A VA mortgage loan is a type of loan that is designed for active military members and veterans of the military. The loan is administered and guaranteed by the United States Department of Veterans Affairs. Obtaining a VA loan makes it easier for active-duty military and military veterans to make their dream of owning a home a reality. If you are currently in the military or have served in the military in the past, you can benefit from a VA mortgage loan. However, you should not attempt to buy a home with a VA mortgage loan if you are not prepared. Use the following tips for securing a VA mortgage loan for a home purchase:
Understand the Types of Properties that are Eligible
The goal of VA mortgage loans is to help active-duty military members purchase a primary residence. Do not expect to be able to use a VA loan to buy investment properties or a vacation home. You can use a VA mortgage loan to buy a single family home, a condo, a manufactured home, or a modular home. Make sure that you understand that you will be expected to live in the residence purchased shortly after closing. If you will be deployed in the near future, your spouse and family can fulfil the occupancy requirements by living in the home.
Work with a Real Estate Agent Who is Experienced with VA Mortgage Loan Purchases
When you're planning on using a VA loan to buy a house, the best thing that you can do is work with a real estate agent who is very experienced with buying properties with a VA mortgage loan. Using a VA mortgage loan can be different than a conventional mortgage loan, so having someone to help you through the process can be invaluable. A real estate agent who understands VA loans can also help you find the right lender to work with.
Before you begin looking at any homes, you should always get approved for a VA mortgage loan. During this process, you will need to provide proof of income as well as documentation that will allow the lender to determine your debt to income ratio. Your credit will also be checked. You can opt to get a certificate of eligibility for a VA loan on your own, but if you do not have one, your lender can help obtain it. After you are pre-approved for a VA mortgage loan, you can begin your home search.
Contact a company like VAthefairway to learn more.