Ready to buy a new home? Know you are eligible for the VA Loan but not sure what to do? Well, hopefully, this will help. There are some easy guidelines that help make the process a little less confusing.
Fortunately, by deciding to work with Johnson Team Realty and Associates, you have a team that has been certified to help walk you through the process. Now let’s get started.
1. What can you truly afford? What are you comfortable affording?
- These are two different questions. First, take-a-look at your monthly budget and figure out what number makes the most sense for you. You may find that you could choose to cut out some items that are not necessary in order to afford more home. You may also find that it makes more sense to purchase a more modest home and maintain your lifestyle. Either way, you are in control.
2. Talk to a Lender who is qualified and can effectively do a VA Loan.
- Finding a good lender can be tricky. So many “say” they can do everything you need, but when it comes down to brass tax, they are clueless. I have made it a point to position myself with lenders who know the ins and outs and can represent you effectively. The goal is to get you to a successful closing.
- Your lender will guide you through what information is needed to get started. Once they have received and reviewed everything, the lender will send you a letter confirming your eligible loan amount. This gives you an advantage when negotiating the price, especially when up against other potential buyers who aren’t approved.
3. Find your home
- This is usually the fun part. We get to work together to come up with your true criteria and begin the hunt for the perfect home. Don’t worry. I take care of all the details. You just show up and view homes until you find the one that has been waiting for you.
4. Make an offer
- Once you find that perfect home, we sit down and put together your offer. Don’t worry, my team and I are well versed in how to properly structure your loan. It is our job to get you the best deal and we have put in the time to learn how to best serve our Military clients.
5. Paying earnest money
- This is always a confusing part for new buyers. To put it frankly, everyone has to have skin in the game. You have to put a little money down with your offer so the seller knows you are serious. Nothing is more frustrating to a seller than to have someone put in an offer, they take their house off the market, then the buyers just walk away. That is definitely not a win-win situation.
6. Home inspections
- Home inspections aren’t required to purchase a home, but they’re high. A home inspection gives you a top-down evaluation of the home and property, including the roof and home exterior and shouldn’t be confused with a VA home appraisal. As long as you perform a qualified inspection, your inspection contingency protects you so that if there are any large items wrong with the home, and you and the seller are unable to work out a reasonable solution, you can get your earnest money returned.
7. VA Home Appraisals
- The VA home appraisal is required for a VA home loan and is arranged by your VA lender. Some confuse this with the home inspection as a VA Appraiser also looks at the condition as part of his report. The thing to remember is that they do not perform the extensive inspection your hired building inspection performs. They simply want to make sure to protect you from purchasing a property that isn’t safe, sound, and sanitary; it also establishes a fair value of the property.
This is just a birds-eye view of the VA process. Our team will guide you through all the ins and out’s so you don’t have to worry. This can be one of the most exciting times for you and your family so call us today with any questions.