Here’s some great information Shreveport-Bossier home buyers should know when considering using their VA loan benefit

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VA loans have existed since 1944 following the end of World War II as a benefit for service members to gain a foothold into the American home buying marketplace.  Since then, these loans have helped more than 22 million active and retired service members buy homes.  The program provides flexible, no-down payment loans for veterans making it the best possible of all lending programs on the market today.

The veteran must first need to find a VA lender and, like any other loan, prequalify.  This is based on the individual’s income, credit, current VA entitlement usage and other financial factors.  The veteran will then get an estimate of how much of a house they can afford to buy.

The following step is to get VA loan preapproval, which is a major step forward when the potential buyer finds a home they desire to buy.  Lenders will verify the vet’s income and other financial information, and once that’s verified, the veteran will receive a preapproval letter to show to real estate agents and home sellers.  Not only do these letters show a home seller that you are a serious buyer but it also shows you what a bank will lend to you.  Do not make the mistake of looking at homes, and falling in love with one only to then find out you cannot get funded for it.

Once pre-approved, buyers may then put in an offer for the home and along with the help of a real estate agent and negotiate a contract with the seller.  When the veteran is under contract, their lender will order a VA appraisal of the home and property.

Underwriters evaluate the buyer’s income, financial information and other documents along with the appraisal, once it’s finalized.  Following approval, the veteran will be issued a ‘clear to close’ and may complete the closing.

There are several “Need to know” items, however, when it comes to VA loans.  Although the benefits are reusable as long as the loan is paid off on each property, there are some exceptions to the rules, even if the loan isn’t paid off or it is lost to foreclosure.

VA loans are primarily designed for “move-in ready” condition, whether the loan is for a single-family home, condo, modular home or some multi-unit properties, etc.  While these loans are not for investment properties, but for primary residences only, the VA offers some exceptions. Despite those exceptions, some lenders will have their own standards regarding occupancy standards.

Therefore, it is imperative that you find a lender who knows the VA standards and is an expert in these type of loans.  In the Shreveport-Bossier area, Ryan Wheeler is an expert real estate agent and a military veteran himself.  He is able to recommend excellent local VA lenders that will help you navigate these waters from buying, selling – contract to close. #expert_bossier_agent

**Ryan Wheeler is an expert RE/MAX real estate agent and military veteran serving buyers and sellers of homes in the Shreveport Bossier City area.  Connect With Me