VA Loans Blog

3 Common Mistakes When Using a VA Loan

July 4th, 2018 8:26 AM by Joan Rusco

A home loan from VA Loans Minnesota is one of the most powerful tools available to home-buying or refinancing veterans and active duty personnel but that power can be diminished by some common mistakes. We want you to avoid these mistakes.

  1. Not Communicating with your lender. VALoansMN works hard to work with you as you purchase your home. We take the extra effort to be completely transparent about the process and the costs. We need to know your complete financial and credit picture. Don’t be worried about the rough spots. It’s our job to help you overcome any obstacles.
  2. Never ever make any major purchases during your loan processing period. After we’ve worked together on your loan application we should be able to green-light your loan with a specific interest rate. If, following this approval, you were to go out and buy a car or some furniture on credit everything may change even to the point of ruining your loan approval. Lenders will take a last minute look at your credit report before funding your VA loan. If they see you’ve bought a car, appliances, furniture or other big ticket items on credit they may determine you can no longer afford your VA home loan and “poof” your prospects of buying or refinancing go up in smoke.
  3. Not working with a realtor who understands the VA loan process. Some home sellers shy away from VA loan buyers. Mostly this is out of ignorance. They’ve heard VA guaranteed loans are more stringent in inspections and they’re right. But a well versed realtor can overcome those fears by explaining to home sellers why their home will pass any inspection. But this requires realtor knowledge of the VA loan guidelines. VALoansMN has some realtor partners who can help you if you need a referral or a second opinion. Just because your brother, sister or cousin is a realtor doesn’t mean they’re qualified to help you (although they may be).
We’re talking about your money, your home, your future here so let’s be serious about making this work. Brad at VALoansMN loves this work, loves working on your success and wants to ensure you will be successful in buying or refinancing your family home. It’s what we do everyday, all day long. VALoansMN is here to help in anyway we can. Give us a call today so we can get this done for you!

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