Hello Dee,
A buyer should always pre-qualify for a loan, any loan, prior to start a search.
You will never be absolutely certain if a house qualifies for a VA loan until house passes an inspection by a VA approved inspector – this is out of pocket expense to you, approximately $300.
One way to determine probability is to ask listing agent – most of them have a good idea on this. The other way is to have your agent to look at the house – he/she will also have a good idea if property will qualify (as a buyer you pay no commission).
If problems surface, seller may agree to correct them at his cost - more difficult if property is bank owned. But, one can always try to negotiate. If negotiation would fail, in most cases, you can opt out of the deal.
In order to qualify for a VA loan applicant must obtain Certificate of Eligibility from VA.
Usually, it takes 2 to 4 weeks to obtain this document. Certificate is valid for 6 months but it can be renewed if needed. Than you contact VA approved lender to apply for the loan. I will be glad to recommend few excellent VA approved lenders
In to-days market one should not need six month to find suitable property - in Tucson and adjacent areas we have some 8,000 properties on the market.
Note that you ma obtain a no down payment VA loan but you still have to pay closing costs.
George
GeoSzk@WBhsi.net
http://www.DestinationTucson.biz - Mon Nov 3 2008, 09:41