If you or your spouse are a Military Veteran and you are looking to purchase a home, a Military Relocation Professional (MRP) can help you. Are you tired of paying rent and contributing to another person’s home equity? Talk to an MRP. Home ownership is within your reach, thanks to the Department of Veterans Affairs’ housing benefit, known as VA financing. Consequently, with VA financing you can obtain a mortgage loan and purchase a home with NO money down. It’s time to live the so-called American dream.
A REALTOR® with an MRP certification and/or a Military and Veterans Housing Certification (MVHC) can best assist you with the various steps to obtain VA financing. Dawson’s Way Realty Services LLC has an experienced REALTOR® with both the MRP certification and MVHC ready to help you find your ideal home and get you to the closing table with as little stress as possible.
Eligibility:
The very first step is to determine your eligibility if you are a military veteran, retiree or active duty service member. Your MRP can provide a list of lenders with VA financing experience who can obtain your Certificate of Eligibility (COE). The COE will detail your entitlement; that’s the amount the VA will guarantee on your loan. Next, with your COE in hand, the lender will pre-approve you to determine how much house you can afford. With VA financing, lenders may accept lower FICO score requirements and the debt-to-income ratio is less stringent. Although you are purchasing your home with NO down payment, you will still need some funds for certain upfront fees and closing costs.
VA Home Mortgage Loan:
The most exciting step is when your MRP/REALTOR® previews homes with you until you find the one that best fits your requirements. When your offer is presented and accepted by the seller, the sales transaction begins. Your REALTOR® will deliver the sales contract to the closing agent and to your lender. Subsequently, the lender will have you complete a loan application package for submittal to the VA Regional Office for review. The VA requires minimum property standards, meaning the home must be safe, structurally sound and secure. A VA Appraiser will visit the property to substantiate the value of the home.
After all contingencies have been fully satisfied, your VA home mortgage loan will be cleared to close by the lender. Your final step will be a seat at the closing table, eager to receive the keys to your new home.
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Just the thought of you becoming a first time homebuyer brings excitement to us because we know the ultimate joy that comes with it. Considering we are Licensed Real Estate Agents, we also know the stress that comes alongside that joy. But as long as you have the right guidance and know what to expect, you will be just fine! After all, your REALTOR® will be right by your side from beginning to end.
SAVE. SAVE. SAVE. First off, check your finances. How much money do you have upfront that you are willing and able to spend on a new home? This includes down payment, upfront fees, closing costs and any potential renovations if needed, etc. It is OK if you don’t have a lot right now, but this step will help you see where you are and determine how much more you should save until you are ready.
CREDIT SCORE. What is your credit score? If you have not checked in a while, now is certainly the time to do so. But, why? Typically, a higher credit score will get you a lower interest rate which in turn will result in an overall lower monthly payment. Isn’t that the goal, spend less than you need to?! So once you decide that you want to purchase a home, it is best to avoid any large purchases, not to cancel any credit cards, limit opening new lines of credit, and stay on top all your current bills. If you do not have a credit history, no need to panic… now is the time to start building your credit. There are several credit repair professionals out there that are willing to work with you in order to fix and/or build your credit. We can certainly refer you to one of our contacts, if needed.
MONTHLY EXPENSES. Factor in your monthly income, current housing expenses, car payment, student loans and any other monthly obligations. With all of that in mind, how much will you comfortably be able to afford per month? Are you currently renting? Think about what you are spending right now per month on your rental. Those same expenses will instead be going towards a mortgage. Soon you will be paying your own mortgage instead of someone else’s! Are you excited yet?!
PRE-APPROVAL. Next it will be time to see what mortgage amount a lender would likely be willing to approve based on your individual factors (income, credit, etc.). Honestly, you can seek pre-approval from any bank/lender, it is all based on your personal preference. Some people choose to get a pre-approval through their current bank institution since they already bank with them. Others go through a credit union, lenders associated with first time homebuyer programs, etc. Regardless of the route you take, you will obtain a pre-approval letter which helps us determine what price range to look for when searching through homes listed for sale. For example, if you got pre-approved at $200,000 then we would preview homes that do not exceed that amount.
FIND A HOME. Now that you have a pre-approval letter, know how much money you have saved, you know your credit score, and you have an idea how much you can afford per month, it is time to get out and about with your REALTOR®! You likely already have an idea of what city you want to live in, how many bedrooms and bathrooms you want, whether you want single-family or townhouse/condo, so share all of these ideas with your REALTOR®.
Together, we will determine your must-haves, maybes and definitely-nots, and preview as many homes as necessary until we find the one you like! Once we get to this step, and an offer is accepted then we will work with the lender to get the process going. We will make our way to the closing table and get keys in your hand, typically about a month or so later (give or take) if everything goes smoothly!
So… what are you waiting for? Contact us today and let’s get started. Dawson’s Way helps you home!
Author
Nikisha is a Licensed Real Estate Agent with Dawson's Way Realty Services LLC, who has lived in the beautiful sunshine state for the past 20+ years. She is passionate about assisting clients with all of their Real Estate needs in Florida, whether they are a first time homebuyer, a seasoned homeowner, a renter or anyone looking for a new place to call home sweet home!
About Us
Dawson’s Way Realty Services LLC is a licensed Real Estate Brokerage located in Fort Lauderdale, Florida. If you are thinking of buying, selling or renting, we are here to serve you. Dawson’s Way helps you home!
