Are you a United States veteran that dreams of owning your own home? The US VA home loan program has helped more than 22 million veterans achieve home ownership. The VET home loan program has easier loan requirements and can get you a mortgage, even if you do not qualify for traditional mortgage types. If you are a veteran who is interested in home ownership, these are the steps you will want to complete.
Get all of your information together
The first step in getting a pre approval for a VA is to get all of your information together. This includes veteran paperwork, financial statements, and a credit report. Although the VET home loan does not weigh your pre approval as much on your financials and credit report, they are still required. Your mortgage lender will want all of this information in completing your application. Getting it together ahead of time can speed up the process and prevent any denials, based on lack of information.
Choose a loan provider
There are many mortgage companies that offer VET home loans. Shop around and choose one that you want to work with. You will be in contact with the loan provider a lot over the next couple of months, so it is important to choose one that you can work with. You might choose to go with your credit union or current banking institution, but you do not have to. Just remember not to have multiple lenders pull your credit at once, as it can affect your credit. It is best to only have your credit pulled after picking the lender that you are going to work with. You also might want to go with a loan provider that is local, so that they understand the regulations specific to your state. If you are located in Texas, for example, go with a Texas loan program or veteran loan program TX.
Obtain a VET home loan pre approval
The first step when working with your loan program is to obtain a VET home loan pre approval. This process can take a little time, as they have to go through all of your information and calculate it. After completion of this process, they will provide you with a pre approval and a pre approval amount. This is the amount that you are likely to be approved for. This amount makes it so you can begin looking at houses. Just remember, a pre approval is not a guarantee of a loan. It does, however, mean that you are likely to be approved for the amount listed.
Work with a local realtor
Your pre approval will allow you to begin working with local realtors. When you choose a real estate agent, you will want to let them know your intended buying timeline and your approved amount. They will show you houses in your price range and will help you through the buying process. Once you find a house that you are interested in buying, you can put in an offer. If the offer is accepted, the information will be sent to the lender and the buying process will begin. If everything goes right, you will be the new owner of your personal piece of real estate.
The VET home loan gives veterans an improved chance of owning their own home, despite limited income and finances. With over 1.5 million veterans living in the state of Texas, the VA home loan program has been an important part of Texas growth. In just 2016, 707,107 home loans were guaranteed by the VA nationwide, with a good percentage of these loans occurring in the state of Texas. The home buying process under a VA home loan program is similar to a conventional mortgage, with an easier qualification process.