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Buying a home with a VA-backed loan - Skip Young

Dated: July 5 2020

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Buying a home with a VA-backed loan

Get step-by-step instructions for buying a home through the VA home loan program.

What kind of VA-backed loan will I need to buy a home?

You’ll need a VA-backed purchase loan

You’ll go through a private lender, like a bank or mortgage company, to get this loan. We’ll guarantee part of the loan against loss, which will allow your lender to give you better loan terms, like the option to pay no down payment. 

How can I buy a home with a VA-backed loan?

Buying a home is a complex process, and getting a VA-backed loan is only one piece of the puzzle. Stay on track by following the steps below.

Steps to starting the process and finding a home

  1. Apply for your VA-backed home loan Certificate of Eligibility (COE)

    You’ll need to show your COE to your lender as proof that you qualify for the home loan benefit.
    Find out if you qualify for a COE
    Apply for your COE now

  2. Look at your current finances

    Go over your credit profile, income, expenses, and monthly budget to make sure you’re ready to buy a home. Decide how much you want to spend on a mortgage—and be sure to include closing costs in the overall price.

    To learn more:
    Find out current VA home loan limits
    Read about the VA funding fee and other loan closing costs
    Get more advice from the Consumer Financial Protection Bureau (CFPB)
    Use CFPB’s mortgage calculator

  3. Choose a lender

    Remember, you’ll go through a private bank, mortgage company, or credit union—not through us—to get your loan. Lenders offer different loan interest rates and fees, so shop around for the loan that best meets your needs.

    Be prepared to pay lender fees. Many lenders charge Veterans using VA-backed home loans a 1% flat fee (sometimes called a “loan origination fee”). Lenders may also charge you additional fees. If you don’t know what a fee is for, ask the lender. In some cases, lender fees are negotiable.

    To learn more:
    Read about the VA funding fee and other closing costs

  4. Choose a real estate agent

    Get recommendations for potential real estate agents online or from relatives, friends, and neighbors. Then meet with several agents to find one you like.

    Read all agreements before signing with an agent. Make sure you understand any charges, fees, and commissions as well as your rights and obligations in the buyer-agent relationship.

  5. Shop for a home

    Look at houses in your price range until you find one that works for you. When comparing homes, be sure to consider what factors are most important to you and your family. These may include factors like how far you’ll need to commute to work and the quality of local schools.

Steps to buying your home

Once you’ve found the house you want to buy:

  1. Work with your agent to put together and sign a purchase agreement

    Be sure the sales contract includes the “VA escape clause” or “VA option clause.” This provides an option to void the contract if the property doesn’t appraise for the contract price.

    Ask your real estate agent for advice on other options for voiding the contract you may want to include, such as if the property fails a home inspection. These options are called contingencies.

    To learn more, watch this helpful video:
    Using your VA home loan benefit: working with a Realtor and lender

  2. Have the house inspected and appraised

    We strongly recommend that you get an inspection to check for any major defects before you purchase your home. A VA-approved appraiser will also appraise the house to make sure it meets basic property condition requirements (called minimum property requirements, or MPRs), and will provide an opinion of value on the house. Please note that an appraisal isn’t the same as an inspection.

    If the property doesn’t appraise at a value that’s high enough to get the loan, you have a few options. You can:

    • Request a Reconsideration of Value (ROV). You can ask your real estate agent to provide the lender with valid sales data showing the property is worth more than its appraised price. The lender will ask the appraiser to reconsider based on this information.
    • Renegotiate the sales price. Ask the seller to lower the price to match the appraised value.
    • Pay the difference between the appraised price and the sales price. To do this, you’ll need to pay this cost at closing.

      To learn more, watch these helpful videos:
      VA home loans: What are MPRs?
      What’s the difference between VA’s appraisal process and a home inspection?
  3. Review pre-closing paperwork and give your lender any other needed information

    Your lender must give you a Closing Disclosure at least 3 business days before closing. Be sure to read it carefully. It includes loan terms, fees, closing costs, and your estimated monthly mortgage payments. Your lender may also ask you to provide more information or documents at this time.

  4. Close on your new home

    Your closing may be held at a title company, escrow office, or attorney’s office. Be prepared to sign a lot of documents—and be sure to take the time to read everything before you sign.

    To learn more:
    Go to Fannie Mae’s website

  5. Move in

    After closing, you’re ready to move into your new home. Congratulations!

  6. Find out your Homes Value in Waldorf Maryland today by filling and submitting the form.

    If you are looking to Buy a Home in Southern Maryland, hire a Southern Maryland Realtor to help you find the Home you are looking for. In either Charles County, St. Mary’s County, Prince Georges County, Calvert County or Anne Arundel County, Finding and Hiring a local Realtor will help you find the right home for the right price. If its New Construction you need, your local Maryland Realtor can help you find the right Community or even find the right On Your Lot with Caruso Homes to build your Luxury Dream Home. What is your house value. Home value comes from the sales of other properties in your community that have sold over the last 6 months. When your house is prepared to go on the market, the value is calculated by Bedrooms, Bathrooms, Square Footage, Garage and Basement. Location also plays a part in the value of your home. If your in a good location, close to shopping, in a great school district, this will attract more potential buyers to your home. Making the home value much higher and also opening up the possibility of selling your home much faster. Taking also into the factor that when buying a New Luxury home from Caruso Home - On Your Lot, you have the opportunity to get your new home built for less than regular market value. Always give New Construction of your purchase a chance to see if you have the 7 - 9 months of build time. Caruso Homes also has communities all around Maryland that have homes that are 30 - 45 days out for you to purchase as well. Buying new will give you the value and equity to grow in your investment.

    Find your home your looking for here..

    Find out your Homes Value.

    Click here to find all homes for sale in Calvert County.

    Search for homes for sale in Prince Georges County.

    Search for homes for sale in Charles County.

    Search for homes for sale in Saint Marys County.

    Click here to find all homes for sale in Anne Arundel County

    Skip Young Realtor® with Reviews as a Realtor®, has an extensive background in working with an Elite Unit while serving his country from 91 - 94. Now an Award-winning Realtor®, located in Waldorf MD, has proven not just in the ranks of the field with an Elite unit in the Army, but also in the Maryland Real Estate Business. By working with every type of client, to include active duty and veterans alike. His dedication to helping those who are serving and need to use their VA loan, need information on leasing a property due to a short-term duty station at any one of the bases here in Washington DC, Maryland or Virginia. Military bases such as:

    Hire Skip Young Relator® for your next Home Purchase or Sale

    Waldorf Maryland Realtor® - Skip Young Realtor®

    If you are stationed here and are looking to purchase or sell a home please contact Skip You are serving and need to use their VA loan, need information on leasing a property due to a short-term duty station at any one of the bases here in Washington DC, Maryland or Virginia. Military bases such as:

    Skip Young Realtor® with Reviews as a Realtor®, has an extensive background in working with an Elite Unit while serving his country from 91 - 94. Now an Award-winning Realtor®, located in Waldorf MD, has proven not just in the ranks of the field with an Elite unit in the Army, but also in the Maryland Real Estate Business. By working with every type of client, to include active duty and veterans alike. His dedication to helping those who are serving and need to use their VA loan, need information on leasing a property due to a short-term duty station at any one of the bases here in the Washington DC, Maryland or Virginia. Military bases such as:

    Your Waldorf MD Realtor® - Skip Young

    f you are stationed here and are looking to purchase or sell a home please contact Skip Young Realtor®:
    Marine Barracks 
     Joint Base Anacostia-Bolling PSD Washington, DC Washington Navy Yard USCG Headquarters Visitor Entrance the United States NavyNavy Band US Army National Guard Armory American Military Society Navy Lodge US Naval Reserve Readiness Military Naval & Air AttacheWashington DC Police Department Air Supply US Coast Guard Headquarters Joint Anacostia-Bolling AFB Department of NavyFort George G. Meade Naval Support Facility Indian Head Joint Base Andrews Coast Guard Yard US Air Force Civil Air Patrol NAVAIR Maryland Military Department Naval Surface Warfare Center Army National Guard Recruiter US Army Reserve Center Naval Air Station Patuxent River Welcome to the Fort Belvoir Air Force United States Department Joint Base Andrews, MD

    Skip Young Realtor® with Reviews as a Realtor®, has an extensive background in working with an Elite Unit while serving his country from 91 - 94. Now an Award-winning Realtor®, located in Waldorf MD, has proven not just in the ranks of the field with an Elite unit in the Army, but also in the Maryland Real Estate Business. By working with every type of client, to include active duty and veterans alike. His dedication to helping those who are serving and need to use their VA loan, need information on leasing a property due to a short-term duty station at any one of the bases here in the Washington DC, Maryland or Virginia. Military bases such as:

    There are currently 23 million veterans and service members right in your local community of Washington DC, Maryland, and Virginia. They transact over $153 billion annually in the Local Real Estate purchases and Selling of Property, along with the Rental Market. Learn how you can help tap into and serve the veteran community with VAREP, the Greater Annapolis Chapter. Skip Young your Waldorf MD Realtor® and Veteran is still continue's to serve my country by helping our community of brothers and sisters by representing the Government Affairs division. The position is about assisting in changing the laws that help protect veterans and service members who need to find housing in the Washington DC Maryland and Virginia area.

    Skip Young | EXP Realty | Waldorf MD Realtor®

    Realtor®, Veteran, New Home Sales

    888-860-7369 x 240 Broker

    301-337-1999 Cell

    eXp Realty

    137 National Plaza, Suite 300

    National Harbor, MD 20745

    www.skipyoung.com

    Waldorf MD Realtor® | Veteran | eXp Realty | Author | VAREP Director of Government Affairs Greater Annapolis Chapter

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Skip Young

Waldorf MD Homes for Sale Are you are stationed here and are looking to purchase or sell a home please contact Skip Young Realtor®: Marine Barracks Joint Base Anacostia-Bolling PSD Washington, DC....

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