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Hello sealt73. Thanks for the question!The answers provided here on Zillow by these helpful lenders are correct; you appear to be in a wonderful position to buy a home and get a VA loan provided your debt-to-income ratio meets the VA requirements.
Your next step is to contact some of these lenders (or another lender of your choosing) and compare rates and fees and determine how much home you can afford. This is called the 'pre-approval process' which is critical before you start shopping for a home.One thing to remember, you'll need about 3% of the purchase price of your new home to cover your buyer's closing costs, which are items such as title/escrow fees, inspection fees, lender fees, appraisal fees, etc. It's important to note that these costs cannot be financed into the loan; only the VA funding fee is financed into the loan. These costs must be paid at closing from your own personal funds or they can be 'gifted' to you from a family member. Once you speak with a lender, make sure you ask them about the closing costs associated with the purchase that are your responsibility. (Occasionally, the seller might also be willing to contribute some if not all of those funds to you IF your offer to purchase their home is a strong, competitive offer. It can be negotiated into the purchase contract.)
Once you find a good lender that you're comfortable working with & have your loan pre-approval in-hand, your set to meet a Realtor to assist you with the process of finding a home, writing & negotiating the offer, entering escrow, scheduling inspections & repairs (if necessary) and helping you all the way through the closing.I'd love the opportunity to assist you with that important step. Please feel free to contact me through my Zillow profile - you can email me or give me a quick call. I have several useful handouts for first-time buyers that I can send you as well.Thanks again for the question! I hope to hear from you soon!Jim MitchellRealty ONE Group
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