My wife and I recently were married. I am retiring in July after 25 years of AD service and we are moving from Missouri to N. Idaho. We currently both own homes and are looking to sell prior to moving. We are wanting to buy our forever home but we are not sure of a few things. First, when should we get preapproved? (Neither of us have job offers as of yet but we have resumes out there) Second, we are looking at stick homes with acreage but if we can't find what we like we would like to buid our house. (We have two-20 acre (40 acres total) parcels we are interested in with an amazing view) We are working with a realtor in the area where we want to move to, but we are not sure what our budget will be?
Any advise is greatly appreciated.
Hi @Gidiap, Congrats on your upcoming retirement. The best time to start a pre-qualification is when you are ready to start shopping. A credit report is only good for 90 days and a new pre-qual would have to be completed after that time. We will need to know estimated income for the pre-qual. Once you have selected a home and have a contract we will review your employment/retirement income again to ensure it meets loan requirements. For more details on getting pre-qualified please reach out to one of our loan officers anytime at 800-531-0341. Thank you!
Make sure your VA home loan guarantee is up to date. If one house is listed, get it sold and file the HUD-1 to reestablish full eligibility/guarantee at earliest convenience. In fact, you may have part of it still available depending on the original purchase date and subsequent increases based on region. In addition, the guarantee isn't just a flat allowance but is based on regions and has significant variances depending on their housing costs. Often lenders and VA work together if the eligibility has to be released by a sale of a house.
Great to hear you made it to 25 yrs and thanks for your service. (We've been there too.) Now enjoy late muster calls down at the coffee shop....once the quarantined is lifted.