IT'S MY HOUSE, AND I LIVE HERE!!

For many the dream of home ownership is just that, a dream.  However, our military service has earned us a little something that will give us an edge in obtaining a loan.  The VA home loan process, for me, was pretty simple.  The mortgage company I used, Veterans United, did pretty much everything for me, including obtaining a copy of my benefit letter.  If you want to get a copy for yourself you can download it from eBenefits.

While I am in no way referring anyone to Veterans United I can say they were much better than the lenders I used when I purchased my first home with an FHA loan.  They were courteous and gracious throughout the process and returned every phone call and email and made sure I knew everything that was going on.  They recommended a realtor to me who turned out to be a really great person.  While you can use your own realtor, if you use theirs you get a “thank you” payment, depending upon the amount of the loan.  For me it was $200 and I received it within two weeks of my loan closing.

They are also the epitome of “ease of use”.  All documents were esigned so there was no need to return anything and less of a delay.  Even before my loan closed I received a doormat with my name on it and a t-shirt that said “Proud Veteran Homeowner”.  Of course their name is on the back so there is some free advertising going on every time I wear it.  They also take you if you have at least a 630 credit score.  Quicken Loans is also a good lender but they require a 640.   The VA does not require a minimum credit score and will guarantee the loan based on the lenders requirements.  The VA does have certain stipulations on what shape the home has to be in and this is something that your realtor will be able to inform you of.

Before making any major purchase it is best to do your homework and decide if you can truly afford a home.  You won’t be able to call the maintenance man every time something breaks down or goes wrong.  It’s also a good time to invest in the free classes offered by Home Depot and Lowes as this can help you save on some smaller, less intense repairs by doing them yourself.

 Also, please be aware that even though you don’t have to put any money down you may still have to pay some monies at closing, depending on the amount of the closing costs.  I actually had to bring $2500 to my closing, so make sure you ask your lender about these as well.  You will also have to pay for your inspection, appraisal (included in closing costs), and your earnest money.  I had to put down $1000 earnest money but this is added in at the closing.  Also, if you have student loans they will need to be in deferment or forbearance for at least a year out from the scheduled closing date.

One more thing that I learned is that as the buyer you have the right to choose your closing attorney.  I didn’t know this and my realtor didn’t tell me and we used the seller’s closing attorney.  WORSE experience ever and it took forever to get the information filed with the County. 

For those of you who are on the road to home ownership I wish you the best and I hope this helps.

As always, thank you for your support.

TTYL – Be Blessed.