There is no doubt that veterans deserve the best their nation can offer after serving the country.
One step most people aspire to take in life is being a homeowner, and a veteran deserves to have a pleasant buying experience. The problem is obstacles can show up out of no where and frustrate a potential homebuyer so much that the dream of being a homeowner becomes a nightmare.
This reality shouldn’t make veterans fearful of becoming homeowners, especially because there are a number of steps that could be taken to prevent roadblocks.
Certificate of Eligibility
The first thing veterans should do to prevent roadblocks is go ahead and get a Certificate of Eligibility, which is sometimes referred to as the COE. This certificate is given to service people after they have met certain requirements. Veterans must go to the VA office to inquire about the COE.
Getting the COE in person means getting to the VA office and filling out a form 26-1880. Of course, the form could be mailed in though that may take some time, so it would be a good idea to simply go in person. Veterans who are comfortable going through the Veterans Information Portal could receive an automated certificate as well.
Brian Decker, from a leading lending company called Modern Team would suggest getting pre-approved. He actually started a program to help veterans get home loans. Getting pre-approved may feel like a bit of a hassle, but it should reduce the chances of hitting roadblocks along the way. The lender simply has to check the veteran’s credit and income to make sure it meets the requirements to get the amount needed.
Most of the time, people seeking a loan stress out because they do not know if they are going to get approved. Going through this quick process helps reduce that stress and helps the service person plan additional steps because the chances of getting approved are now known. Obtaining this pre-approval also helps highlight any issues and gives the veteran a chance to work on them before applying for the loan.
Getting it Appraised
Another step that may seem a little time-consuming but is definitely worth considering is getting the house appraised. The VA has a number of VA-approved appraisers that will check out the house being purchased to make sure it does not come with many problems.
A home with issues will not only give the new homeowner headaches but should also have a price reduction if the issues were not disclosed. Finding issues early on could reduce the chances of delaying the entire process. A homebuyer could simply start searching for another home that does not come with so many problems.
A Closer Look
Hiring a home inspector is the next thing that should be done. Professional inspectors from the county or city with the proper certifications could dig deep and point out smaller or deeper issues that an appraiser may not catch.
Having a home inspected is going to cost a considerable amount of cash, but it also helps inform the buyer of everything to expect once he or she becomes the homeowner. It is important to get an inspector that has enough experience and a few third party reviews to make sure this individual is the best available. Keep in mind that the potential homebuyer can still move on at this point if many problems are uncovered.
It is important that the homebuyer find a good lender. It may not seem obvious now, but a good lender is worth their weight in gold because they will do the required legwork to get the most favorable terms for their clients.
Be sure to keep in mind that VA loans are drastically different from regular loans, so it is important to contract a loan agent who knows a thing or two about veteran loans. These agents understand the details and may be able to anticipate issues and address them properly so they do not bug the homebuyer too much.
Hopefully, these points make it easier for veterans to get the homebuying experience they deserve.