Published Saturday, 24 February 2024

Buying a home with my VA benefits

If you are a veteran or active military member, you may be eligible to use your VA benefits to purchase a home. The VA home loan program is designed to help veterans and active military members secure financing to purchase a home, and it offers a number of advantages, including no down payment requirements and competitive interest rates. If you are considering using your VA benefits to buy a home, here are some steps to follow:

Determine your eligibility: The first step in using your VA benefits to buy a home is to determine whether you are eligible for a VA loan. To be eligible, you must be a veteran, active military member, or the surviving spouse of a military member who died in the line of duty. You will also need to have a good credit history and sufficient income to make your monthly mortgage payments.
Get a Certificate of Eligibility (COE): Once you have determined that you are eligible for a VA loan, you will need to obtain a Certificate of Eligibility (COE). This document serves as proof that you are eligible for a VA loan and will be required by lenders when you apply for financing. You can request a COE online through the VA's eBenefits portal, or you can request one through the mail by completing VA Form 26-1880 and submitting it to the VA.
Select a Rize Mortgage loan officer: The next step in using your VA benefits to buy a home is to find a Rize Mortgage loan officer. Our loan officers are very knowledgeable in the process of purchasing a home with your VA benefits.
Pre-qualify for a VA loan: Before you start looking at homes, it is a good idea to pre-qualify for a VA loan. This will give you a better idea of how much you can borrow and help you to shop for homes within your price range. To pre-qualify, you will need to provide your lender with information about your income, debts, and assets, and they will use this information to determine your borrowing power.
Start looking at homes: Once you have pre-qualified for a VA loan, you can start looking at homes. Consider your needs and preferences, including the size and location of the home, as well as any amenities or features that are important to you. Keep in mind that VA loans come with limits on the amount that you can borrow, so you will need to stay within these limits when shopping for a home.
Make an offer: When you find a home that you would like to purchase, your real estate agent will help you to prepare and submit an offer. This will include specifying the price you are willing to pay, as well as any contingencies or conditions that must be met in order for the offer to be accepted.
Get a home inspection: Before you close on a home, it is a good idea to have a professional home inspection to identify any potential issues or defects that may need to be addressed. This can help you to make an informed decision about whether to proceed with the purchase and may allow you to negotiate with the seller to address any issues that are identified.
Close on the home: Once the seller has accepted your offer and any necessary inspections have been completed, it is time to close on the home. This process typically involves signing a stack of legal documents and paying closing costs, which may include fees for things like title insurance, appraisals, and legal services.

Using your VA benefits to buy a home can be a great way to secure financing and take advantage of the many advantages of the VA loan program.