If you’re a veteran or active-duty military personnel, you may be eligible for a VA-backed home loan. These loans offer several benefits, including competitive interest rates and no down payment requirements. With this type of loan, you can purchase a home with less hassle and stress.
What Are the Steps To Buying a Home With a VA-backed Loan?
1. Prequalify for the Loan
The first step is to determine if you are eligible and prequalify for a VA loan. To do this, you will need to fill out a VA loan application from the lender and provide your military service records. If you are eligible, then you can start the pre-qualification process which involves completing an online form or meeting with a Pennsylvania real estate agent for assistance.
2. Find a Home
Once pre-qualified, it’s time to start searching for a home. Consider working with an experienced Pennsylvania real estate agent who can help you navigate the local housing market and provide guidance when viewing homes in person or virtually.
3. Make an Offer
When you have found a property that is right for you and your family, it’s time to make an offer. A Pennsylvania real estate agent can provide advice and guidance to ensure that a fair and reasonable offer is made. Make sure that you choose an offer that’s lower than your pre-approved loan amount to give yourself some room to negotiate.
4. Apply for the Loan and Get Final Approval
Once your offer is accepted, you will need to contact your VA lender and complete the loan application process. This includes submitting financial documentation like pay stubs, bank statements, investment accounts, etc. The lender will then assess your qualifications and credit score to determine if you meet the criteria for a VA home loan.
Once you’ve been approved, the lender will issue a Certificate of Eligibility (COE). This document is required when you’re arranging the loan and contains important information about the loan such as the amount that can be borrowed, the interest rate, and repayment terms.
At this time, you will also need to provide the lender with a copy of your most recent VA disability award letter and/or DD-214 form if you are receiving benefits from these two programs. You may be exempt from some fees associated with the VA loan based on your service.
5. Get a Home Inspection and Appraisal
The last step is to get a home inspection and appraisal. The VA requires that all homes purchased with a VA loan meet certain standards of soundness and livability — even if the home is brand new. A professional inspector will be able to identify any potential issues with the construction, structure, or safety of the property. An appraiser will provide an objective opinion on the value of the home.
The Bottom Line
Once all of these steps are completed, you are ready to close on your VA loan and become a homeowner. With the help of The Ashley M. Miller Team, Your Home Hero, Pennsylvania real estate buyers can be confident that they’re getting the best possible help when buying a home with a VA-backed loan. Contact us today to learn more about VA-backed home loan options and how we can help you buy the home of your dreams.
