So, you have VA loan eligibility, and you’d like to explore this option for your first home. Yes, this type of loan can be the most advantageous financing option for buying or refinancing a home. However, as with the other mortgage loan types, it also has its share of pros and cons. You might be surprised that another loan type is better suited to your situation.
So, when does VA home loans, Pensacola, FL make sense?
You have saved enough.
Even if VA loans do not require a down payment, you still need to pay for the other fees. Associated fees include loan origination fees, application fees, hazard insurance, real estate taxes, title insurance, recording fees, appraiser fees, and discount points (if applicable). Make sure you put aside the amount required to pay these fees so that your application for VA loans, Pensacola, FL, runs smoothly.
You have some time to shop for a VA lender and get pre-approved.
Shopping for lenders can be challenging most of the time. However, it is needed to secure the best terms and interests. It can save you money down the line. With the help of a highly qualified broker, you can have access to reputable lenders that cater to military members, veterans, and their spouses. Veterans United, USSA, and Navy Federal have vast experience catering to VA loan applications. Again, shopping for a VA lender can be quite challenging. However, it is a necessary step to find the best option for you. So, allocate some time for this one.
You know a real estate agent that is VA-savvy.
While some might argue that finding a VA-savvy real estate agent is not necessary, it can be a great help. Note that the home you choose must meet specific property requirements to be eligible for a VA loan. Having a real estate agent that understands the market so well can help draft a successful offer. It is crucial to getting the best home deal.
You are ready to move in.
VA loan eligibility includes completing the minimum occupancy requirement at closing. If you ask what it is, it is simply a document that certifies your intention to occupy the property as your home. The VA considers 60 days from your closing date as a reasonable timeframe to move into the property.
So, are you ready to move in? If not, you might want to reconsider your application.
Online looking for VA home loans, Pensacola, FL? HomePlus can help. Contact us at 800-810-PLUS (7587).