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Everything You Need to Know before Applying for a VA Loan

If you are a US veteran having served in the military (or are currently serving at the moment) looking to buy a home, a VA home loan may just be the answer you are looking for. This is a special type of mortgage that is only offered to veterans and active service members. As a way to show appreciation to the brave men and women serving our country, the requirements for this type of loan are much less strict than those that will be required of a traditional mortgage loan application.

Everything You Need to Know before Applying for a VA Loan

Even if the groundwork has already been laid out for veterans and service members that opt to apply for a VA loan, there are still instances where delays and setbacks may happen during the application process. This is why applicants have to map out a solid plan of action to take before they apply.

1 – Secure Your Certificate of Eligibility

Although you will not need this document until the closing of the loan, it is best to have it ready from the beginning of your application. In case there will be any problems or delays concerning this certification, you will have enough time to fix them before you apply.

2 – Compare and Choose Your VA Lender

Not all lenders are the same. This is why making sure to look into what each lender can offer in terms of the specifics of the loan will go a long way in your quest to find the right lender that will be able to meet your needs as a borrower.

3 – Figure Out How to Pay Back the Costs

You need to establish how you are going to be able to pay back the loan once it gets approved. Keep in mind that you will also need to pay for a VA funding fee, which will be similar to the downpayment you will pay for the home. Ask your lender or agent as to how much this cost is going to be so you can prepare accordingly.

4 – Prepare to Bring Out Some Cash

While most VA loans do not require down payments, you will need some money on-hand. There will still be some fees that you need to pay to move through the appraisal and closing processes, not to mention other miscellaneous fees associated with moving from your old house to your new one.

5 – Choose the Right Mortgage Broker and Real Estate Agent 

A home is a big investment, and working with qualified individuals will ensure the process goes smoothly. Choosing the right mortgage broker and real estate agent is important because they will help you stay informed throughout the process. Ultimately, they are the means to start your home ownership journey!

Conclusion

Applying for any type of mortgage requires patience and attention to detail. VA loans have been created specifically for veterans and active service members, who may not have the same resources as people who have not served in the military. This type of mortgage loan may not have the traditional requirements, but it will still require you to fill out paperwork and submit the necessary documents. It’s important to take time to double-check all the requirements you need to meet and paperwork you need to have. A good mortgage broker will guide you through the process and help you submit a complete application without skipping any crucial steps!

America’s Mortgage Solutions is a licensed mortgage originator based in Palm Beach, Florida. Our business is built on our industry expertise, partner relationships, and providing the highest service standards to every customer and loan we process. If you are planning to apply for a VA loan, contact us today and let us assist you!