Advice for Veteran Buyers

 If you are a veteran, and you are now ready to purchase your first home, then there are some things you should do in preparation. for a home purchase.

First, make certain you have a good handle on all your bills. Everyone in the US is entitled to a free credit report.  Don’t worry about your FICO Score just yet, a lender will run an official credit report for you during the pre-approval process. For now, all you want to do is get a look at what creditors are currently listed on your report. If there are any errors on your credit report, now is the time to take care of them.

Get all your VA Documents in order before you start shopping for a home. There is nothing worse than having an offer on a great home and not being able to close the deal because you are waiting for documentation.

Prepare yourself financially. VA loans do not require a significant, if any, down payment, but don’t be fooled, there will still be costs for any home purchase. If you can, pay off credit cards with low balances, and do your best to put money aside.

It’s important for loan underwriters to see that you have a habit of saving, and it’s also important for your peace of mind that you have at least a couple months of mortgage payments saved up in case anything happens to you or your job.

Understand that your first home will likely not be your dream home. Find a home with a good neighborhood and good bones. Worry about the fancy things later.

If you are active military, make it a habit to keep all your leave and earning statements in a file along with at least two years tax returns ready to give to your mortgage lender. If you are retired military, then keeping your taxes and paystubs from your job are also important.

As someone who has owned several homes, I would like to offer you this advice. Find a payment you’re are comfortable making and do your best to stick to a home price which will keep your payment very close to that.

Talk to a seasoned VA Lender, and not necessarily a big bank. Alan and I have a few different mortgage professionals we work with, and one is a Vet himself. Brian Denton with Fairway Mortgage is a lender we work with often. He understands VA loans and will work with you to make certain everything is prepared for a smooth transaction.

Abbe and Alan Chane

Abbe & Alan Chane Realtors Vero Beach
BK185817 Alan, SL3395860 Abbe

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