I’ve seen a lot of tips by so-called mortgage industry experts giving Vets advice on how to buy a house. So I’m here to set the record straight.
Tip #1:
The number one tip for a vet buying a house is to use a VA loan. Plain and simple.
Benefits of the VA loan, to name a few:
- 100% financing
- All loan costs can be paid by the seller
- VA loans have lower than industry average mortgage interest rates
- No mortgage insurance
- Lenient qualification requirements
Tip #2:
Be proactive. If you have not heard from your VA loan officer in a few days, don’t be afraid to call or send an e-mail to find out what is going on.
Tip #3:
Be organized. Keep a folder for all documents that you will be required to provide your loan officer. Also keep copies of all communication between you and your loan officer.
Tip #4:
Be available. Your loan officer needs to be able to get ahold of you at all times during the day, so be prepared to take calls at work or on your cell phone.
Tip #5:
Ask questions. If you are confused or have concerns during the loan process do not hesitate to ask questions. If you wait until the end, it may slow the process down.
By the way, if you’re not a vet, omit tip number one. Everything else is good advice for anyone in the home buying process. And forget about those mortgage industry experts.
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