VA Loans are mortgages set up by the United States Department of Veterans Affairs for veterans or their families (in case of death while on service). The VA loan program allows veterans to obtain long-term financing as a reward for dedicated service to this country. As a qualified veteran, you can qualify for a VA loan for up to $978,750 without having to provide a down payment.

Even so, many veterans are not aware of the key terms and ideas associated with qualifying for a home loan. That’s why we put together a quick list of key ideas to keep in mind when you are researching your dream home.

Understand Your Real Budget:
How can you tell what your actual budget is for affording a new home? A good place to start is through pre-approval with a qualified lender. A pre-approval uses your current financial status, debt and income, and calculates an estimate on what you can actually afford to purchase. Not only will this help you shape which properties you should devote your time exploring, but also provides you a strong tool when it is time to make an offer. Sellers tend to prioritize pre-approved buyers because they know they are serious and can follow through on the purchase.

However, a pre-approval doesn’t tell you the whole picture. For example, if you receive a pre-approval amount for $250,000, that doesn’t necessarily mean you can make an offer on a home of the same value. There are additional expenses like real estate insurance, property taxes, closing costs that you will need to account for in your budget. A qualified loan officer will account for this and help you set proper goals and budgets.

Partner with a Respected Mortgage Firm:
Choosing an expert agency with a good reputation and years of experience will save you time and money. At First Meridian we will work with you through the entire process so you can make educated decisions that you can afford long term – and still have your dream home. If you are a veteran, we recommend you consider VA loans as these are a great opportunity for qualified veterans to enjoy a key reward for dedicated service.

If you are a veteran looking for a VA loan in New York, Team Ishakis is here to help you. Contact us today to speak to an expert mortgage consultant.