Service members can purchase a home by getting a VA loan, and the loan programs can eliminate the need for a down payment. When searching for a home, they can start by getting approval for a loan and evaluating their options. A VA lender can help them get the best mortgage for their home buying needs.

Getting a Certificate of Eligibility

Service members and veterans can get their certificate of eligibility from their commander or by visiting their local Veteran’s Affairs office. They will need records of their service during active-duty and wartime. If they served locally, the VA may have copies of their records in their database. However, if a surviving spouse is eligible if their service member died as a result of their service duty. The Veteran’s Affair office will verify all the information and provide the certificate to give to the lender.

Comparing Credit Scores and Eligibility Requirements

When getting a VA mortgage, the borrower must have a credit score of at least 680, and their debt-to-income ratio shouldn’t exceed 43%. The lender reviews the borrower’s information when conducting a credit check. The borrower must have adequate income to cover the cost of the mortgage payments and all insurance requirements. Borrowers who want to learn more about getting a VA mortgage check out his Twitter now.

Getting a Preapproval from a Lender

The mortgage lender provides information about how much the borrower can get to buy their home. The highest mortgage amount provides them and their real estate agent with information that helps them find a home for the borrower. The preapproval shows the real estate agent that the buyer has access to financing, and this makes the entire process simpler.

Reviewing the Guidelines for a Qualifying Property

When examining homes to buy, the buyer must consider the guidelines for using the VA mortgage. Properties must qualify for the program according to their current condition. The lender doesn’t expect the property to be brand-new, but to qualify for a VA mortgage, it cannot have structural issues or any damage that decreases the value.

The VA homes must undergo a more extensive property inspection, and the findings shouldn’t show any significant problems. If the preferred property doesn’t meet the eligibility requirements, they will have to continue looking for a property until they find one that qualifies.

Getting Ready for the Closing

When preparing for the closing, the buyer must get homeowner’s insurance to protect against property damage. If the property is in a flood zone, they will need flood coverage, too. They purchase title insurance through a title company to protect their down payment and earnest money. The terms of the sale contract define who pays the closing costs during the closing.

Home buyers who served in the military have access to VA mortgages according to their service records. They can get certificates of eligibility through their command post or by visiting a local VA office. Buyers can learn more about buying a home with a VA mortgage by contacting their lender now.