Congratulations on your impending wedding, and be sure to tell your fiancÃ© thanks for serving.
The knowledge that you qualify for a VA loan is the first step. It is essential that you speak with a lender (local preferably) who can tell you the amount of the loan for which you and your fiancÃ© qualify. They will give you a one page prequalification letter. Once you have the prequalification letter, you are ready.
Finding a house is the fun part, but it is only the first part. You can spend a lot of time (if you are working fulltime, think wasting a lot of time) searching the internet (Trulia is a good place to start). There are many places that will serve up list of houses for you. However when you are serious, you need to engage the services of a professional. The good ones have the skill, knowledge, and resources to make the process much easier for you. Specifically, in the state of Louisiana you want a â€œBuyerâ€™s Agent,â€ someone who only works for you. When you see a sign in a yard, that person works for the homeowner.
As a general rule, all licensed real estate professionals have access to the same list of houses, meaning they can talk with you and show you the property. The difference between those professionals is their skill, knowledge, and ability. Once you select a buyerâ€™s agent to work for you, be loyal to them. If you are not satisfied with their services, tell them, and find one that will take care of your needs. But, always be loyal.
You mentioned a VA approved house. Depending on the price range, most houses will qualify for a VA loan. It is not the age of the house, its location, or its style. In order for a property to be eligible for a loan, it must be a good investment for the lender. That means that if the borrower defaults, the lender can recover their investment by selling the property. That means that an investor does not like distressed, damage, or properties that are in otherwise poor condition. There is too much risk for the lender. A skilled, knowledgeable buyerâ€™s agent can show you a property and give you an indication of the likelihood of its qualifying. Phrases like â€œneeds workâ€, â€œgreat investment opportunityâ€ are red flags.
Contact me by going to Zip711.com and click contact me. Or, you can read about it in my book, â€œGet the Best Deal When Selling Your Home â€“ Northwest Louisiana Editionâ€ at your local library, or bookstore.
I interview prospective buyers and sellers on a regular basis. I would be glad to speak with you.
Carolyn Grimsley, CRS, ABR
Certified Residential Specialist, Accredited Buyerâ€™s Representative
Licensed by the State of Louisiana