VA Home Buying Mistakes

Whether you are buying or selling a home, hire someone who wants to earn your business. We invite you to contact us a to assist you with this important transaction.

Mistake # 1 :  Getting Pre-qualified instead of getting Pre-Approved for a home loan.  

Many buyers get pre-qualified for a loan which is a quick analysis of the buyer's finances when buying a home.  Pre-approval is more in depth and gives the lender a better look of your buying power by reviewing your credit, employment verification, loan balances and other important factors in determining your eligibility for a Home Loan.

Imagine finding a home you fall in love with and then find out the home is either too expensive or something on your credit history will prevent your from getting the loan to buy the home.  Get Pre-approved and beat out the competition.

Mistake # 2:  Working with a Real Estate Agent who IS NOT experienced in working with Military Clients.

Finding a Sales specialist who has experience working with Military buyers is vital!  VA Home Loans are unique and using an agent or lender who are not familiar with VA loans may mean leaving money at the table.  For instance, many agents aren't aware that veterans with a disability rating may not have to pay the VA Funding Fee associated with VA loans. 

Find an agent who is ready to serve you and has the tools to help you decide which loan type is best for you.

Mistake # 3:  Making Big Purchases Before Closing.

It is important to wait until after closing on the home before making any big purchase.  Buying a new car, buying furniture or making any big  purchases may delay the closing or often times you may no longer qualify for the  loan to purchase the home you have under contract.  Lenders will review your credit and finances again right before the loan is scheduled to close to make sure you still qualify and can afford the home you have under contract.

Mistake # 4:  Applying For New Credit Cars or Co-Signing for Friends or Family Before Closing.

DO NOT apply for a new credit card or any type of financing before closing on the property.  Co-signing for a friend or family member will also show up on your credit as debt.  Lenders always check your credit when first applying for a loan and once again before closing on the property. 

Mistake # 5:  Paying off Credit Cards and Closing Credit Card Accounts.

DO NOT close or pay off any accounts before talking to your lender.  Doing so will change your credit ratios and you may no longer qualify for the property.  Paying off debt may seem like a good idea but closing the accounts may change your financial picture.  ALWAYS talk to your lender or agent before closing or paying off any debts you have.

Mistake # 6:  Changing Jobs or Quitting Your Job

Quitting your job or changing jobs may require you to get new employment verification from your employer, new pay stubs and length of employment time with the employer.  If you are not sure, ask your VA Loan Specialist before making any changes.

Mistake # 7:  Using an Agent who Represents Both the Buyer and Seller

Many buyers think they will save money by purchasing a home from the buyers agent or from a builder.  This is not true.  It is best to have an agent who has your best interests.