A 3rd party broker that specializes in mortgages guaranteed by the US government

Buyers – Learn – Apply

Steps for First Time Home Buyers
What is a VA loan?
Step 1. Get approval before you shop
Step 2. Get Representation:
Step 3. Begin Your Home Search

Steps for First Time Home Buyers

Buying a new home for the very first time is an awesome experience for all home buyers. Once you have a place of your own, you can take pride in ownership, build an investment for your future and provide a place where friends and family can gather and build memories.  Having your own home means that you have the freedom to decorate it to suit your personal desires and needs.

But, before you can relax in the comfort of your home, there is a complex process to transfer the rights of ownership and complete the purchase.  Many first time buyers who go it alone find that the ownership transfer of property can be a very difficult procedure.  VA Home Loan Centers has created a home buying program to make home buying affordable and easy.

Our REALTORS® and Counselors have the knowledge and training to guide you through the steps to home ownership.  Our dedication the veteran and their family, means that we will never charge you for this representation.

The following guide will give you a primer of the basic steps to buying a home using your VA home loan benefit.

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What is a VA loan?

Like most people, when you think about buying your home, the first challenge you must consider is where do I get a loan to buy my home.  Most home buyers do not have the cash on hand to pay for a home without using a mortgage.  When it comes to mortgages, there are many options and programs available.  For veterans and active duty military, the best program is the VA Loan.  The VA Loan was created in 1944 as a thank you to World War II veterans.

Benefits of the program include $0 down payment, $0 mortgage insurance and low interest rates.  And, with the VAHLC purchase program, $0 closing costs is also available.  In some cases, borrowers may also apply to receive a rebate of up to 2.75% of the purchase price (maximum rebate is $28,000).

Banks and lenders prefer the VA loan to a conventional loan because their position is guaranteed by the United States Department of Veterans Affairs.  In the event of a default or foreclosure, any loss the bank incurs will be paid by the VA.

This loan type is a perpetual benefit that can be used to purchase a primary residence over and over. Even if you are active duty and your current home is financed with a VA loan, if you PCS to another area, you can use the VA loan program to buy a home at your new duty station.

The programs financial offer is made to active duty, reservists, Veterans or surviving spouses. This loan can be used to buy almost any property as long as it is in live-able condition.

There are some specific eligibility rules defined by the authority of administrative law. To find out if you meet the service requirements, call 888-573-4496 (option 1).

If you are eligible, you can purchase a home and borrow up to 103.15% of total sale price of home and not make any down payment.

Although the details of the program are not know by most real estate agents and loan officers, there are basic steps that are important for new buyers to follow when applying for a Veterans Home Loan and buying real estate afterwards.

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Step 1. Get approval before you shop:

Once you have decided to buy a home, your primary objective is to determine the price range that you qualify for.

This step is always number one and can’t be over emphasized.  The biggest reason is because many sellers will not accept an offer unless you have been pre-approved.  In fact, VAHLC affiliated buyers agents will not show you homes unless you have been issued the pre-approval letter.

Your pre-approved loan amount will be based on the payment that fits your comfort range. Your VA Home Loan Center Counsellor will calculate your qualifying purchase amount by adding your comfort range to your existing debt.  Once this is done, they will obtain an automated underwriting system approval.  This data will let you know what price range of homes to look at while staying within a monthly payment that is comfortable and affordable to you.

An important thing to consider is that VA loans are available to borrowers with less than perfect credit (Bad Credit VA Loans) at the same interest rates as a VA loan for a borrower with excellent credit. The VA loan program is designed to provide the most benefit for the veteran.

To begin pre-approval, start your loan application (click  here) or call 888-573-4496.

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Step 2. Get Representation:

After receiving your pre-approval and eligibility certificate, you know what your price range and monthly payment.  Your next step is to get representation.

VA Home Loan Centers will match you with a competent REALTOR® who will represent you in the transaction at no cost and show you homes.  It is important to note that not all real estate agents are REALTORS® . To become a REALTOR®, a real estate agent must adhere to a code of ethics as well as be a member of the National Association of REALTORS®.

Your VA Home Loan Centers affiliated REALTOR ® will discuss your wants and needs. From there, they will show you homes based on your criteria.

To have VA Home Loan Centers find an agent for you, simply call 888-573-4496 (option 2) or click here.

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Step 3. Begin Your Home Search:

Once you know what price range you qualify for and who your agent is, the next step is to start your home search.

Your VA Home Loan Centers affiliated REALTOR® will take the criteria you have given them and search through the multiple listing service to find homes that match your preferences, price range, school district or location.

After the agent has developed a customized list of homes, they will conduct basic research and arrange a private showing to tour each home.

Once you have found a home that is right for you, your VA Home Loan Centers buyers REALTOR®  will help you write the contract offer to purchase. Your agent is trained to get you the home at the best price possible, with the best terms available.

To have VA Home Loan Centers find an agent for you, simply call 888-573-4496 (option 2) or click here.

More About VA Loans:

Why Use A Veterans Home Loan? Click Here.
What The Advantages Of Using A VA Loan? Click Here.
How Can You Use The VA Loan More Than One Time? Click Here or Here.
Read More About The $0 Down VA Loan Here.

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