Finding The Best VA Loans: A Step By Step Guide
Buying a house is one of those milestones most of us look forward to ticking off our life goals list. Whether you’re buying your first home or you’ve moved several times, it’s natural to want to get the best mortgage. There’s a vast array of lenders out there, and you only have to conduct a quick search online to see that mortgage offers vary hugely. It can be tricky to narrow down the options when applying for a traditional loan to get onto or move up the property ladder, but veterans have access to a trump card that can make the process much simpler. VA loans are available for military homebuyers, and they offer a wealth of benefits for those hoping to buy a house or a condo. If you have a military background, and you’re on the lookout for a place to call home, it’s worth exploring your options and taking steps to find the best VA loans.
What exactly is a VA loan?
VA mortgages are designed to benefit those who have served, or are currently serving, in the military. These loans are backed by the government, and they offer benefits that aren’t available with a traditional mortgage. If you’re a veteran, and you are eligible for this type of loan, you should find that the interest rates are more competitive, it’s easier to get an application approved, and it’s possible to buy a property without a down-payment.
To qualify for veteran’s loans, you must satisfy criteria set out by both the lender and the Department of Veterans Affairs. It’s crucial to understand that the VA is not a lender in itself, and therefore, eligible buyers are advised to look for approved lenders, which have a proven track record in this specific area. To qualify for the program, buyers must have a military background or be serving personnel, they must confirm that they plan to live in the property for a significant period of time after purchase, and they must have a good credit score. The property must also meet the requirements of the scheme, and buyers should be able to prove that they can afford the repayments once the loan has been secured.
Finding the best mortgage offer
Once you’re satisfied that you meet the qualifying criteria, the next step is to find the best loan offer. At this stage, research is key, so shop around, compare offers, and tailor your search to ensure that it matches your needs and preferences. Look for a lender that specializes in this type of loan, and work with real estate agents who have experience in dealing with military homebuyers. Take your time to make a decision once you’ve got offers in front of you, and always ensure you read the small print. Before you submit an application, it’s worth making use of trial application systems, which enable you to see the expected outcome without impacting on your credit score. Meeting with advisers is also highly recommended, as they can give you more information about this specific type of loan, and provide advice based on your individual circumstances.
If you’re looking to buy an apartment or a house, and you are eligible for a loan backed by the VA, it pays to make sure you track down the best offer. Hopefully, this guide will set you on the right path.