As an active military member, there’s always a chance that you could get deployed. If you’re thinking about buying a home, this could throw a wrench in your plans.
Perhaps you already started the homebuying process and you unexpectedly received word of deployment. Or maybe you’re overseas and your family’s housing situation changes, and you suddenly need to purchase a new home.
The good news is, thanks to modern innovations, you can still get a VA loan while you’re deployed. Here’s everything you need to know.
Steps for Getting a VA Loan While You’re Deployed
Just because you’ve been deployed doesn’t mean you have to put your home buying plans on hold. Here are the steps you can take to get a VA loan while you’re deployed so you can purchase a new home:
- Find a Mortgage Company that Works with VA Borrowers – The first step you’ll want to take is to find a mortgage company that offers VA home loans. These companies are familiar with the steps that military members need to undergo in order to obtain a VA loan while overseas. They’ll guide you through the whole process from start to finish.
- Get Pre-Approved for a VA Loan – Once you’ve found a good mortgage company, the next step you’ll want to take is getting pre-approved. You should do this first before making an offer on a home.
- Grant a Power of Attorney – An Attorney-in Fact is someone who is legally allowed to take actions on another person’s behalf. They’ll be able to represent your best interest during the home buying process. To do this, you’ll need the help of a legal clinic or a Judge Advocate General (JAG). An Attorney-in-Fact will be able to present a Power of Attorney to sign documents on your behalf and apply for a Certificate of Eligibility.
- Understand Occupancy Requirements – Generally, VA borrowers are required to move into a home within 60 days of closing. However, if you’re overseas, this may not be possible. But that’s okay. This timeline can be extended for up to one year.
- Verify Your Military Status – You’ll need to verify your active military status. Your mortgage company can help you understand the steps you’ll need to take in this regard.
- Sign Documents – Once you’ve found a home, either you or your Power of Attorney holder will need to sign your loan documents.
Get Started with the Process
Mortgage Solutions Financial has helped countless active military members and veterans achieve their dream of owning a home. Call today to find out how you can get started with the process of applying for a VA loan.