What’s the best advice for a first time home buyer using a VA loan?

The first thing you have to do is find a good mortgage person. There are often state programs for first time buyers where the state has programs that minimize your initial costs. In today's market, you can often get a rate for a conventional loan that is less than your government sponsored programs. USDA loans are often very user friendly and will go 100% or more of the price of the home. FHA loans offer a smaller down payment than most conventional loans. The FHA also offers a loan where the cost of bringing a home that needs repairs or remodeling is included in the mortgage. Both the VA and FHA loans require the home meet standards (mostly safety) that a conventional loan does not require. There are to many variations to explain here, thus my recommendation to find a good mortgage provider, honestly answer his questions and provide him with your desires. Once he works with you for a minimum amount of time, he will be able to tell you how much you can afford for a home and give you a letter pre-qualifying you for a home up to a certain amount. That guidance makes it less time consuming for you and your realtor to find a home within your price range that fulfills as many of you and your families wants as possible. Realtors know the home inventory in the area, but mortgage writers are experts on available money that will meet your individual needs and circumstances. They often will provide you with recommendations on which realtor or agencies that will provide you the best service. One important thing to remember, you rarely have to pay the asking price on an existing home. Builders normally won't deal on price, but an owner who wants to sell his home will often take less than the asking price and give you a discount either in the form of a reduction in price or what is called a seller's assist where you take out a mortgage for a larger amount than the actual amount the seller is getting, with the additional amount going to you to help pay your closing costs.

In addition to what has been said, and to tack on to what 1SG John Faircloth said, the VA loan is nothing more than a guarantee. Not all lenders are created equal, so do some rate shopping to find who the best lender for you is. Also, in the not all lenders are created equal category, look at customer service. Will the lender work with you if you DO have unforeseen circumstances? Do they answer the phone? Are they going to turn around and immediately sell your loan to someone else (which happened on both of my VA loans.) If so, who? And what is THAT company's reputation?

To tag on to what MAJ (Join to see) said, location is INCREDIBLY important. That house that is $20,000 cheaper but an extra 30 minute commute might not be worth it. Likewise that house right outside the gate that is $50,000 more might not be worth it.

If you do VA loan you should be required to do a home inspection prior to purchase. If you can, be there with the home inspector so (s)he can show you what they are looking at. If you can't be there, ask for pictures AND detailed descriptions. I found out the hard way that makeshift repairs CAN comply with inspections standards, despite being obviously done by an untrained amateur.

Make sure your credit score is above 700. I was stationed at Carson. As a SSG. I lived in quarters