Recently, a VA Home Purchase has been considered the most preferred choice for veterans and active military service members because of the incredible benefits provided to our patriots. Acquiring a home with your VA loan is simple as 1, 2, 3 allowing you to become a proud home owner in no time. A VA Loan is also known as a Veterans Affairs or Veterans Administration Loan.
Buy A Home With Zero Down Payment
This is an exclusive benefit for veterans and military service members. This VA home purchase advantage allows a veteran or active military service members to purchase a home because there is no out of pocket cost required as this can be paid by the seller of the home. This makes room for personal expenses for possible home repairs or furnishing your new home. A VA loan is the only loan program that offers this kind of benefit without geographical limitations to owning a home.
Save Hundreds of Dollars Each Month
Interest rates usually are lower than most standard conventional loans. Another excellent advantage is the fact that there is absolutely no monthly PMI involved which happens to be an additional monthly expense in most conventional loan and once added up can amount to bigger monthly savings on your part as a future home buyer.
Purchasing the perfect home can be a very rewarding experience for first time home buyers but before buying that dream house of yours here are a couple things to consider before closing the deal.
1. Shop together
It is important to share your preferences with your partner when searching for a home. Try to go on home tours and try to look into new listings on the market.
2. Put your finances in order
Before thinking of buying that dream home of yours bear in mind that VA loan borrowers are always under credit scrutiny by VA lenders. Credit scores for VA loan borrowers are typically set at a standard of 620 minimum. Your monthly income and employment will always be reviewed by a VA lender.
3. Don’t overspend
Always remember that purchasing a home way beyond your means simply means financial suicide. Never ever purchase a home that is more than 2 1/2 times your annual salary.
4. Consider your neighborhood
Try to look for homes that are within your budget but pick a home with the right kind of neighborhood for your family. Pedestrian-friendly sidewalks, low crime rate, park for the little ones, community center, and convenient transportation are some of the facts to consider before you make the prospected home as “the” one.
5. Remember, have fun
Do not rush yourself into buying a new home right away. You will always know when a perfect home for your family comes along. Always wait for the best offer from the agents. In the meantime, enjoy house hunting while it lasts.
This is actually the perfect time for you to purchase that dream home you have always wanted. With very low VA rates available in the market today you will have a bigger chance of possessing a home. But most of all enjoy your journey to future home ownership.