The Veteran Buying Process (What to Expect)

      Allow me to be the first to congratulate you on beginning your journey to home ownership.  You have done a great service to our country, and for that I can not tell you how honored I am to contribute to your home buying experience. I have constructed a list of the VA information regarding purchasing your home ( Any comments or questions below with be answered within 24 hours 7 days a week)

• VA covers 100% of your loan amount up to $417,000 (which includes the funding fee)
• Funding fee is waived with disability 
• No down payment as long as the sales price doesn't exceed the appraised value.
• No private mortgage insurance premium requirement.
• VA rules limit the amount you can be charged for closing costs.
• Borrower cannot pay many costs normally charged for a mortgage
• Closing costs may be paid by the seller up to 4%
• The lender can't charge you a penalty fee if you pay the loan off early.
• VA may be able to provide you some assistance if you run into difficulty making payments.
• Minimum FICO score as of today is 620 with most lenders, I have a list of lenders who can help you if you are at a minimum credit score of 580.
• On Conventional loans normally, if you pay 20% of the home loan upfront then you have the option of waiving the mandatory property taxes each month.  With lenders, even though it is not an exact requirement of the VA they will normally require you to still pay property taxes with your normal monthly payment on VA Loans.  I try to tell my clients to be very mindful of this because when you are picking your monthly payment comfort level you would need to automatically factor in that property tax amount.  The VA may not talk about it because it is not a direct requirement for them but again on majority it is a requirement for many lenders.

You should also know that:

• You don't have to be a first-time home-buyer.
• You can reuse the benefit.
• VA-backed loans are assumable, as long as the person assuming the loan qualifies

If you have your DD 214 ( Certificate of Release or Discharge from Active Duty) to prove that you were in he military and not dishonorably discharged then you would take that to the below address along with your valid form of identification and you should be provided with your Certificate.  

Office of Veterans Affairs

     6900 Almeda Road

     Houston, TX 77030

Since this is 2014, and you have access to a computer you are also able to obtain your Certificate online. I have included the link to sign up online to obtain your Eligibility Certificate electronically. Click this link to enter the VA website.

If you need help please call eBenefits Help Desk at 1-800-983-0937.  Their hours are Monday-Friday, 8am to 8pm EST.

      Once you have obtained your certificate you would want to shop around for comfort levels, rates, approval amounts, etc.  Once you have confirmed your VA Home loan lender then you would request a "pre-approval" from them so that you understand your payments, comfort levels, and you don't waste any time looking for thing out of your elected price range.  Also, because of the shift in the market many sellers have the upper hand and are not entertaining offers with out a Pre-Approval to show that the buyer is qualified to obtain their property.  Homes are moving so fast you don't want to loose a home do to you having to wait for your pre-approval and another candidate is beats you to the punch.

If you have any more questions or need to meet to go over some things, call me and I will be there.

Thanks,

Eboni Taylor

Keller Wiliams Realty

832-453-7440