Veterans who are eligible for VA home loan benefits and in the market for a new house can utilize lenders and real estate professionals to their advantage.
Licensed and VA-approved lenders can help veterans understand and get the most out of their VA home loan benefits. Real estate professionals are trained and licensed to assist homebuyers in finding the right property and negotiating the purchase agreement. Knowing who does what can help make the home buying experience a positive one.
Real Estate Professionals can help:
- Find properties
- Show properties
- Negotiate a purchase price
- Write up a sales contract
VA-approved Lenders can help:
- Pre-qualify eligible borrowers
- Obtain a Certificate of Eligibility (COE)
- Calculate entitlements
- Select the right loan for your needs
- Apply for funding fee waivers
- Complete the application process
- Manage special qualifying circumstances
- Gather additional credit and income documents for underwriting
- Explain fees and closing costs
First, working with a licensed real estate professional can save home buyers time and money. Veterans may find that some real estate professionals who work near military towns may specialize in active duty relocations. Someone who is very familiar with the housing market will likely be able to help negotiate the best purchase price for the buyer’s budget. An agent who has more experience working with VA borrowers may understand the VA loan process better. While agents may recommend a favorite lender, it’s ultimately the borrower’s responsibility to choose a lender that is experienced in VA loans.
Many lenders are VA-approved, but not all specialize in VA-backed loans. Loan officers who focus on VA mortgages may be able to better answer tough questions about eligibility, entitlements and qualification. Additionally, a loan officer who handles VA loans day in and day out may be more experienced in managing special cases that can sometimes delay the VA loan process elsewhere.
Using the right professional for the right job can make all the difference for veterans looking to use the VA loan program to buy a home. For more information about VA-backed loans, contact a VA-approved lender that specializes in VA home loans.
Veterans First is a trade name of Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., a Wintrust Community Bank. I NMLS# 449042 I Equal Housing Lender