Dear Veterans,

You decided you want to buy a home what is the next step?

It normally takes 30-45 days to close and move into your new home: For example:  Let’s include your first day of work at your new military assignment.  Your first day of work is July 1, 2022. Your offer is accepted on April 27, 2022:  Your settlement date will be on May 27, 2022, and your first mortgage will be July 1, 2022.

Below are the steps to purchasing a home before you start your house hunting trip.

1.       Pre-Approval Letter: Contact your assigned Veterans Home Loan Officer

2.       Yay!!! You found your home.  What do I do now? And what is involved?

3.       Make an offer:  This includes providing an Earnest Money Deposit (EMD). The EMD can be a personal check, certified check, or a wire.   In todays’ market it is 1% of the sales price of the home.  For example:  Home sales price is $200,000 x 1% = $2000 EMD.  This will show that you are a strong buyer with your offer.  The minimum is a $1000 EMD but the preferred is 1% of the sales Price.

4.   Offer is accepted: You will need to provide your (EMD) to the realtors’ attorney or title company. Since we are working together the title company is Sage Title Group:  Below is the information and instructions.   Instructions for Earnest Money Deposit (EMD):  Mail EMD immediately/1 day after contract ratification.

a)       Write personal check or certified check payable to:  Sage Title Group

b)      Please take a picture of your personal or certified check and email at (wrighthomeforu@gmail.com) or text the copy at (703 216-4544). You can take this picture on your phone.

c)       Mail your EMD with a tracking number: Preferred FEDEX Note:  UPS is slow Address Envelope:
Attention:  Debbie Nelson & Linda Wright
                 Check Payable to:  Sage Title Group LLC
                 963 Providence Square Shopping Center, #118b,
                  Virginia Beach, VA 23464

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POC:  Debbie Nelson, Settlement Processor, debbie.nelson@sagetitlegroup.com 757-640-8390 Office

5.       Have a conservation with your Veterans United Loan Officer regarding an estimated amount of closing cost needed at closing. Closing costs is the amount due at closing which is normally 3.5% of the sales price.

6.       Get a Home Inspection.

www.safehousepropertyinspections.com

Safe House 90 Day Warranty Structural and Mechanical
Roof Protection Plan Certificate – 5 Year
Recall Check Warranty
Sewer Gard Warranty
Mold Safe-Warranty

A home inspection gives you information on items that need attention in the home such as:  appliances, roof, electrical plumbing; roof and HVAC (etc.,). In this market sellers are not accepting offers that have a home inspection contingency. But do not worry; You can still have a home inspection. In the offer, it will be noted as (Home Inspection for Information purposes only). This means that the seller will make no repairs.

17.  Get A Home Warranty

A Home Warranty is highly recommended.  The home warranty covers appliances, roof, electrical plumbing; roof, heating, HVAC and more. One buyer had a pluming issue and the home warranty covered most of the cost except for the upfront deduction saving thousands of dollars.  Dawn Kay will be able to help with this dawn.kay@longandfoster.com

 Do not buy any large ticket items such as cars, furniture etc.   You do not want change your Debt To Income (DTI) Ratio.  This hurt your pre-Approval status.  Contact your Veterans United Loan Officer before making any additional large purchases until after closing. 

Congratulations you have just learned about the Home buying process.  I hope this is helpful; call or text message me any time for questions at 703 216-4544