How To Secure VA Mortgage Loans
Things To Know When Applying For VA Mortgage Loans
When you close your eyes and visualize your next home, what you see? A charming previously owned home in the heart of the city? A new home in a development or on some land in the country? A condominium? Or how about a mobile home or manufactured home? Do you envision a home in move-in condition or do you look forward to doing some work? Regardless of your dream, you can find the VA mortgage loans you need to open your eyes and move into your new home!
What To Keep In Mind When Applying For VA Mortgage Loans
When using VA mortgage loans from VALoansFinance.com, there are a few things to keep in mind.
- You must plan to use the home you buy as your primary residence. If you want a second home, vacation home, or investment property, VA mortgage loans are not for you. If you have purchased a home with a VA loan and later decide to buy another home and rent out your current one, you will need to refinance the property. VA occupancy rules have no expiration date.
- If you want to buy a condominium, you will find that most complexes have limits on the number of VA and FHA loans in the building. You might have to find another property or wait until someone with a federally-backed loan moves out in order to use VA mortgage loans there.
- You can obtain VA mortgage loans to simultaneously buy and remodel a home. You might even be interested in a foreclosure or VA repossessed home with potential that needs work.
- Are you looking for a home with modifications such as wider doors, hallways wide enough to navigate and turn your chair, accessible bathrooms, user-friendly counters, or ramps? There are VA mortgage loans available to modify your current home or to buy a home that is either easy to modify or already compliant with universal design principles.
- While most VA mortgage loans are granted for people who have met service requirements, there are opportunities for others to take advantage of this great loan program as well. For example, surviving spouses of those killed or rendered disabled in the military or whose spouses are missing in action or prisoners of war also qualify, so long as they have not remarried. Also, if you were discharged from the service due to hardship, the convenience of the government, reduction in force, certain pre-existing conditions, or disability, you might also be eligible to apply.
- If you are looking for a manufactured home or mobile home, you must find a lender that writes loans for this specific type of property. Not all VA-approved lenders do so.
How To Apply For VA Mortgage Loans
Applying for a VA mortgage loans requires proving your eligibility and obtaining qualification. The VA will substantiate your dates of service, rank, and status with forms DD-214 and a Certificate of Eligibility (COE). While you can obtain this online, the VA mails you the paperwork. For immediate access, ask VALoansFinance.com to obtain the documents for you online from the VA database.
Qualifying for VA mortgage loans is in the hands of your lender who only makes loans to those who meet the credit requirements. You must provide data about your income, bank accounts, taxes, other loans, etc. so that the bank can determine whether it can grant you the loan and for how much. Having a preapproved amount in mind before you search for a house will guide your search and prevent you from falling in love with a home out of your price range.
After you have found your home, and negotiated a fair price, you must have a VA appraisal on the property. This is true whether you are buying a resale or new construction. If the price you have agreed to pay exceeds the VA appraisal value, you must renegotiate, walk away, or bring some money to the table to make up the difference.
An Ally In The Process
VALoansFinance.com is your ally throughout the house buying process and wants to approve you for VA mortgage loans. Get a jumpstart on owning your dream home by obtaining your eligibility paperwork and your preapproval letter today. You can apply online or you can contact our well-versed loan specialists at (855) 383-5002 for help with any of your questions and complete guidance throughout the VA mortgage loans process.