Steps to Use VA Loans for Veterans
Eligibility – Determine your eligibility for the VA Home Loan based on military service requisites.
Apply for a Certificate of Eligibility – A Certificate of Eligibility (COE) verifies to Security America Mortgage that you are eligible for a Home VA loan. As a certified VA lender, Security America Mortgage can request it on your behalf.
Watch and read our customer testimonials – Security America Mortgage has served hundreds of happy Veteran home owners, read their stories here.
Time To Shop for a Home – A real estate agent from Security American Realty can help you through the home buying process. It is important for us that you are comfortable, So our Real Estate Agents will work eagerly to help you find the right home for you. Security America Mortgage is also partnered with military-friendly Real Estate Agents across the country who will work with you.
Sign Purchase Agreement – When you find the home that is right for you, one of our military friendly agents can help you develop an offer, create the contract, and help you with the negotiation process. Contingencies to consider are an appraised value and a satisfactory home inspection. Our Realtors can advise you if there are other contingencies typical of your real estate market.
Appraisal – Security America Mortgage Inc requires an appraisal to ensure there is sufficient collateral for this loan. Once there is a accepted purchase agreement signed by the buyer and seller, Security America Mortgage Inc will engage an appraiser to provide an opinion of value of the home.
When using the VA Home Loan for Veterans, a VA approved appraiser will complete the appraisal to complete the home’s value and ensure it is safe and sanitary for your family.
Security America Mortgage Inc needs to review the appraisal when it is complete to make sure it meets our underwriting standards, as well as sufficient collateral to finish the home loan. Security America Mortgage Inc will give you a copy of the appraisal.
If the appraised value is not sufficient enough to complete the loan, you have several options to enable you to continue with the purchase:
- Request a Reconsideration of Value (ROV).
- Renegotiate the sale price.
- Bring cash to the closing table.
An appraisal is different than a home inspection. Buyers should sometimes consider hiring a qualified home inspector to fully inspect the home for problems and potential maintenance issues.
Closing and Move In To Your New Home – Before the actual closing date, you should review the amount of fees and the terms and conditions of your contract. Additionally, you’ll need to know the amount you need to bring to the closing. But of course, our Loan Officers and Real Estate Agents will assist you with this entire process.
The closing of the home is when the purchase is funded with your VA Benefit. Thanks to its many benefits, the VA home loan has no down payment. Because of this feature, a home buyer can use those savings to increase your emergency fund or use the money on personal expenses.
Security America Mortgage is required by law to give you a “Closing Disclosure” at least three business days before closing. For more information on the closing disclosure click here.
Depending on your area’s laws, closings may occur at the title company, escrow office, or attorney’s office. At the time of closing, expect to sign many documents including the mortgage, the note, and the deed. Your military-friendly Real Estate Agent will be present, as well as an escrow officer or closing agent to conduct the transaction. This may be a long process but always know to ask our friendly staff any questions you come across.