Choosing the right mortgage for you, as either a Veteran or someone with a VA certificate of eligibility, takes some investigation. Of the different types of Veteran’s mortgages, there are sites for VA Fixed Rate, Adjustable Rate and VA Hybrid reviews. A look into all these types of mortgages can help you pick the right one for you. You should also check out what your loan possibilities are concerning FHA financing as well as using Fannie Mae and Freddie Mac for a conventional mortgage.
The VA home loan program is possibly one of the best mortgage deals on the real estate market right now. Despite that, there are some other steps you should take before buying a new home.
When getting a VA loan for any home, remember that part of the process is getting a VA appraisal. The VA appraisal has fairly rigid guidelines for the appraiser to follow and only determines whether the property meets VA standards for a mortgage and the market value of the house you wish to buy.
With respect to looking at safety issues etc. that aren’t covered by the VA appraisal, you should also think about getting an inspection of your prospective home. It is always in your interest to know the condition of the home, and what potential problems owning it might present. You could also get a roof inspection, a termite inspection, and an HVAC (heating and cooling system) inspection, as well as others. In some cases you may even have to get a potable water test if you are purchasing a home that has a well. Make sure that you speak to your real estate agent for some guidance for what types of inspections are recommended.
Most sellers will let you get your own inspector and arrange for all these types of inspections. Finding repairs that need to be performed can help you negotiate the cost of repairs into the final home price. Make sure that you have some contingencies built into your sale contract in the event that you find some problems and you can’t get them resolved with the seller.
With all home loans, not just VA loans, you as the buyer have the responsibility to get a home inspection to insure that you avoid problems in the future with your new home. Remember the saying – buyer beware.