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How to Buy a Home with a VA Loan

Buying a home in a new community can be quite overwhelming. Even with all of the research that we can do online, nothing can replace trusted advisers who will always have your best interest at heart.

VA Loan Advantages

As a fellow veteran, I have seen our VA benefits change quite a bit over the years. In addition, the military has become much more family friendly. In the past, active duty military rarely bought homes, even with the advantage of the VA loan, because we never knew how long we would be at a duty station. You could get orders one day and be gone, or get orders to a remote location (no dependents) and off you go! Now, most service members know how long they will be at a duty station and are able to plan accordingly. With the BAH keeping up with the local market, it can be a huge advantage to our military folks.

With today’s VA loan benefit, it is also easier to make a good, competitive offer on a home. In the past, the seller would have to pay all the VA not allowable expenses which would put the veteran at a huge disadvantage. These expenses would include things such as closing costs, lender fees, and escrow fees, which can add up to few thousand dollars. Now the lenders will pay them, which makes the offer with VA financing very attractive and competitive in today’s market.

No Money Down

With the ability to buy with no money down, the out of pocket expenses are very minimal. An example of this would be the home inspection (which is optional, but highly recommended). Also, the veteran does not have to pay mortgage insurance (PMI), which is another huge savings.

Surfing on Oahu

Another little-known fact is that if the seller has a VA loan on a property, that loan might be assumable by an eligible VA buyer. It would be something to consider if it is to the advantage of the buyer. If today’s interest rates are higher than it was when the seller bought the home, it is a viable option to look into that could save a lot of money.

Having an experienced Real Estate Agent and a good, competent lender are key factors to effective negotiations and a smooth, successful transaction. A great team of professionals will guide you step by step throughout the whole process and explain the ins and outs of what you are doing. We do not allow you to go blindly through, wondering what’s going on.

Want to Know More?

Are you thinking about moving to Hawaii? Please contact me. My team and I are here to help you or answer any questions you might have.

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