Home is something you don’t buy frequently, so it is necessary to work with a home loan specialist to ensure you live in your dream house. Whether it’s your first home purchase or you have bought one in the past, hire an expert lender and make the home buying a stress-free process. Hiring a loan specialist is extremely critical in the case you are applying for a VA home loan.
If you are looking for a VA home loan specialist in Colorado, then you should be aware of several things that can make your home buying process an easy-to-follow procedure. Expert lenders on VA home loan can guide you about the right process and help you get your dream home as soon as possible.
How Do VA Loans Work?
Started in 1944, VA home loan program is a mortgage program started by US government to help veterans get their home easily. The program comes with a range of benefits for eligible candidates. The advantages include 0% downpayment, lower interest rates than standard home loans, no private mortgage insurance (PMI), and others.
Question: Who is eligible to apply for a VA home loan?
Answer: One must be a veteran or an active duty member.
A borrower should have served at least 90 days on service duty during wartime, or 180 days during peacetime.
Members from National Guard or Reserves must have a service of more than 6 months.
Spouses of service members who died in the line of duty can also apply for the special loan program.
Apart from these, there are some more requirements that an interested borrower must keep in the mind while applying for the loan. They are:
The home for which the applicant is applying should be the primary residence.
The applicant must have a certificate of eligibility issued by VA.
It is beneficial to maintain a good credit score.
Like a standard home loan, the process of VA home loan is also simple. All you need to have is the eligibility to apply for the loan. The process of applying for the loan is a step-by-step procedure.
Get Certificate of Eligibility (COE)
Although you can begin the VA home loan process without obtaining COE by the Department of Veterans Affairs, it is good to have the certificate to make the process easier. The certificate proves that you are eligible to get the loan and avail VA benefits. You can obtain COE online through a lender or through the VA’s website.
Search For Right Lender
There will be many lenders in Colorado who offer VA loans and you need to find the best among them. Reach multiple lenders, compare their services, and choose the right for you. Before choosing one, ensure that the lender is approved by VA to offer the special services.
Find Home And Sign Purchase Agreement
Take a look at homes one of which you will potentially buy. Here, you can work with a real estate professional who is aware of VA benefits. It is because the individual can help you get a home that lets you enjoy all the benefits of the VA loan program. When finalizing a deal with a seller, do not forget to get a signed purchase agreement.
Get VA Appraisal
Once you get a purchase agreement, the next step is to get VA appraisal for the requested amount. Here, a professional expert in VA home loan will evaluate if the home you have selected is meeting the current value. The department may take a few days to approve the loan. After VA approval, you get your loan.
Finding VA Home Loan Specialist In Colorado
If you are searching for a VA Home Loan Specialist in Colorado, then choose a lender who gives you a low-interest rate and lots of other VA benefits. In addition to competitive interest rates, there should be $0 down payment, 100% financing, no pre-pay penalties, and financial counseling. The lender should be giving you quick access to a VA specialist and approve your loan quickly. Read what the lender’s previous clients say. This will make you choose the best.