Having a place to call your own—whether it’s your starter home or your forever home—is an essential part of the American dream. And the U.S. Department of Veterans Affairs offers plenty of great programs to help those who have served in the military become first-time homebuyers.
However, the process to get a home loan as a veteran isn’t foolproof.
“Being eligible for a VA loan and ultimately able to secure one are different things,” explains Chris Birk, vice president of mortgage insight and education at Veterans United Home Loans. “Prospective buyers will still need to meet credit, income, and other guidelines set by both the VA and by the lenders that make these loans.”
You can set yourself up for success before you even start your home search and avoid making missteps that have held other prospective homebuyers back.
We asked VA-savvy real estate agents to tell us which missteps they see the most—and how you can avoid them when you apply for and get a VA loan.
Mistake No. 1: Not using a VA-savvy real estate agent
If you’re getting a VA loan, make sure you work with a real estate agent who understands the VA home loan process.
“The VA won’t underwrite [just] any house,” says Katie Fraser, a Realtor® with Keller Williams Tacoma. “It is a huge, huge, huge deal to use an agent who understands the VA home loan system, the VA appraisal process, and what that all really looks like.”
When you’re buying through the Veterans Affairs Department, you’ll need to find a home that meets VA home loan property requirements. A VA loan program appraiser will have specific criteria. An agent experienced with home loans for veterans will also know about VA loan limits, the debt-to-income ratio lenders will expect you to have to qualify for a home loan, and other essential information.
So, save yourself the heartache of making an offer on a house that may not get approved, or for which you may not qualify for a VA loan, and work with a VA-experienced real estate agent from the start. Ask another veteran for a referral, or get help from Veterans United Realty to find the right real estate agent.
Source: Realtor.com ~ By: Angela Colley ~ Image: Canva Pro