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Seven Simple Steps to a VA Home Loan—Are YOU a Veteran?

By
Real Estate Agent with Boardman Realty Minnesota License#90858

If you can answer yes, the VA loan program is designed exclusively to help you buy a home. It is a GREAT option for financing your piece of the American Dream! And, it is one of the only ZERO down programs still available.American Flag Flying in Forest Lake by Teri Eckholm Realtor

As a REALTOR® who works throughout Anoka, Chisago and Washington Counties, I have sold many homes using the DVA program. I have worked with sellers in Forest Lake and Coon Rapids who accepted offers from Veterans using the DVA financing program to purchase the home. I assisted Veteran home buyers to locate and purchase homes in Wyoming, Lino Lakes, Blaine and North Branch using their DVA eligibility option. All of the sales went of without a hitch. It is a wonderful program.
Additionally, I know and work closely with several lender resources that have experience working directly with the VA. We work together as a team to get veterans into the homes of their dreams!

Yesterday I attended a seminar in White Bear Lake given by the Department of Veterans Affairs on the home assistance program that is available for those who have served or are actively serving in the military. What a great benefit to our brave men and women who have sacrificed for our country. Low and no money down home loan programs are almost unheard of for today's homebuyers. But the DVA has offered this option to eligible veterans since 1944 and continues the program today.

So, are you a veteran homebuyer?

There are many ways to take advantage of the DVA program. Whether you are buying a single family home, condo, townhome or even a duplex or four-plex, as long as you plan to live in the home, this is a benefit you have earned and should consider when buying or refinancing a home.

Seven Simple Steps to Buying a Home with a VA Loan:

  1. Apply for your Certificate of Eligibility (COE). Or ask your loan officer to request online using the webLGY application.
  2. Work with a REALTOR® to find your perfect home with a home seller that will accept DVA financing.
  3. Present the COE to your loan officer at the time of loan application.
  4. Loan officer will work with VA to order appraisal of home. A Notice of Value is issued.
  5. The lender bank will review all documentation and approve your loan if the established property value and your credit and income are acceptable.
  6. Attend the closing on your new home where the closer will go over all the loan terms and requirements as you sign the documents for your mortgage.
  7. The lender applies to the VA for evidence of guaranty.

On the surface, many of these steps are similar to applying for a regular loan but the benefits of coming in with a very low or maybe even no down payment are not. Veterans should note that you are not alone in the process; you will have professional assistance in every step of the way. Why wouldn't you want to check out this unique opportunity that is only available to those who have served our great country?

Need more information on how to buy a home using your DVA benefits and need help from a professional REALTOR®? Give me a call or visit my website for a FREE Relocation Packet, Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Buying a Home? Check out my new HOME BUYER'S BLOG!

Copyright 2009 Teri Eckholm http://www.terieckholm.com/

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Teri Eckholm. REALTOR with Boardman Realty, is a native Minnesotan who has lived and worked in the Minneapolis St Paul metro all of her life. She specializes in lakeshore homes, acreage properties and first time home buyers but assists anyone making a move in the north and east Twin Cities metro.

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give Teri , a call or visit her website for a FREE Home Buyer Success Guide or FREE Home Value Report She specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2019 terieckholm.com

 

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Comments (8)

Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Teri, this is EXCELLENT step by step instructions to help the veteran with their financing. Clear and to the point.

Mar 27, 2009 01:43 AM
Lizette Fitzpatrick
Lizette Realty - Richmond KY - Lexington, KY
Lizette Realty, Lexington KY MLS - Kentucky Homes

Nice post. I have one couple that I know will be using a VA loan. I have only had one in over 5 years! Looks like there would be more people using this loan.

Mar 27, 2009 01:43 AM
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Teri the VA loan program is certainly excellent for those that do not have a down payment. Nice article for those that do not know much about the program.

Mar 27, 2009 02:19 AM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

This can be an excellent program for Veterans.  The only beef I have is that the VA will not let the veteran pay a portion of the buyer agent fee.  In our areas fees frequently are NOT split equally and the buyer wants representation.  HUD got rid of this rule years ago.  If you have any contact at the VA, tell them this is an old dinosaur that is a detriment to the Veteran who may need and want a buyer agent.

Mar 27, 2009 06:24 AM
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Gary--That was my goal. The speakers from the VA said they get many calls from Vets asking how to take advantage of the program. They encouraged us to promote how simple the program was to work with. Fortunately, I know a number of lenders that embrace working with the VA too!

Mar 28, 2009 02:09 AM
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Lizette--Now that all of the Guard members will be returning from overseas and active duty, there will be many more people eligible. It takes approx 6 years for a Guard member to qualify but if they are called to active duty, only 90 days. We have many Nat. Guard members in our area and with zero down loans? You bet, this is a great program!

Mar 28, 2009 02:12 AM
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Bill--There are so few opportunities to go zero down now. The veterans do deserve this opportunity and it is still available for them.

Mar 28, 2009 02:14 AM
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Joan--I was just in a seminar but the presenters were writing down any and all suggestions as they want to hear from people in the field (agents and lenders) as to why it is not suggested to veteran buyers more often. I would contact the VA admin in your area and discuss your concerns. Find the contact at www.homeloans.va.gov

Mar 28, 2009 02:19 AM