Buying a home and settling down has always been the American dream, but veterans find it trickier to live in one spot due to the nature of their military careers. For most active-duty military families, VA loans make it possible to buy a house despite the volatility of their lifestyle as it offers $0-down payment mortgages.
While the steps to getting a VA loan and home seems daunting, there are simple ways to simplify the process and improve your chances of unlocking your dream home as quickly as possible.
Exploring the Steps to a VA Loan Process for Military Families
Step #1: Choose the Right VA-Approved Lender
Just like other loans, not all lenders have the ideal offer that suits your unique needs. That’s why it’s important to take your time shopping for a lender who specializes in VA loans since working with exclusive VA-approved lenders can make your loan process easier to handle.
Step #2: Get a Certificate of Eligibility (COE)
Veterans who want to be eligible for the VA loan benefits first need a Certificate of Eligibility, which you can do applying online through the lender’s portal or the eBenefits portal on the va.gov website. Working with VA specialty lenders should tick this off your list since they can also help you obtain your COE.
Step #3: Pre-Qualify Your Loan Amount
Pre-qualifying for your VA loans is not a requirement, but it’s a game-changing step that can work to your advantage down the line. For one, pre-qualifying for your loan amount should reveal any potential issues with your income, credit history, employment, and other factors, giving you peace of mind knowing you can prevent any costly mishaps when it’s time to underwrite.
Not to mention, pre-qualifying for your loan also puts you in a better position when it comes to house shopping since it shows sellers that you’re financially reliable.
Step #4: Hunt for Your Dream Home and Sign a Purchase Agreement
With a pre-approved loan at the ready, you can finally move onto the most thrilling part of the home buying process: house hunting. You’ll need a real estate professional with experience in VA loans so you can maximize your benefits, especially when it comes to negotiating seller-paid fees.
Step #5: Order a VA Appraisal
After finding your dream home and signing a purchase agreement to lock it in, it’s time to order a VA appraisal, which should be done by professionals who understand the standards or process for VA financing.
VA appraisal is critical to ensure the cost of the real estate property reflects the current value, along with the benefit of ensuring it meets all the VA minimum property requirements.
The Bottom Line: Ensuring a Smooth-Sailing Home Buying Process for VA-Backed Loans
The steps above should give you a clear direction on how to smoothly obtain a VA loan up to the point when you can move in. While working with a VA-approved lender can take the guesswork out of this complicated process, understanding how it works can also give you an advantage.
Where to Find the Best Mortgage Rates?
Buying a home is a dream of many, but working with the best mortgage lenders in Salt Lake City, UT, should make this expensive milestone a reality for many growing families. Here at Frontline Financial, we focus on ensuring our veterans have the financial support they need with our competitive mortgage and refinancing rates.
Contact us today at 801-532-2553 so you can apply for a loan!