are associated with a VA loan. Qualifyied veterans can purchase a primary residence with no money down, as long as the purchase price does not exceed the value of the property. The veteran’s basic entitlement under the loan program is capped at $144,000, but the VA has been guaranteeing up to 25% of the total loan amount. This is why so many lenders are more willing to work with veterans.
Beyond that basic entitlement, though, the veteran can still get a loan up to $417,000 with no money down. And, when it comes to mortgage insurance payments you don’t have to worry about paying them every month. By understanding the benefits that are available, you won’t miss out on things
Hire a Professional
Sometimes the loan process can simply feel too overwhelming, and you shouldn’t hesitate to get some professional advice. Work with a qualified VA lender who knows the ins and outs of the programs and will make recommendations based on your current situation. At First Savings Bank we are committed to matching veterans to the right lenders. Talk to one of our loan consultants and find out exactly what your options are.