Veterans: How to Get a VA Loan
Posted On August 4, 2022
One of the main dreams of the military is to provide a comfortable home for their families. As such, the government designed the VA or Veterans Loan, a program that will benefit service members towards fulfilling this dream which is, in fact, woven into the ultimate American dream of providing all Americans with a comfortable home to live in. Here are some tips on how veterans can get such a loan.
Find out if you are eligible
Veterans, those on active duty, or members of the National Guard or Selected Reserves may apply for a VA loan, pending determination of eligibility. In order for applicants to determine their eligibility, they must submit a properly completed VA Form 26-1880 along with proof of service. Eligibility is generally determined 10 days after filing.
Home inspection of your choice
There are many types of houses for you to choose from, but of course, you just need to select the one that best suits your preferences, needs and lifestyle. Options can complicate your decision making. But you can always seek help from real estate professionals licensed by your state government. They can determine affordable price ranges and can help schedule home tours so you can inspect the home and see what’s in it for you and your family.
Sellers may sometimes require buyers to submit a veterans home loan pre-approval. So, to make sure everything will run smoothly, you may want to get pre-approved before you even close deals. For some sellers, applying for loan pre-approval means serious interest in the property being sold.
What is the house for sale appraised
A home appraisal is also required to avail of a veterans home loan. In some states, pre-approval is issued along with a tracking number for the lender to track the progress of the appraisal as well as the status of the loan application. The main reason why the appraisal is necessary is to determine if the price of the house will be sufficient to become collateral for the requested loan.
You must remember that the VA loan is designed with a no down payment scheme. The government relies on your honesty and reliability to pay the monthly installment of the Veterans Home Loan. This is in recognition of the selfless efforts made by you and those who wear your uniform to serve and protect the country, its territories, borders, resources, assets, interests, and its people.
After completing all of the above steps, you will be considered eligible for the loan. With the help of an insurance agent, you’ll finally close the deal by finalizing the insurance clauses to protect both the seller and the new owner from damage and loss. Then all the documents will be entered into the public records.