You served your country and you got your VA home loan benefits. Now you want to use those benefits. The first thing you need to know is that these benefits are yours for life. There's no expiration date on your VA home loan benefits. There's also no use limit on them. That means you can use them as often as you'd like. But, you do need to be prepared for the loan process. VA loans are easier to get approved for, but there are still some pitfalls that can create setbacks. Now that you're ready to go house-hunting, read the list provided below. This list will help you avoid problems when using your VA home loan benefits.
Close Employment Gaps
If you want to use your VA home loan benefits, take a close look at your employment history. The VA will want to see a complete employment history. If you're still on active duty in the military, your employment record should be complete. But, if you've been honorably discharged from the military, and there's a gap in your employment history, you'll need to close that up before you apply for your loan.
Get That Pre Approval Letter
If you've been pre-qualified for a VA home loan, you might think you're ready to go. But, that's not the case. Pre-qualification means that you meet the basic qualifications. If you're on active duty, you qualify after 90-days of continuous active duty service. If you're ready to buy a home using your VA loan benefits, you want to get pre-approved. Pre-approval means that you've met all the requirements, and you have a loan amount to work with. Once you have the pre-approval letter, you're ready to start looking for houses.
Avoid Those Problem Houses
If you're ready to buy a house, and you've decided on a fixer-upper, you need to rethink that decision. Buying a fixer-upper might be the right way to go with another type of home loan. But, VA loans can be difficult to get when you're trying to buy a fixer-upper. That's because the VA prefers to approve loans for homes that are move-in ready. To improve your chances of approval, choose a home that doesn't need a lot of work.
If you're ready to buy a house, use this list to help you avoid mistakes with your VA loan.
For more information about VA loans, contact a company in your area.