Posted on: 28 January 2022
When you start thinking about buying a house, you might want to begin by working on getting a mortgage loan. How do you know which type to use with all the different loan programs available? Many people decide to use VA loans, as these offer many benefits. Is this the right option for you? Here are three steps you can take to determine the answer to this question.
Step One: Make Sure You Qualify
Do you have a COE? A COE is a certificate of eligibility that you must have to secure a VA loan. You can get one from the Department of Veterans Affairs, but you can only get one if you qualify. If you meet the eligibility criteria, you can get one by contacting the VA. You must follow the steps the VA requires. After they process your request, you will receive a notification about it. Getting the COE is just one step of qualifying for a VA loan. You will also need to meet the lender's requirements for the loan, which might include credit score requirements and a specific down payment on the purchase.
Step Two: Compare Other Loan Programs
If you find out you qualify for a VA loan, you might still want to compare it with other loan programs. For example, you might want to consider an FHA loan or a conventional loan. You can also consider a USDA loan. As you look at these loan programs, you can compare them by the number of fees they charge and the interest rates they offer. You can also see the differences in down payment requirements and minimum credit scores.
Step Three: Work With a Lender to See if You Qualify
After looking into several loan programs, you might decide that a VA loan seems like the best option for you. If so, you can talk to a lender that offers them to find out what to do next. They will have you complete the application process and will evaluate your information. If you meet all the criteria, they will let you know that you are approved for the loan and the amount they approved for your loan.
As you work through these steps, you will know if a VA home loan is right for you. If you think it is, you can talk to a lender that offers these loans to begin working on the application process. To learn more, talk to a lender like Blake Mortgage today.Share