First Time Home Buyers Common Mistakes
Many people have the common misconception that veterans administration home loans are 100% guaranteed for every veteran. This is not true as there are certain stringent eligibility requirements that the veteran has to meet in order to qualify for a VA home loan. Besides this, since it is not every day that a veteran embarks on financing a new home via a VA home loan, they often make common mistakes which reduce the array of benefits that they can enjoy through VA home loans.
Mistakes You Should Avoid
In order to help our brave veterans truly enjoy the vast benefits of VA home loans, we have articulated a list of common mistakes that they should avoid at any cost. These mistakes are as follows:
1. Get Approved Prior To House Hunting
Never go house hunting before applying for a VA home loan. It is truly heart breaking to fall in love with a home and later find out that the property is too expensive or exceeds the veteran’s monthly residual income.
2. Hire A Realtor Who Specializes In VA Home Loans
Another common mistake our beloved veterans make is hiring a realtor that does not specialize in VA home loans. These realtors will not have acquired all the skills and experience necessary to obtain a VA home loan effectively. So, only hire a realtor who has all the skills necessary in their arsenal to help you effectively obtain a VA home loan. Consider contacting Booyah Mortgage, which offers sublime services to veterans and is dedicated in helping people finance their homes in a cost effective manner.
3. Do Not Take Out Additional Loans During The Application Process
Make sure that during the application process you do not apply for other loans such as car financing or taking additional debt. The lender will qualify you for a VA loan according to your current financial position including the level of debt you have. Adding additional debt will prompt the financial institution to re-qualify you for the VA home loan after taking into consideration the new debt.
4. Never Quit Your Current Job During The Application Process
This is a very common mistake that home buyers make. After the VA loan has been approved, many veterans quit their current job to find a new one. Of course, they quit their current employment for other viable lucrative options but the loan is approved based on their current income. If they quit their job, this could prompt the lender to re-qualify the borrower’s VA loan.
5. Never Forget The Additional Costs Of Buying A New Home
Although there is no doubt that VA home loans provide veterans with immense financial benefit, they still have to shoulder the various costs of moving into a new home. These costs include minor repairs, shifting and home appraisals. Please keep these costs into perspective when determining which property you would like to finance via VA home mortgage loans.
Wondering if you’re eligible for a VA home loan? Call Booyah Mortgage at (844) 726-6924.