How to Buy a Home Using Your VA Eligibility
If you’re a veteran in the United States and want to purchase a home using your VA eligibility, you will want to know the most important questions and answers before you start.
1. How do I qualify for a VA loan?
If you’re a first time homebuyer and want to purchase a home using your VA eligibility you basically will follow the underwriting standards offered by the Veterans Administration under the HUD (Housing and Urban Development). These guidelines are similar to those followed by the FHA (Federal Housing Administration). Consult on of our seasoned mortgage loan professionals for current loan requirements since VA loan program guidelines change from time to time. It is wise to get the most current information.
2. Do you need to place a “down payment” into escrow when you purchase a VA home?
There is no requirement to include a down payment when purchasing a home under the current VA requirements. VA Does not require a down payment. There will be closing costs. Some of the closing costs can be paid by the seller if the seller agrees to pay for those closing costs. See the most current underwriting guidelines by talking to one of our loan agents at LendPlus Financial.
3. Are spouses of veterans, POW’s, MIA’s and reserve and Guard members eligible for a VA loan?
A spouse of a veteran, POW’s, MIA’s or Reserve or Guard who has not been remarried, can qualify for a VA home loan, providing they meet the conditions of underwriting set forth by the Veterans Administration.
4. Are the interest rates better than other rates offered to other people because I am a Veteran?
The interest rates offered to veterans are the same rates offered in the open market to FHA applicants. Contact one of our loan agents to discover the rates and conditions needed to get approved for a VA loan.
5. Do I have to order an appraisal of the home I want to purchase under VA guidelines?
Yes, an appraisal is needed on all home loans to determine value of the home at a certain time. The average appraisal fee is about $350.00. Please check with the lender on how to get started.
6. How long does it take to get a VA loan approved?
The customary time it takes to get a VA loan approved is the same as any other loan under HUD/FHA/VA guidelines. Being prepared with the documents needed to get you approved is the key to moving the loan approval process forward in a speedy manner. The underwriting guidelines require that the money needed to closing your loan be traced. Lenders are conservative these days and always want to track monies used in the purchase of a home. Also, make sure you have the reserve requirements. Consult a LendPlus Financial loan officer to the the most current information and procedures.