Home Buying in Nashville>Question Details

Leahcochran2…, Other/Just Looking in Nashville, TN

I would like to buy my first home with a va loan what is the process and how do I get started

Asked by Leahcochran226, Nashville, TN Sun Mar 31, 2013

my grandfather is 82 and wants to buy a multi unit home with his va loan so we can be near and help please tell us the process and whay we need thanks so much

Help the community by answering this question:

Answers

13
I'm actually in the middle of a VA loan with one of my clients now!

Step 1: Get yourself pre-approved through a lender- I have a great one if you need help with that. The VA loan is one of the only loans out there that will still do 100% financing! Also, if your grandfather has any disabilities due to his military service, the VA Funding Fee will be waived, which is nice as that fee can be several thousand dollars.

Step 2: Select a Realtor who understands the VA home purchasing process.

Step 3: Look for a property which will be approved by a VA Appraiser. This is a very important step. With a VA loan there are homes which won't be approved by a VA Appraiser. So it is very important to select a home that meets the VA standards. I believe the fee for a VA Appraiser is about the same as a normal appraiser - around $350 - $400. Your Realtor should be able to point out potential homes that will work and which ones won't.

Step 4: Put your contract in on the home you select and come to a binding agreement with the seller.

Step 5: Pay your earnest money on the house - this is like a deposit on the house that shows the seller that you are serious about purchasing the home.

Step 6: Apply for the VA Loan through your preferred lender.

Step 7: Do a regular inspection (also around $400) and a termite inspection ($50 and under). A termite inspection is a requirement for a VA loan.

Step 8: VA Appraiser goes out and looks the home over.

Step 9: Any problems with the house from either the inspections or the appraisal need to be addressed in order to keep moving forward on the house.

Step 10: Continue moving forward, giving all paperwork to the lender as required.

Step 11: Once the loan is approved set a closing date.

Step 12: The day before or the day of the closing do a "walk through" of the house to make sure that everything still looks the way it's supposed to.

Step 13: Attend the closing to sign all paperwork.

Step 14: Receive the keys to your new home!


These are the basic steps of a VA Home Loan.

The VA Loan Approval is not always a smooth transaction, but the extra effort is definitely worth it!

For a more in depth description of the process, feel free to give me a call at 615.509.1753
1 vote Thank Flag Link Sun Mar 31, 2013
Find a lender in your area that you can trust and will give you the personal touch that most banks cannot. Make sure you are not just a number.
0 votes Thank Flag Link Sun Jul 28, 2013
Selecting a lender through whom to get approved and work throughout the duration of the process should be the first step. I highly recommend people shop around for a lender who will meet their needs over the duration of their loan. Your lender will be able to guide you through the process!
0 votes Thank Flag Link Sun Jul 28, 2013
Step 1: Get yourself pre-approved through a lender- I have a great one if you need help with that. The VA loan is one of the only loans out there that will still do 100% financing! Also, if your grandfather has any disabilities due to his military service, the VA Funding Fee will be waived, which is nice as that fee can be several thousand dollars.

Step 2: Select a Realtor who understands the VA home purchasing process.

Step 3: Look for a property which will be approved by a VA Appraiser. This is a very important step. With a VA loan there are homes which won't be approved by a VA Appraiser. So it is very important to select a home that meets the VA standards. I believe the fee for a VA Appraiser is about the same as a normal appraiser - around $350 - $400. Your Realtor should be able to point out potential homes that will work and which ones won't.

Step 4: Put your contract in on the home you select and come to a binding agreement with the seller.

Step 5: Pay your earnest money on the house - this is like a deposit on the house that shows the seller that you are serious about purchasing the home.

Step 6: Apply for the VA Loan through your preferred lender.

Step 7: Do a regular inspection (also around $400) and a termite inspection ($50 and under). A termite inspection is a requirement for a VA loan.

Step 8: VA Appraiser goes out and looks the home over.

Step 9: Any problems with the house from either the inspections or the appraisal need to be addressed in order to keep moving forward on the house.

Step 10: Continue moving forward, giving all paperwork to the lender as required.

Step 11: Once the loan is approved set a closing date.

Step 12: The day before or the day of the closing do a "walk through" of the house to make sure that everything still looks the way it's supposed to.

Step 13: Attend the closing to sign all paperwork.

Step 14: Receive the keys to your new home!


These are the basic steps of a VA Home Loan.

The VA Loan Approval is not always a smooth transaction, but the extra effort is definitely worth it!

Let me know if I can help
Sukeeta Duncan
615-896-7647 office
615-522-1994 direct
http://www.sukeeta.com
http://www.InTheLoopREALTORS.com
0 votes Thank Flag Link Sat Jul 27, 2013
Hi,

I just helped a family find a great home in Nashville (they took advantage of a VA loan due to my clients military service). The lender I suggested gave them great advice and they closed fairly quickly. If I can be of assistance to you it would be my pleasure.

My best,
Ryan Jones, Realtor
Coldwell Banker Barnes
Office: (615) 465-3700
Mobile: (615) 926-2872
0 votes Thank Flag Link Sat Jul 27, 2013
Hello there! Every loan scenario is different, but any qualified mortgage professional can help you find the answers to your questions.

The things I would ask based on the onfo provided would be:

1) Will your grandfather be living in the home? (Loan programs vary based on if the home being purchased will be a Primary Residence for the borrower. If we are using Grandfather's VA benefits, he would be the primary borrower)

2) Will he be the only person on the loan, or will there be additional borrowers?

3) Has he ever had a VA mortgage before?

As far as the items needed for a mortgage pre-approval, you would simply need to go ahead and apply for a pre-approval. This is a basic review of income, assets, and credit history. Once it is determined exactly what you will qualify for, your loan specialist will be able to select the proper program that works best for you and your family.

Items that I typically request for pre-approval:

30 full days pay stubs
2 months most recent bank statements
Last 2 years W2's (each borrower)
Last 2 years Tax Returns (each borrower)

Lastly the property would need to be inspected by a Licensed VA appraiser to determine if the value of the home justifies the loan amount for purchase. As long as this comes back okay, with no major repairs noted, you should be good to go!

I hope that this info helped :)

Matt Ratliff
Churchill Mortgage
Loan Processor & Home Loan Specialist
0 votes Thank Flag Link Tue Jul 23, 2013
VA loan is a great loan and one that we specialize in as a lender. Please feel free to give me a call or I can send you an email with a link to my online application. They require no money down and they do not have any monthly Mortgage Insurance. I am located in Nashville, TN so you are also welcome to come in and sit down with me.

Thanks,

Rory Lithgow
Branch Manager
Home Lending Source
615-627-4868 Office
rlithgow@thehls.com
0 votes Thank Flag Link Mon Apr 1, 2013
I am familiar with the VA loan Process and I have a great lender that does all Military loans. The first step would be to talk to a lender about pre-approval. Let me know if I can help!

Thanks,
Andra Brewer Green
615.585.2638
http://www.eastnashvilleagent.com
"Everyone needs a friend in Real Estate"
0 votes Thank Flag Link Mon Apr 1, 2013
Is your grandfather buying the home or are you buying the home? A VA loan can only be used for buying primary residence for a veteran. The veteran can buy a 1-4 Unit home with his entitlement. A non-veteran cannot go on title of the home. Contact me (615.525.78905) if you want more details. As a veteran myself I am very familar with the VA Home Loan.
0 votes Thank Flag Link Sun Mar 31, 2013
First step is to get pre approved for a mortgage with a lender that is familiar wit ad has done many va loans.
0 votes Thank Flag Link Sun Mar 31, 2013
Hello Leah:
This is potentially do-able but there are some rules you need to be aware of. Also being a Vet your Grandfather may be entitled to some other special programs. I would be happy to discuss your situation in more detail just reach out.
0 votes Thank Flag Link Sun Mar 31, 2013
The first route is to get pre approved through a lender and then work with a Realtor to help you find a home. I am a local Realtor and I work with Great lenders so I would love to help you. Please contact me if you are interested in my help....
0 votes Thank Flag Link Sun Mar 31, 2013
I would be happy to help you. Feel free to give me a ring.
615-299-7995
0 votes Thank Flag Link Sun Mar 31, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer