VA Home Loan - Tips and Timeline?

[CS1983]

Lease at current house is up in May, right around when my wife is due with our second child. I'm at a point in my career I feel comfortable with buying a home, and don't mind paying rent+mortgage for a month or two if it keeps us from having to move right before or after baby arrives. Current rent is $1500, so looking to stay at or below for mortgage cost per month. Looking to do a VA Home Loan and was wondering what others' experiences have been as far as proper timeline for:

1) Getting the "yes, you are qualified to get a VA Home Loan" letter
2) Beginning the search
3) ID'ing home and beginning that process
4) etc.

Also, any home buying tips? Extra costs to be aware of both in the buying process and in actual owning? Fairly handy, and can do most repairs if needed -- I don't mess with electrical but have a few sparky friends, don't mind some fixer upping but not into a complete remodel as I will have to do anything after work/on weekends.

Would most likely be looking for a place out east of Springs w/ 40 acres or so (more if price isn't insane). Ellicott, Calhan, etc. Preference would be something where the property butts up against a hill for shooting potential.

[davsel]

Don't rule out moving west of the Springs where we have trees, large game animals, and plenty of backstops.

Get a good inspector and ask for everything to be fixed before buying. All they can say is, "No."

Don't offer full price. Low-ball the buyer and let them counter-offer. All they can say is, "No."

VA is the cheapest/easiest loan to close on.

You can get a nice place for your $1500 out east or west.

[Irving]

Even if you had the time, good luck convincing your wife to have a newborn living in a construction project.

[HBARleatherneck]

to get the letter all you have to do is go to

https://www.ebenefits.va.gov/ebenefits/homepage

if you dont already have an account, sign up. you can then print you letters anytime you need them. VA loan is fast and easy, I have done multiple home purchases that way. I have one now.

[TheGrey]

VA home loans are an excellent way to go about getting a house. When you select your bank or credit union, be sure to get pre-qualified, so you know what you can afford. Make sure your buyer's agent (and DO get a buyer's agent; you pay them nothing- they get their commission from the seller) knows your absolute limit, and stick to those guns.

You and you wife should sit down and make a list of what you require in a home, and a second list of things that you'd like (but aren't deal breakers.) Think twice about buying a house with the intention of living in a construction zone while you tweak what you want. That is the best way for Murphy's Law to kick in and you suddenly get swamped with work or you have unexpected relatives staying with you, or something else that puts a halt to your plans.

Plan on spending a few hundred dollars for a good housing inspector. Make sure to do your due diligence in selecting one that is qualified, one that will tell you EVERYTHING they find, and will put it in a report...and most importantly, one that does not live in the same town as where you are buying. I'd even go so far as to stalk them on Facebook and make sure they aren't friends with the seller. We eliminated two housing inspectors based on that alone.

The homeowner may lie his/her ass off as far as known problems of the house. The buyer's agent certainly will; it's in their best interest to say, "not to my knowledge," so they can unload the house as quickly as possible. That's why I write a list of questions to be given to the homeowner: when was the roof last replaced? Have there been permits pulled for construction or improvements? Is there a homeowner's association? Are there covenants associated with the property? Are there easements you need to be aware of? Are you in a location that allows you to discharge a gun? Don't go by what the seller says; find out through the sheriff's department.

When we went home-shopping, I brought a kit with me that I put together myself. I brought a level, to see if the walls and windowsills were plumb. I carried a lighter and would hold the flame near the windows to see if there were any drafts. I took a million photos, and would print them out and put them in an envelope with the listing information and any questions that I had. I brought a 50' tape measure, to measure the rooms and to see if our furniture would fit. Our buyer's agent once made a somewhat-disparaging remark about my questions and my kit and the following day I started to work him like a bitch. This is the biggest investment you'll make. Don't forget who holds the checkbook in this case.

Do not forget the moving costs, the hook-up fees for internet/cable/gas/etc, the fact that you will need time to move in and you'll want to watch the weather- you don't want to move during blizzard season!

Visit the place during different times of the day. You'll want to see if the morning rush hour is so bad that you'll have trouble backing out of your driveway. Will you be near a school? A church? Ask the neighbors if there are noises or activities you should be aware of? (For instance, there is often illegal street racing that takes place in the next-door neighborhood. It's a source of vast irritation to anybody trying to sleep at night along that street.)

A few years ago, I would say not to bid what the seller is asking, but in this market, I would rethink that in specific cities.

Remember you will be responsible for paying mortgage insurance, on top of your mortgage. Also remember as a homeowner, you are responsible for bills that you are not- sewer, water, streetlight fees, taxes, maintenance, etc.

Because of this, I would HIGHLY suggest a homeowner's warranty for the first year. Within a month of us buying our home, our refrigerator and our wall oven died. Three weeks after that, the microwave's circuit board crapped out. Our homeowner's warranty covered all of it.

That's all I can think of for now, although I know there is a lot more. I apologize for the length of the ramble, and wish you luck!

[CS1983]

Thanks for the replies so far, especially detailed ones!

Gonna put all these in OneNote for viewing with the wife.

[Dave]

We went through the Homes for Heroes program last year when we bought our house. I'm not sure who the realtor or lender are for CO Springs, but up here it is Jay Holland and Fairway mortgage. We walked out of our closing with a check for a little over 2500 as the realtor and lender in this program gave us a rebate for using them.

https://www.homesforheroes.com/

[00tec]

We went through the Homes for Heroes program last year when we bought our house. I'm not sure who the realtor or lender are for CO Springs, but up here it is Jay Holland and Fairway mortgage. We walked out of our closing with a check for a little over 2500 as the realtor and lender in this program gave us a rebate for using them.

https://www.homesforheroes.com/

We went through Fairway in Greeley for our USDA loan. Good people.

[Skip]

I have nothing to add other than congrats Cav! It's a big decision but one that pays off.

Remember, it's not just what the "housing market" does but your housing costs. To get into a place at cost of rent + tax deductible interest + equity = better place than renting. A lot of people buy and then watch Zillow like the stock market!

[brutal]

Remember you will be responsible for paying mortgage insurance, on top of your mortgage. Also remember as a homeowner, you are responsible for bills that you are not- sewer, water, streetlight fees, taxes, maintenance, etc.

I thought with VA backed loans there was no PMI? Perhaps it is loan amount dependant?

My first home loan was VA backed and I don't think we had PMI, but that was a long time ago.