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While a home purchase can be done at any time of year, there are certain periods that are considered the home buying season. Usually starting in spring, this is when many people will begin to look for the home of their dreams. However, it is never too early to plan for a home purchase and to consider the options available for home financing, one of which includes a 100% financing VA loan. If this is your plan in the near future, below are 5 steps to prepare for a VA home purchase:

1. Get organized

   Even though a VA home purchase loan offers 100% financing, potential home buyers should get their finances organized and set goals for saving a certain amount of money each month. Owning a home is a major financial responsibility which will require maintenance and repairs. Most homeowners also like to make home improvements once they have been living in a new home for awhile. Being able to consistently save money will help the home buyer have the funds needed after the home purchase, as well as, in the future.

2. Know your debt and credit score

   If you are thinking of purchasing a home, it is never too early to evaluate your debt. If there are any issues, it is best to communicate with the companies that handle the debt so that arrangements can be made to eliminate any further problems. It is important to know your credit history and credit score prior to shopping for a home so that you can work at correcting any errors and improving your credit score in order to increase your available options when applying for a mortgage. All mortgages, including VA loans, require that the borrower have good credit scores and the higher the score, the better the odds are of being approved.

3. Find out how much you can afford for a home

   While making a home purchase is exciting, getting in over your head can become a financial burden. In order to avoid this, speak with a reputable VA lender to find out how much home you can comfortably afford to purchase before even starting to shop. This will help to avoid looking at homes that you fall in love with and just have to have, but cannot truly afford the expenses involved. It is so important to stay within your budget when buying a home to prevent falling into difficult times.

4. Get your paperwork in order

    If you are seriously thinking of making a VA home purchase, now is the time to begin getting your paperwork in order for the VA loan process. As a member of the military, there are certain documents that you will need to submit to the VA lender for your loan file. Since income and asset documents are necessary, have them available as soon as possible. In addition, paperwork for continued military service or an new employment contract are essential for approval of a VA loan since it gives the assurance that the monthly mortgage payments will be made.

5. Meet with a VA lender

  Once all of the documentation is in order, it is time to meet with a VA lender via phone, in person or online contact to discuss a VA loan pre-approval. With a pre-approval, there is no commitment to making a VA home purchase, however, it will show the real estate agent and home seller that you are seriously considering becoming a homeowner. Having a VA loan pre-approval will keep you within the proper budget of what homes to look at so that you avoid becoming attached to a home that you cannot afford.

If done correctly and responsibly, homeownership will provide a lifetime of comfort and security. Taking these 5 steps to prepare for a VA home purchase will place a VA home buyer into a better overall financial position from the start so that they may enjoy their home for many years into the future.

Feel free at any time to contact me for more information regarding a VA home purchase loan and how you can benefit from a VA loan.

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