Home Search to-do's for Veteran Buyers
If you are qualified for a VA loan, there is absolutely no reason why you should not make use of the opportunity to buy a home for your family or invest in a property that can help you generate additional income for your family's needs. After all, a VA loan is very promising: home purchase with a VA loan requires no down payment, there is no need to pay mortgage insurance, the interest rates are low, and there are minimal documentary requirements.
If you would like to find a home to buy using this privilege, it might be a good idea to keep these tips in mind:
1. Work with an agent who has experience handling VA loan-backed home purchases. In this way, your agent would know what your needs are and you will be guided through a smooth transaction process.
2. Short list properties that are ready for occupancy with little to no need for home repair or renovation. Since the DVA has established guidelines on which kinds of homes qualify for a VA loan, it's best to stick with units ready for occupancy instead of fixer-uppers in order to ensure that your loan application gets approved.
3. Looking to buy foreclosures? don't get fooled by the price. Make sure to check the home first. Also, calculate how much it would cost to buy the home AND renovate it for it to become livable.