If you're a veteran or an active duty service member, you may qualify for a VA loan. A VA loan is a loan that the U.S. Department of Veteran Affairs guarantees, and it can help you to get a larger loan and a better house if you qualify. If you're interested in purchasing a house using a VA loan, here are four steps you'll need to take:
1. Get pre-qualified.
Getting pre-qualified for a VA loan isn't a requirement, but it can help the whole process go a lot faster and more smoothly. During this step, you'll find out how much money you'll be able to borrow. Potential lenders are the ones who will pre-qualify you, and to do so they will need to check your credit score and may request bank statements to establish an idea of your financial situation.
2. Obtain a Certificate of Eligibility.
VA loans aren't available to everyone. They're only available to people who are affiliated with the military through service, former service, or in some cases marriage. That means you'll have to prove that you're eligible for this loan. You can do this by getting your Certificate of Eligibility. According to the U.S. Department of Veteran Affairs, the Certificate of Eligibility lets lenders know that you qualify.
3. Look for a house.
The next step is the part many people enjoy the most. You'll look at various houses to decide which one you want to purchase. Purchasing a home is a long-term decision, so make sure to consider all the relative factors when looking for a home. If you plan to have children, you'll want to buy a house that's big enough for your growing family. Don't forget to consider school districts, public amenities, and the overall neighborhood.
4. Apply for a VA loan.
Once you've found a house you'd like to purchase and you've signed a purchase agreement, it's time to secure your VA loan. If you've already been pre-qualified, this step will be easy. You'll return to the lender you chose, and they will give you paperwork to fill out. Make sure to complete the paperwork carefully, since any mistake could delay your loan. If you haven't already been pre-qualified, you'll need to bring proof of income to your lender at this time.
Home ownership is an exciting new step in your life. If you're ready to purchase a house, a VA home purchase loan can help you take that step. These instructions will get you started with the process.
Share13 December 2018
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