How to Buy a House with a VA Loan?
I am ready to buy a house and want to use my VA loan, now what?
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When you are ready to buy a house there are many steps to consider. Such as why I am buying, what features I want in a home, what school zone does the new home need to be in, what mortgage payment can I afford per month and many more. However when you are buying a house with a VA loan there are added steps to consider. Applying for your VA loan eligibility certificate will be the first step. Next you will need to speak with a lender who specializes in VA Loans to see if you qualify and then work with an agent who understands how to write a VA Loan offer and procedures required. However there are several benefits to purchasing a home with a VA loan.
These are the steps to how to buy a house with a VA Loan.
Why am I buying a home?
When you are considering purchasing a home with your VA loan there are certain restrictions involved. The home you purchase must be owner occupied. So that means no single family investment properties. However if you are wanting an investment property, you are eligible to purchase a 4plex multi family property as long as the Veteran occupies one of the units.
Applying for a VA Loan Eligibility Certificate
It is a good idea to apply for your eligibility certificate prior to looking for homes. Applying for a VA loan eligibility certificate can be handled many ways. You can either apply online, apply through your lender or mail in the Form 26-1880 with your DD Form 214 and other documents to show service. If you have already established a relationship with a lender they can do the work for you and apply through their Automated Certificate of Eligibility system. The Automated Certificate of Eligibility system will help to make this a shortened process.
Who is eligible for a VA loan? What are the requirements?
- 181 days of service during peacetime (active duty)
- 90 days of service during war time (active duty)
- 6 years of service in the Reserves or National Guard
- Active duty service members
- Members of the Reserves
- Members of National Guard
- Surviving Spouses
Am I eligible as a spouse of a deceased Veteran? Who is eligible?
- Surviving spouses unmarried and remarried.
- An unmarried spouse of a veteran who has died during active duty or as a result of injuries from active duty service.
- Spouses who received a VA loan with a Veteran prior to his or her death are eligible for a VA interest rate reduction or also known as a VA Streamline Refi.
- Surviving spouses who were married upon or before turning 57 and on or after December 16th 2003 are eligible for a VA home loan. Surviving spouses who were married prior to that date are no longer eligible.
- The spouse of an active duty member who is listed as missing in action or a prisoner of war for at least 90 days is eligible for a one time use of the VA home benefit.
Apply for a VA Loan with a Lender
Applying for a VA loan is the easy part all you have to do is meet with a lender and fill out the loan application, the lender will do all the work. Unfortunately all Lenders are not equal when it comes to VA Loans. Don’t get me wrong all lenders have access to most of the same VA loan products the difference is in the experience. Working with a lender who has VA loan experience makes all the difference. Eligibility isn’t a guarantee that you will get a VA Loan. You still must qualify.The lender will go over the qualifications of a VA loan during the application process.
It is important to find an agent who has worked with Military buyers
There are several reasons why working with an agent who has experience with Military buyers is key to the process. Buying with a VA loan has certain restrictions when it comes to the type and condition of the home. If your Realtor has experience they will be able to advise you during the Buyer Consultation appointment and showings if the homes you are viewing will qualify for a VA loan. Also there is certain verbiage that should be added to the purchase contract to protect the VA buyer. An experienced agent will know how to negotiate what is needed for a VA loan during the offer process. Another aspect that the agent will oversee the VA appraisal. The VA appraisal process is more in depth than a traditional appraisal and an experienced agent will be able to address any issues that might arise. Lastly during the closing process your agent will make sure that the VA buyer costs are in line with a VA loan and they are not paying for anything that should be paid for by the seller.
As a 10 year veteran of the US Army Military Police Corps., Ernie knows first hand the process of PSC’ing to and from a new duty station. Using his experience Ernie and Leah have helped many military families buy and sell in the Las Vegas Valley. Ernie and Leah have experience working with military relocation programs such as USAA, US Navy Federal Credit Union, Weichert and Wells Fargo Relocation program just to name a few.
Ernie and Leah understand the steps involved for military relocation so weather you are going to buy or sell you can contact the Gonzales Team for immediate assistance at [email protected] or at 702-291-8126.
On our site we have set up the home search to update daily so that you only view CURRENT Available homes. We have made sure that homes that are in “Pending” or “Contingent” status and in escrow are not in the search results. This will prevent you from being frustrated by wasting hours of your time. We are dedicated to helping our clients find the perfect home for them and their situation. We start the process by having a Buyer Consultation with all our clients to go over your needs and the steps to the home buying process.
To verify eligibility you need to obtain a Certificate of Eligibility from the VA. Going directly through the VA to obtain the Certificate can take several weeks. Please note that not everyone who is VA eligible can obtain a loan. You must still be approved for the loan from the lender