First let me explain that the VA does NOT give you the money for your home. The VA merely guarantees your loan. That means that instead of the average civilian buyer having to put 20% or more down to purchase a home the Veteran does not have to do that. Typically all the veteran will need to come up with is an Earnest Money Deposit (EMD), the cost of the Home Inspection, and any other inspections that might be needed plus the cost of the VA Appraisal. If they have an experienced, knowledgeable REALTOR representing them, they can usually get some, if not all, of the buyers money back at the closing table. Provided that their Mortgage Lender can “source” the funds. Do not pay cash for anything! Always use a personal check or cashiers check, the Mortgage Lender needs to be able to track all monies.
You also need to make sure you are working with a qualified Mortgage Lender, please do not go to a Mortgage Company just because VA happens to be in their name….I have found that they usually do not really know how to process a VA loan, they are just trying to capitalize on the VA name, so my best advice is to use a local lender, someone that you can actually meet with. There are few worse feelings that having a question that you need answered and the Mortgage Lender you chose is not returning any of your phone calls, emails or texts. Any Mortgage Lender that is working in a Military town will know how to do a VA loan because that is their “bread & butter”, word of mouth is the best advertisement for any business so ask some of your friends who they worked with, search on the internet for reviews for lenders, etc. Do your research and if something sounds too good to be true, it just might be.
When searching for homes in the Camp Lejeune, New River Air Station, Jacksonville, Sneads Ferry, Hubert, Swansboro and Onslow County area please click here to search all active listings.
Ellen Hough, Jacksonville NC Real Estate , specializing in guiding home buyers and sellers through the home buying and selling process. Working at EXIT Independence Realty, call or text me @ 910-330-6103 (Cell)