It turns out the very first step is to research different types of home loans and determine which one(s) might work for you. In our case, I found we could go with a "Conventional" or "VA". A "Conventional" loan is your average, vanilla mortgage. Put money down and make monthly payments. The "VA" loan is only for those who qualify via military service, etc. What is awesome about the VA loan is that it requires no down payment.
The next step was to find a loan servicer. I ended up choosing between USAA (who we adore) and Veterans United. VU gave me better initial service so I went with them. It definitely wasn't the most informed choice I've ever made, but I stand by it and believe it was the right one still.
The third step is to contact the servicer and begin the process. It starts by giving them basic information via the internet or the phone so they can decide if you are even a candidate for a loan. After they decided we were, they set up an appointment for me to meet with a local loan offer who sat down with me and explained, step by step, what was to come. She also taught me how to read all of the important documents, collected other paperwork from me like pay stubs and W-2s, and had me sign a boatload of paperwork.
The papers I signed and the papers I gave her let the VU firmly establish whether or not they'd lend to us and exactly how much. After much back and forth, the issued us a PreQualification Letter! A big delay came from the fact that Don is currently deployed and un-contactable. Using our Power of Attorney and some old fashioned charm, they issued the letter. It's a very simple letter that states how much you are approved to borrow and has some contingencies that would cause the servicer to rescind their offer including a home appraisal and no termites on the property.
The best step so far has been the actual house hunting. We love our realtor and she has shown us some awesome places. Be very careful when picking your realtor and NEVER use the same realtor who is listing the house. Out here, the listing realtor (the one representing the seller) makes a 6% commission and then splits that with your buying realtor.
The thing about house hunting is you KNOW the house when you find it. But. Then you have to keep your guard up because you might not end up being able to buy it. It's a fine line to walk!
I found THE house!! A family friend is going through it with me tomorrow to make sure nothing bad jumps out. If he says go, then we are going to be making an offer. I'm sooooooooo wound up about this, if it's not obvious. I know that we still have a long way to go but this is starting to feel very real in a very good way.
Wish me luck! I'll keep updating.
No comments:
Post a Comment