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We all know that there are times when that dream home will not wait for us to get the required forms processed through the system. While the VA home loan guarantee program offers our veterans an opportunity to realize the "American Dream" of home ownership, there must be safeguards against fraud in the system. Satisfying all of the information requirements and filing the necessary paperwork can take weeks. In the meantime, the home that you have been looking for may no longer be available. So, how do you insure that someone else does not end up living in your perfect house?
First of all, make sure you have all of your service records in order. You can request these records using the standard form SF-180. With this document, you can start the qualification process. The Veterans Administration (VA) makes the determination of eligibility for all veterans benefits. You must have proof that you qualify for this benefit before a lender can start processing your loan. If you are qualified, you will receive a Certificate of Eligibility that can be presented to the mortgage banker assisting you in obtaining financing. Armed with this information, you are now ready to begin the process of house hunting. As is the case with most things in this day and age, it is generally advantageous to use the services of a professional realtor. While you can drive around and look at the "For Sale" signs in front yards, a professional realtor can show you what is available in the areas you like without even leaving their office. With this information in hand, and with your realtor as your guide, you can see a lot more houses in a lot less time. Realtors are not the only professionals that can save you time in your quest for home ownership. Once you have found "the" house, it is time to secure the financing. When you reach this point, you will soon realize that there are as many options here as there were when you were looking at houses. While all direct lenders can provide you with a loan to purchase your home – few understand all of the options available to veterans. It pays to start your research on lenders well ahead of the time to sign a contract.
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