Benefits for First Time Home Buyers Your local Realtor -Kate MeyerPurchasing a home is one of the biggest decisions that you will make as a young adult! First time home buyers have a lot of;
How to Buy a Home Using a VA Home Loan
Dated: August 15 2021
Views: 364
How to Buy A Home Using a VA Home Loan
Your local Realtor -Kate Meyer
VA Home Loans are an excellent way to purchase a home with several financial incentives and advantages. Inorder to be eligible for a VA Loan you must meet one or more of the following requirements; you have served 90 consecutive days of active service during wartime, you have served 181 days of active service during peacetime, you have 6 years of service in the National Guard or Reserves, or you are the spouse of a service member who has died in the line of duty or as a result of a service-related disability. There is no set minimum credit score needed to qualify.
There are several benefits that come with using a VA loan to purchase a home. You can purchase a home with no down payment! This is a huge advantage especially considering that the average down payment on a home is 20% of the home's purchase price. VA Home loans don’t come with mortgage insurance premiums. Also there's a lower average interest rate for VA home loans. There are also lower closing costs involved with VA home loans.
When you find a home that you would like to make an offer on you’ll have to order a VA appraisal. The VA appraisal is mandatory for a VA home loan. There are two purposes to having a VA appraisal. One, it determines the home's fair market value. Two, ensures that the property meets the VA’s minimum property requirements. The VA appraisal costs about 500-700 dollars. It usually takes about 10 days to order and complete the appraisal, but always allocate for extra time. The VA appraisal is not a home inspection, if you would like a home inspection done to the property as well you will need to hire a licensed inspector to do so.
If the home does not appraise then you have a few different routes to take. You can request the seller to reduce the purchase price. Make up the difference with your own money. Walk away all together from the purchase of the property. Or lastly, you could petition the VA for a reconsideration of value.
If the property does appraise then you will get to move on to the closing stage! After closing documents are signed you will receive the keys to your new home!
Kate Meyer
Kate is a dedicated realtor specializing in property investors, first time home buyers, and VA home buyers. Serving St. Louis and surrounding areas! Kate grew up in the South County area of....
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