Real Estate

Veterans: How to Get a VA Loan

One of the main dreams of the military is to provide a comfortable home for their families. As such, the government designed the Veterans Loan or VA, a program that will benefit the military toward the fulfillment of this dream that is, in fact, woven into the ultimate American dream of providing every American with a comfortable home to live in. Here are some tips on how veterans can get such a loan.

Know if you are eligible

Veterans, those on active duty, or members of the National Guard or selected reserves can apply for a VA loan, pending determination of eligibility. 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 submission.

Inspecting the home of your choice

You can choose from many types of homes, but of course you only have 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 there for you and your family.

Loan application

Sellers can sometimes require buyers to pre-approve a veteran’s home loan. So to make sure everything runs smoothly, you may want to get pre-approved before you even close deals. For some sellers, applying for loan pre-approval means a high interest in the property being sold.

That the house be priced for sale

A home appraisal is also required to avail a veteran home loan. In some states, the 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 an appraisal is necessary is to determine if the price of the house will be sufficient to become collateral for the loan requested.

You must remember that the VA loan is designed without a down payment scheme. The government depends on your honesty and trustworthiness to pay your veterans’ mortgage loan monthly payments. This is in recognition of the selfless efforts made by you and those in your uniform to serve and protect the country, its territories, borders, resources, assets, interests, and its people.

Once you have completed all the above steps, you will be considered eligible to get the loan. With the help of an insurance agent, you will finally close the deal by finalizing the insurance clauses to protect both the seller and the new owner from damage and loss. Then all documents will be entered into public records.

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