Even with the current high trend in home prices, there are savings opportunities for homebuyers to use if they qualify. A popular strategy is applying for the comparatively cheaper, government insured loan called a VA loan or the Veterans’ Administration home loan.
To qualify for this loan, one does not have to be currently active in service and can qualify as long as the lender approves of their eligibility.
A myriad of benefits…
Being eligible for a VA loan nullifies the need for a conventional loan, which, will allow for better rates and saves the homebuyer from high closing and appraisal fees.
Since the VA allows certain costs to be paid by the seller given that there is a mutual agreement between the buyer and seller, an agent can help negotiate fees that are paid by the seller. This step will be completed when the buyer signs a purchase agreement.
To ensure that the benefits of such a loan is used to their maximum potential, one must certify that the loan is used for his or her primary residence as one of the conditions for qualification.
Certificate of Eligibility
One must also acquire the Certificate of Eligibility, which will serve as evidence that he or she has met the requirements for the basic standards of VA loans.
Once in possession of the Certificate of Eligibility, the next step is to choose your property.
A VA appraiser will be required to inspect the home you chose to ensure that it has met the VA minimum property requirements and if it does, the underwriter will give their stamp of approval.
The steps are simple, though they can be time-consuming. I have many years of experience in helping my clients with collecting and submitting the proper documents to the VA. I can help you take advantage of the great benefits available to veterans.