Buying a house is exciting and nerve-wracking at the same time. No matter what type of home you’re looking for, you’ll need to finance the purchase with a home loan.
For qualified military members, former service members, and their families, VA home loans make getting into a great house simple. The process of applying for a VA loan isn’t as straightforward as you might think. Here’s your simple guide to make the process as understandable and approachable as possible.
Make Sure You’re Eligible
Before you can start applying for VA home loans, you need to make sure you’re eligible to apply for them. You need to have served for 90 consecutive days during times of conflict or 181 consecutive days during peacetime. If you served in the past and were honorably discharged, even if your service occurred years ago, you’ll be able to qualify.
Look for the Right Type of House
The VA expects homes that they guarantee to be in livable condition. This means you need to choose a property that’s in good enough condition to move into without any major repair work or structural damage. The property must pass an inspection and appraisal by the VA to qualify. The best thing you can do is let your real estate agent know that you’re planning on using a VA loan on the home. This will help them narrow down the search to properties that qualify for financing.
Commit to Living in the Home for at Least a Year
In addition to structural requirements, you also must plan on using the home as your primary residence for at least a year. You can’t use the property as a vacation home or live elsewhere unless you’re getting deployed and are buying the home for your family.
Shop Around for Loans
As with any type of financing, you should take your time and shop around for VA home loans. Get quotes from several lenders or work with a mortgage broker who can help you identify different options. Once you have several quotes, compare the terms and interest rates you’re charged. You’ll want to choose the lender that works with your budget and will help you finance the home of your dreams.
Reach Out Today
If you’re trying to use VA home loans to buy a house and aren’t sure where to start, take action. Contact the experts at Mortgage Solutions Financial today. We’ll help you find the right loan for your needs and your budget so you can get into your dream home fast.