Friday, December 18, 2009

Are YOU a Veteran? 7 Steps to Buying a Home with a VA Loan

If you can answer yes, the VA loan program is designed exclusively to help you buy a home. It is a GREAT option for financing your piece of the American Dream! And, it is one of the only ZERO down programs still available.

As a REALTOR® who works throughout Anoka, Chisago and Washington Counties, I have sold many homes using the DVA program. I have worked with sellers in Forest Lake, Wyoming and Coon Rapids who accepted offers from Veterans using the DVA financing program to purchase the home. I assisted Veteran home buyers to locate and purchase homes in Ham Lake, Lino Lakes, Blaine and Hugo using their DVA eligibility option. All of the sales went off without a hitch. It is a wonderful program.

Additionally, I know and work closely with loan officers and mortgage brokers who have extensive experience working with VA loans. We work together as a team to get veterans into the homes of their dreams!

Earlier this year I attended a seminar given by the Department of Veterans Affairs on the home assistance program that is available for those who have served or are actively serving in the military. What a great benefit to our brave men and women who have sacrificed for our country. Low and no money down home loan programs are almost unheard of for today’s homebuyers. But the DVA has offered this option to eligible veterans since 1944 and continues the program today.
So, are you a veteran homebuyer?
There are many ways to take advantage of the DVA program. Whether you are buying a single family home, condo, townhome or even a duplex or four-plex, as long as you plan to live in the home, this is a benefit you have earned and should consider when buying or refinancing a home.

Seven Simple Steps to Buying a Home with a VA Loan:


  1. Apply for your Certificate of Eligibility (COE). Or ask your loan officer to request online using the webLGY application.

  2. Work with a REALTOR® to find your perfect home with a home seller that will accept DVA financing.

  3. Present the COE to your loan officer at the time of loan application.

  4. Loan officer will work with VA to order appraisal of home. A Notice of Value is issued.

  5. The lender bank will review all documentation and approve your loan if the established property value and your credit and income are acceptable.

  6. Attend the closing on your new home where the closer will go over all the loan terms and requirements as you sign the documents for your mortgage.

  7. The lender applies to the VA for evidence of guaranty.
On the surface, many of these steps are similar to applying for a regular loan but the benefits of coming in with a very low or maybe even no down payment are not. Veterans should note that you are not alone in the process; you will have professional assistance in every step of the way. Why wouldn’t you want to check out this unique opportunity that is only available to those who have served our great country?


Copyright 2009 Teri Eckholm http://www.terieckholm.com/