One of the most effective and generous loans available on the market comes in the form of VA loans. These are loans exclusively catered towards veterans and their spouses. This article will go over the steps involved to make your home purchase possible.
Gaining A Certificate Of Eligibility
The first step in getting your VA loan and purchasing a new home with it is to prove that you are a veteran. This will require you to provide evidence that you have served the minimum requirements in order to qualify, receiving a certificate of eligibility, also known as COE.
You can either source this document yourself by providing evidence online with the Department of Veteran Affairs, or you could work with your lender for them to do it for you. Once you have this proof, it will last for your lifetime.
Working With Your Lender
You will then need to speak to your chosen lender in order to move on to the next stage. Your lender should have knowledge on veteran affairs wherever possible, in order to get the best care and attention in regards to your needs. There are loan experts who specialize in VA loans, meaning they should be your preferred choice.
Consider consulting with a lender before you sign up, so that you know what you are getting. That way you will be able to work out the costs associated with the loan so that you are able to plan accordingly. You may be aware that you will not be required to pay any down payment for a home purchase with a VA loan. This helps drive down your cost and offer you loans without needing a higher financial stake.
If you are unsure on what costs you could be looking at, then consider using a mortgage calculator to get a better idea. There are a few available online, but you will benefit from looking into more VA based calculators to give you a more accurate calculation. Hero Loan offer a VA loan amount calculator service that will help you calculate your monthly payments according to various different interest rates you will enter into the system, as well as how many years you want to play with paying the mortgage.
Searching For The Home
Once you have a pre-approval in place with your mortgage provider, you will then be able to find the home you are searching for. You will have a few options to consider, but it’s important to note that you will have to use your VA loan for your primary home.
The home you move into will also need to be ready to move into. That means you can’t choose a project house, and will need to choose an existing home or a condominium in a VA approved area. You may also be able to purchase a mobile home, or a new construction, but that could be pending to approval from the Department of Veteran Affairs. The home will also need to be within the United States or its territories.