Step-by-Step Guide for America’s Heroes In Need of a Home

Join in on our mission to help eliminate homelessness and suffering among our veterans.

Our struggling veterans can be helped, and should be for all they have done for us.

There are roughly 70,000 veterans in Brevard County alone, making up 11% of the population. Over 4,000 of those veterans are at-risk of homelessness, and a VA home loan can help. The knowledge of this resource such as the VA home loan is an additional benefit that can truly aid in turning struggling veterans’ lives around. The Department of Veterans Affairs (VA) has a mortgage program designed to help all veterans who may qualify. The VA home loan has many great advantages that no one else has yet to offer. Owning a home is possible, no matter what situation a person may be in. Take advantage of no down payment, low monthly payments, easier qualifications, and relaxed credit standards. In recent years, it has been said to be one of the best options for buying a home. While all veterans will need to satisfy a few requirements, the process is not as hard as you may think. Since the inception of the VA home loan program in 1944, it has helped over 24 million veterans. Let us help more of our heroes achieve the dream of having a place of their own with filled joy, warmth, and much more.

What is a VA Home Loan?

The VA home loan is a mortgage option for qualifying veterans. They are typically issued by private lenders who create special terms for VA borrowers and the U.S. Department of Veterans Affairs guarantees a portion of the loan. Lenders that work with the VA to provide these loans can accept low or no down payment when approving the loan.

Who Can Use the VA Loan?

In order to use the VA loan, an applicant must be:

  • A current military service member who has served at least 90 days on active duty
  • A veteran who served at least 24 months on active duty
  • A National Guard or Reserve member who served at least 6 years
  • Meets one of the special criteria for spouses of MIA/POW service members
  • Veterans separated for hardship or a service-connected disability

 

How to Apply for a VA Home Loan

While the process of getting a VA home loan can seem overwhelming, it does not have to be. Simply follow this step-by-step guide to help you through the process.

  1. Find a Participating Lender

Locating a lender that the U.S. Department of Veterans Affairs has approved can be simple, but each lender has its own requirements an applicant must meet. It is common for a credit score of 620 or higher to be better suited for this loan, but it varies. For anyone who may not have a good credit score, you should still consider starting the process and work on building it up since finding the right home can take significant time.

  1. Secure a Certificate of Eligibility (COE)

Having an experienced lender is a big help because of their ability to help obtain your COE with a bit of information about one’s military service. The COE shows how much money you can receive, which will be guaranteed by the VA as well as prove you meet the standards for the benefit.

  1. Prequalify for your Loan (Optional)

Now that your COE has been obtained, your lender may recommend getting preapproved. Limiting the possible surprises that can come about later on in the process is beneficial. Becoming pre-approved strengthens your buying credibility and aids in a speedy lending process.

  1. Go House Shopping

Now the fun begins! It is time to head out with a professional realtor to find your dream home. While your search continues, you may become aware of all the unexpected costs a homeowner may need to pay for, but no need to worry when you have an agent. They will help you find things like the right insurance, the best home warranty cost, and overall the best price for a home. Having a home warranty plan will not only save you money when you need repairs, but it will also add value to your home. Take your time during this step of the process, as you will need to evaluate financials before committing to ownership.

  1. Sign a Purchase Agreement

Have you found the one? Does this home meet your needs for your family and/or yourself? If so, it is time to sign your purchase agreement and continue moving forward to securing the keys to your home.

  1. Finalize the VA Home Loan Application

With your signed agreement, the lender will notify the VA, and they will conduct an appraisal. The VA conducts appraisals to confirm the correct amount you signed for is the current value. If the home passes the appraisal for value, meets the minimum property requirements (MPR) and the lender qualifies you for the loan, congratulations!

  1. Close on Your Loan and Move-In

Finally, sign the remaining documents and agree to terms and conditions to receive the keys to your new home.

 

Are you ready to Get Started?

Whatever your current situation may be, a VA loan can be your best friend. From tiring times to being housed in a place of your own, our mission is to help rescue our struggling veterans.  With this information, they can better understand the quality benefit available for them. After all, they gave part of their life and/or were the supporting members of those who served the United States of America. Our veterans deserve to make their dream turn into reality, so let us help them achieve it.

 

By |2021-11-15T20:41:33-05:00November 12th, 2021|