From Start to Finish: Every step of the VA home buying process
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- Опубліковано 3 жов 2024
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If you've never bought a home before, it can be hard to know what steps there even are and what order they happen in. To make things simple, we've decided to break the VA loan process down into just 6 steps.
One of the first things you'll need to do is make sure you meet the qualifications for a VA loan. After that, you should contact a couple of lenders and get pre-approved before starting on your actual home search. Once you make an offer and have it accepted, then it's time for the VA appraisal. As long as it passes the appraisal, you should be able to close on the home and move in.
While each of these steps has additional details associated with it, Eric covers all of them within the actual video. Make sure you watch the whole thing so you're fully prepared for the entire VA loan process.
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Additional Information about VA Loan Service Eligibility: www.va.gov/hou....
Additional Videos about DTI & Residual Income:
• Residual Income vs. DT...
• Q&A: Is DTI or residua...
Additional Video about VA Appraisal Waivers:
• How to get a waiver fo...
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This video is not intended for residents or homeowners in the states of WA, NY, or MA.
Low VA Rates NMLS# 1109426 Archived video notice: This video is not current and may contain content that, while accurate when recorded, may not reflect current market conditions. As is customary on the UA-cam platform, older videos remain in our account for transparency and statistical purposes, and we do not necessarily have control over which older archived videos UA-cam’s algorithm may suggest for you. For that reason, please always check the date of a video to ensure that it is dated recently before relying on its contents. The mortgage market is very dynamic and laws, regulations, rates, and programs are always changing. If we have a more up-to-date video on the same subject, you should be able to sort our videos by date uploaded on our main channel landing page: / lowvarates . This video is not applicable to borrowers in the State of Washington.
This video is not intended for residents or homeowners in the states of NY or MA.
I love that " the Pentacle of Homeownership" ,,,, that was a message .
So glad to hear!
If I’m not mistaken, they updated the NG/Reserves quals recently. Way easier to qual now.
It has been updated
@@lowvarates actually going through this right now but the VA site doesn’t reflect that
Thank you for this information, makes buying my first home a little less stressful.
Great to hear. If you use one of our loan officers it will be even less stressful. Have you spoken to us yet?
You are so welcome! Would you be willing to allow us to help you get approved? We would to.
Loved this video, thank you.
Glad you enjoyed it!
Great video
Thanks! We appreciate you commenting and watching!
Thank you! Very informative.
Glad it was helpful!
LOOKING FORWARD TO ORE OF THESE.... THANK YOU, FIRE VIDEO.
More to come! Thanks for watching!
@@lowvarates how do i get in touch with you for a consult? Just got out of the army, 100% va disability. Just migrated down to Atlanta. Not currently working. What steps can i take in order to get started?
@@JaySkeeteReacts Call us at 866-569-8272 or send an email directly to me eric.kandell at low va rates.com but you know the normal way. Thanks for your service and thanks for reaching out. We would love to assist. Lets go!
Hey Eric... I recently pulled my COE. I financed my home for 220k but my COE form is showing 224k. Shouldnt my COE reflect what I financed?
No it doesn't, it is quite detailed really but the COE goes into your entitlement used and not the amount of your loan. Is there something you are trying to calculate or determine with your remaining entitlement?
@@lowvarates I’m just trying to understand why the amount on coe is more than what I used to buy my home
@@kingmode4 no one over here can seem to understand why that would be either. If you want to provide your COE to us we can try and help and you could email it to me at eric dot kandell at low va rates dot com
OK I think I better understand what you mean. I assume you are not a disabled veteran and thus paid the VA Funding fee. If so, then your loan amount, (the amount you borrowed) is always higher than your purchase price because you likely financed your VA funding fee. Does that help?
@@lowvarates I am a DAV
Iam not military. Can I apply?
not for a VA loan no. We do have FHA and conventional that we can help you with.
You cannot apply for a VA mortgage but you can certainly apply for an FHA or conventional loan
Our mortgage broker sent us an email to submit more documents for underwriters it's a conditional approval. Is it a good sign?
We paid $6,000 for the earnest and $900 for the appraisal fee.
I would have to see the requests but in general that is very normal yes. Feel free to share with us here some of the things they are asking for.
What does this mean, “This property is not subject to appraisal meaning if the property comes in lower than appraisal you have to come up with the difference in money’s.” I’m confuse, shouldn’t it be it comes in more than appraised for I’ll have to come up with the difference?
Not sure what you’re asking. However assume you want to buy a home that’s under contract for sale at 250,000. An appraisal is done and home appraises for 240,000. If you still want to pay 250,000 though it’s only worth 240,000 then you can borrow 240,000 with the VA loan program and you’d bring the additional 10,000 in cash.
@@lowvarates awesome. You’re the best. Wish I found your channel earlier.
Hey Eric thanks for the videos I've learned so much. Quick question: Can a veteran based in TX who currently has conventional cash out loan (took cash out 12 months back) do a rate and term refinance to a VA loan?
Absolutely we can. We have a local expert in Texas to help you too. Can you email me at eric dot Kandell at lowvarates.com
Of course take my email address out the way it sounds phonetically but type it out how you would normally. I don’t type it in the comments here because the Internet bots will start spamming me
How do you select a lender before you try to get preapproved? Wouldn’t you want to know the rate and how much you are approved for before selecting the lender?
Well many choose the lender based on trust, confidence in them etc. Then once pre-approved they shop a bit to ensure they are getting a competitive rate and fees. You can get pre approved with anyone you trust. At the time of making the offer and going under contract, YES you would want to pretty much be certain of who you are going to work with.
Got the speed of 1.75x cap 💪 way ahead of you
Not sure what you’re saying so please expound
Should I find a Lender first and then do a pre-approval or can I do a pre-approval with my bank and then find a lender (“or go shopping for a lender”)?
How the lender can give me a loan estimate without a pre-approval?
If you ask your bank for a pre-approval, they in essence are now your lender assuming you go with them. If you asked us, at Low VA Rates to pre approve you, then we would be your lender if you chose to go forward. In reality you can do what you are asking, go get pre approved with whoever you feel and then you can compare/shop rates at other lenders along the way as you get closer, but at some point, you need to know who you want to work with. Suppose your current bank pre approves you, you go out and start shopping, then you find a home and want to get your loan with Low VA Rates, we would still need to pre approve you.
I lived in my VA Home loan for 3 years. I am transferring to another states and I don’t want to sell my home. can I buy another House using VA Loan because they no limit on VA loan.
You may be able to, you may need to put money down. We have videos on how to calculate your remaining entitlement or secondary use of entitlement. If you want to email me directly at eric dot kandell @ low va rates dot com and we can do it for you.
I need a good VA lender & real estate agent suggestions for Harrisburg PA. Thanx
Have you considered Low VA Rates? We would love to help
@@lowvarates will you guys be able to help me buy a house in Broken Arrow OK?
@@andresgonzalez3823 100% please reach out asap and lets get started
What do you think about Vetrans United I just got pre approved??
Amazing competitor. They are great and have been doing VA loans a long time. I still think you owe yourself to shop around. We could pre approve you too if they did, but why not go with the best terms?
Thank you for this information. Would it be possible to do it within a month?
Yes, absolutely, but you have to be very organized and get everything in clearly and on time. We just close a VA purchase in one week and one day.
question if me and my GF/Fiancé both served and are both eligible can we get a va loan together for a home Loan ?
Yes you certainly can we thank you both for your service and dedication. Search around on our channel for dual entitlement. It might be smarter just to use one of your home loan entitlement benefits, and then the other person will have all of their entitlement in case you want to buy another house at another time and keep this new home for a rental
How often is it possible to get some of the closing fees rolled into the loan
100% of the time
I was told by veterans United only if it’s appraised higher then the purchase price
@@Usmcvet585 They told you wrong. You could buy a home for 50K under appraised value, but the LTV (loan to value ratio) on a VA purchase is based on the sales price, not the appraised value. What they may be suggesting is that the seller could simply INCREASE the sales price since they now have an appraisal justifying a higher price, but since they were happy to sell for less, they can then cover your closing costs, and you both win. DOes that make sense?
@@lowvarates yes!! I explained this to them because another company said exactly what you said. I was told things have “changed” and that’s not the case anymore.
@@Usmcvet585 I talked to my head of underwriting and our VP of Operations and both disagree and say nothing has changed. That said VU knows a lot, so we are reaching out the the dept of VA and if we get new info, we will let you know. We feel confident in what we have told you. I bet they are simply giving you such a high rate, they are able to cover your costs for you.
If only VA would let you buy homes abroad! Served overseas for 21 years, yet cannot buy a home overseas.
I get that. I love overseas too but the program is to enhance our country here. The laws in foreign lands will not allow for the same protections you get here too.
Hi, I’m in the reserves (coming up on 6 years). Does basic training/AIT count towards the 90 days?
I’m sorry but basic training won’t count toward your 90 days of service
The guard/reserve deploys a lot. They actually deploy first before active duty, for the most part. Just volunteer for 1 deployment and that's enough to cover your AD commitment.
National Guard here no basic & AIT doesn't you need to hop on federal active orders AT might count partially
What about using the VA loan for a new construction home?
We would not be able to help nor give any positive experience or feedback as we have never done them or heard of anyone doing them successfully.
I love these videos and am happy I chose to use them for my home buying process. Just started and am excited for the future
Glad you like them!
Do you have any news on the Biden/Harris administration first time home buyer grant?
I’ve heard it would be a 15k grant, could this be used in conjunction with a VA loan?
I am sorry but we do not. I will see if the team can get researching that and maybe an upcoming video can be done on this
I am sorry but we do not. I will see if the team can get researching that and maybe an upcoming video can be done on this
What if someone wants to buy a fixer-upper house and use the VA Renovation Loan for the rehab? Would the appraisal be done before or after the renovations are done? I'm just asking because what if the buyer puts in a low-ball offer that is accepted by the seller due to the renovations that need to be done? Having an appraiser come out and having the lender give a loan on the after repair value would defeat the purpose of buying the fixer upper for quality cashflow each month wouldn't it?
What you present is how it should work, but the VA Renovation loan rarely is used and here at LVR we do not offer it due to such low appetite from loan servicers/investors. I wish we could help, but we will not be able to.
Do you work in any of these states? Florida, Georgia, South Carolina or North Carolina? I've also been thinking about Texas, Mississippi and Alabama. Looking for the best home value as close as possible to a beach 😉🏖️
Yes and yes! Those places would be amazing to live in and we are licensed in each of them. Please reach out to us and lets get you pre approved so when you find that dream home and location you can move in asap
If both my husband and I are eligible for a VA home loan, would we both be allowed to use our VA loans or because we are married it’s automatically only one loan now for first time buyers?
And if we choose to use our separately to eventually get more than one property, does that mean only one of our incomes will be considered? (So we may be approved for less than if we do it together?)
These are great questions. Since you both served you both have full entitlement. So the first question is NO, you both get full access and keep in mind the VA loan is not just a first time buyer loan, it should be used over and over and over again, it is an amazing loan.
You will use BOTH incomes on any loan you are both on. The real deal here is that you can only use your VA loan benefits for a home you plan to live in as your primary residence. So you would use one of your entitlements for your first home, live there and make it your home. At some point you can either sell that home, thus freeing up the VA loan usage and go use that same persons loan again (though second time use the VA funding fee goes up) or use the other non used loan benefits and keep the funding fee low.
You can also NOT sell the home, keep it as a rental and then go buy a new primary residence with the un used loan benefits. Does this help?
do you guys work in florida?
yes we do! We love our Florida Veterans!
cool cool I'm near Tampa area.
@@2023roadstervet reach out when ready
Yessssss*
Ok! Ha, we love that you follow us Tessss
@@lowvarates I love the info
👍🏾
Thanks