7 VA Loan Tips for Homebuyers in 2021

Dated: April 28 2021

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7 VA Loan Tips for Homebuyers in 2021

 

Serving in the armed forces is one of the most honorable experiences many men and women can have. Being in the military comes with a lot of perks and benefits. One of the most overlooked benefits by both Veterans and service members buying a home through a VA loan

 

A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs (VA) issued by private lenders and available only to veterans, active-duty service members and their eligible spouses. 

 

Some of the advantages of buying a house through a VA loan are: low interest rates and closing costs, $0 down payment, and the option to forgo private mortgage insurance (pmi). 

 

Additionally, the VA did not set a minimum credit score. However, having stellar credit can help to attain rock bottom variable or fixed rates. For peace of mind, be sure to get a free copy of your credit report and check for errors before applying. If you notice anything suspicious in your report, you can hire a credit repair company to help or you can remove the inaccurate items yourself. 

 

Even though VA loans are more popular now than before, it is still different than a traditional loan. 

 

Here are 7 VA loan tips that you need to consider if you’re thinking of buying a home through a VA loan. 

1. You can get started without the Certificate of Eligibility (COE)
2. Your credit score still matters, but it’s not everything
3. Make sure you have enough saved
4. Shop for a VA lender and get pre-approved
5. Find a real estate agent that’s VA-savvy
6. Choose a property that’s VA-approved
7. Close the deal only when you’re ready to move in
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Mike Spacek

As a native Houstonian, Mike knows the ins and outs of his beloved city. Getting his real estate license right out of high school has given him the competitive advantage of learning the business at an....

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