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A VA Loan is Perfect for First Time Buyers

Buying your first home can be stressful, from getting pre-qualified for financing, finding a realtor, and then the really tough part - finding the right house!

And which one an I supposed to do first? Do I find a house? Do I need a real estate agent to show me the houses? What can I afford?

Take a Deep Breath...Relax.

What's great about the VA Loan is that it is perfect for whether you're buying your first house or your fith house, the benefits are the same - no down payment, no private mortgage Insurance, great rates, you get the idea.

As we went over earlier, the best thing to do first is get pre-qualified for your VA Loan before you start searching for your home. In today's market, it is hard for a seller to take a buyer seriously if they haven't been pre-approved and have no idea how they're going to finance a home. If you know that you plan on using a VA Loan and you've looked at the criteria for eligibility and qualification, then go ahead and fill out the form below and get started with your free VA Pre-Qualification.

Loan Information - Step 1 of 3 Go Back To Form Loan Type: VA Home Purchase VA Home Refinance How Soon? Within a Month In 2-6 Months Over 6 Months What State? Select... Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Approx Loan Amt: Select... $60,000 $70,000 $80,000 $90,000 $100,000 $110,000 $120,000 $130,000 $140,000 $150,000 $160,000 $170,000 $180,000 $190,000 $200,000 $220,000 $240,000 $260,000 $280,000 $300,000 $320,000 $340,000 $360,000 $380,000 $400,000 Estimate Your Credit Rating: Select... Excellent Good Fair Poor Are you Eligible for a VA Loan? Yes Unsure No First Name: Last Name: Phone Number: Alt. Phone:   (cell recommended) Email: I agree to Terms and Conditions. Loan Type: VA Home Purchase VA Home Refinance Your Home's Value: Select... under $60,000 $60,000 $70,000 $80,000 $90,000 $100,000 $110,000 $120,000 $130,000 $140,000 $150,000 $160,000 $170,000 $180,000 $190,000 $200,000 $220,000 $240,000 $260,000 $280,000 $300,000 $320,000 $340,000 $360,000 $380,000 $400,000 over $400,000 Currently Owe Select... under $60,000 $60,000 $70,000 $80,000 $90,000 $100,000 $110,000 $120,000 $130,000 $140,000 $150,000 $160,000 $170,000 $180,000 $190,000 $200,000 $220,000 $240,000 $260,000 $280,000 $300,000 $320,000 $340,000 $360,000 $380,000 $400,000 over $400,000 Current Interest Rate: Select... under 4.5% 4.500%4.750%5.000%5.250%5.500%5.750%6.000%6.250%6.500%6.750%7.000%7.250%7.500%7.750%8.000%8.250%8.500%8.750%9.000%9.250%9.500%9.750%10.000% over 10% What State? Select... Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Credit Rating: Select... Excellent Good Fair Poor   (estimate is fine) Ever File for Bankruptcy? Select... Never Currently Within the year 1-2 years ago 2-5 years ago 5-7 years ago Over 7 years ago Are you Eligible for a VA Loan? Yes No Unsure First Name: Last Name: Phone Number: Alt. Phone:   (cell recommended) Email: I agree to Terms and Conditions.

Once you're pre-approved for a VA Loan, that means your income has been verified and you're ready to move forward. Then you receive a pre-approval letter from your lender so when it comes time to making an offer on a house, if you've got a pre-approval letter and the other bidder doesn't - who do you think the seller will be more interested in?

Finding the Right Real Estate Agent

David Reed, a mortgage expert who has written several books on the subject, said of the major problems with the VA Loan is that real estate agents don't know enough about the product. Fortunately for you, the good people at Military Homes Realty can connect you with a real estate agent in your area who knows all about the VA Loan, which makes your first-time home buying experience easier.

$8000 First-Time Home Buyer Tax Credit

In addition to using your VA Loan and saving money right away, you could also be eligible for the $8,000 tax credit offered by the government as part of the American Recovery and Reinvestment Act of 2009, but you and I still call it the Stimulus Bill. Here are a few of the criteria for qualifying for the tax credit:

• It is for the First Time Homebuyer's ONLY. For this, the IRS defines a first-time home buyer as someone who has not owned principal residence during the three-year period prior to the purchase
• The tax credit DOES NOT have to be repaid
• The tax credit is equal to 10 percent of the home's purchase price up to a a maximum of $8,000
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009
• Single taxpayers with an income up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit

Feel better? You should. Buying a home can be daunting if you're not prepared and you don't have the right people helping you. By just reading this guide, you're better informed and a step ahead of the buyers you're competing with.

• See the Benefits of a VA Loan
• VA Loans for First Time Buyers
• Do You Qualify?
• How to Get Started
• Refinance with a VA Loan