The U.S. Department of Veterans Affairs offers plenty of great programs to help those who have served in the military get a home loan, but the process isn’t foolproof.
Mistake No. 1: Not using a VA-savvy real estate agent. Save yourself the headache of making an offer on a house that may not get approved, or for which you may not qualify for a VA loan.
Mistake No. 2: Not communicating with your lender. When you first meet with your lender, be sure to discuss your service member status so you can be informed about all of the potential advantages for veterans.
One of the biggest benefits you’ll get with a VA loan is the ability to buy with a 0% down payment (yes, we’re totally serious).
Mistake No. 3: Forgetting about all upfront home-buying costs. You’ll likely have to plunk down a bit of cash for things like a home appraisal and inspection.
Mistake No. 4: Not thinking of your home as an investment. By searching in high-demand areas or choosing a popular home style and size (say, 1,500 to 2,000 square feet), you’ll give yourself a better chance at resale if you need to move later. Or, you can hang on to it and rent it out.
Mistake No. 5: Making other big purchases before closing. Opening a line of credit or making a big purchase after mortgage approval is a common mistake. This can oftentimes change the veteran’s credit score and make them ineligible for the loan.
Wait until after closing to make any other financial moves, just to be on the safe side and to keep your loan on track.
For more details on these 5 mistakes to avoid go to bmre.us/tip7
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