The VA offers veterans many benefits that help them throughout their lifetime. One of those valuable benefits is the VA Home Loan Guarantee Program.
The VA loan is arguably one of the best options for Veterans and military members.
Through the VA loan, Veterans can purchase a home with no money down and have an easier time getting the loan because the VA guarantees a portion of the mortgage.
For Veterans who are considering using the VA loan to purchase a home, it is essential to understand the details of agreeing to buy a home and what that means legally for you.
When you agree to purchase a home, you sign a contract of sale or purchase agreement. The purchase agreement is a legally binding contract stipulating the home purchase terms between the buyer and seller.
When buyers sign these forms, they usually put earnest money or a deposit down on the home to show that they are entering into this agreement in good faith and intend to purchase the home.
If you put a deposit down on the home, make sure the paperwork outlines the terms in which your deposit is refundable. Typically with a VA purchase, a clause for a low appraisal is included.
Doing so will ensure that if there is a problem with your financing or the seller or builder does not live up to their end of your agreement, you will have protection.
When you purchase a home, there are many things you must look for to make sure the sale goes smoothly and you protect your interests.
Every purchase transaction is different, so not all agreements may look the same. However, below is a checklist of common topics often included in the VA purchase agreement and things to consider.
Working with an experienced VA lender helps provide peace of mind when signing a VA purchase agreement. Let VAMortgageCenter.com connect you with an experienced VA lender today.
VA purchase agreements shouldn't be daunting. However, it's a great idea to have an experienced VA lender on your side to walk you through the process. Let VAMortgageCenter.com connect you with an experienced VA lender today.