Veterans and military members understand the power of preparation better than most.
That’s good news considering most home buyers still lack a solid grasp of what it takes today to land a home loan.
VA loans tend to feature more flexible and forgiving requirements than other loan types. But this no-down payment program is also a specialized option for home buyers.
Here’s a look at seven essential tips for veterans and service members considering a VA home loan.
1. No COE to start
You don’t need your Certificate of Eligibility to begin. You don’t even need to know if you’re eligible for a VA loan to start.
Lenders will typically obtain this critical document for you using an automated system.
2. Pre-approval is critical
This shows sellers and real estate agents you’re a serious buyer. Some agents won’t even accept an offer on a home without a copy of your pre-approval letter.
Pre-approval also gives you a clear sense of what you can afford and how much house you can buy. The last thing you want is to get under contract only to learn you can’t afford the payments on the home.
3. Find VA-knowledgeable agents
Real estate agents play a key role in the home buying process. But some know VA loans better than others.
VA-savvy agents can help borrowers avoid properties likely to pose a problem for the VA’s appraisal process. They can also lean on their understanding of VA closing costs to maximize your dollar.
4. Prepare for upfront costs
Most VA buyers take advantage of the $0 down benefit. That’s a huge opportunity that helps get veterans into homes now.
5. Understand closing costs
In addition, sellers can pay up to 4% of the purchase price to pay for things like prepaid property taxes, insurance and HOA Fees.
6. Buying condos
Veterans can only purchase condos in VA-approved developments. Lenders can help try to get an unapproved one on the list, but the process can take some time. In Hawaii there are several VA Approved Condo Buildings.
Adjust your home-buying timeline accordingly.
7. Not a one-time benefit
Veterans can use the VA loan program over and over again. It’s even possible to have more than one at the same time.
Veterans who’ve lost a VA loan to foreclosure may be able to buy again, too.
Its great to plan ahead and know you have a chance at Home Ownership when you PCS to Hawaii.
For more information please feel free to contact us today.
Our Team with having over 45 years of experience helping Military Buyers and sellers in Hawaii, We would like to Thank you for your service.
Ryan Riggins (RA)
John Riggins Real Estate