VA Mortgage Tips 

     Hundreds if not thousands are in the process of searching or buying a house. Part of this due to how interest rates reached historic lows since the pandemic started. We can see at this moment (mid 2021), that lower rates are still lower compared to pre-COVID times. Although the real estate market has turned more favorable mostly for sellers, there are buyers that still have opportunities to find their dream home. It may require more research but they are available. 

    There are several types of loans and if you are or know military service members, veterans and military spouses, VA Loans might be the first option they will look into. And here’s a few things to keep in mind: 

Planification is essential 

     As with any decision that involves high costs to plan and budget is the first step. In this case, knowing the state of your finances. If you have any debts and savings, make sure to check what your debt-to-income ratio is. There is also a common misconception that because VA Loans don’t require a down payment, that the buyers will not require anything upfront. This is not the case, these are just a few of the costs involved: loan origination fees, Application fees, Real estate taxes, Title insurance. 

Your credit score

     Although the credit credit score is not necessarily everything when you’re applying for a VA loan, it is still important to check it. This is because mortgage lenders will have their own set of requirements and this can determine your loan rate. You can download a free copy from credit reporting agencies and know what is the average on your credit. 

What is a COE? 

     A COE or Certificate of Eligibility is a necessary part of the VA home loan program, you don’t need to get it in order to get started. Oftentimes, your lender will get the COE for you. If you want to get it yourself it can be through the VA Regional Loan Center or the VA eBenefits online portal. 

     If you want to see more tips about the VA Loan process check this article for details.

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The author: Christina Bailey. She is the community outreach specialist from money.com, a financial advice and tip website.

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