What Should I Ask My Lender About a VA Loan Before Touring Homes in Pensacola?

Start with pre-approval, and choose a lender who knows VA loans well. Then ask about your budget, your cash to close, your timeline and the appraisal, so there are no surprises after you find the home.

Vivian Corwin is a bilingual Realtor and Military Relocation Professional with IXL Real Estate Florida in Pensacola, FL, helping military and relocating families buy and sell homes across Pensacola, Pace, Milton, Gulf Breeze, and Navarre. I'm not a lender, and I'm not affiliated with the U.S. military, the VA or any base. Your lender sets your loan terms. My job is to make sure you walk in with the right questions.

• What can I borrow, and what monthly payment does that mean?
• How do you look at my BAH and my other income?
• What would the payment include, like taxes and insurance?
• What payment would leave me comfortable, not stretched?

My post on pre-qualified versus pre-approved explains why the full pre-approval matters. I ask every buyer to be pre-approved before showings start.

Many eligible VA buyers can purchase with no down payment, but approval always depends on your lender. Even with no down payment, come in ready for costs that can come up before closing:

• Earnest money with your offer
• The home inspection, and a WDO (termite) inspection if required
• Four-point and wind mitigation inspections, if needed
• The VA appraisal

Ask your lender what your closing costs are likely to be, and whether seller credits could help. Seller credits are something we can negotiate as part of your offer.

• How long does it usually take you to close a VA loan?
• Can I sign remotely if I'm not in Pensacola yet?
• How does a rate lock work with my timeline?
• If I'm buying new construction, what happens if the build date moves?

If you have orders, your report date anchors everything. My post on buying before you arrive on base covers the rest.

With a VA loan, the appraiser also checks the home against VA's minimum property standards. Ask your lender how they handle repairs the appraiser calls for, and what happens if the appraisal comes in low. There are options, including challenging it with better comparable sales.

Before you write an offer, I check each home for known VA property issues, like the roof's life, the termite report and open code issues. My post on VA property issues explains what to watch for, and my post on home appraisals covers the appraisal itself.

Ask how using your VA loan now affects using it again at your next duty station. If you may only be here a few years, my post on buying on a short tour walks through the bigger decision.

• Touring before pre-approval. You risk falling for a home you can't buy.
• Choosing a lender who rarely does VA loans. Experience matters on appraisal repairs and timing.
• Planning on zero cash. Inspections and earnest money come before closing.
• Not mentioning your report date. Your lender should know your timeline from day one.
• Changing jobs or taking on new debt before closing. Ask your lender first.

Here's an example of how I lay out the steps. It shows the process, and it isn't a real client's story.

• Our first call. Your goals, your timeline and your report date.
• Your lender. You choose one who knows VA loans well, and ask the questions above.
• Pre-approval. You know your number before we tour.
• The search. Homes that fit your budget and your drive to base.
• The VA check. Known VA issues reviewed before you offer.
• Offer to closing. Your lender and I stay in step on the appraisal and the dates.

Do I need to be pre-approved before touring homes?

Yes. I ask every buyer to be pre-approved before showings start.

Do VA loans require a down payment?

Many eligible VA buyers can purchase with no down payment, but approval always depends on your lender.

What cash will I need with a VA loan?

Plan for earnest money, inspections and the appraisal, and ask your lender about closing costs and whether seller credits can help.

What if the VA appraisal comes in low?

There are options, including challenging it with better comparable sales. Talk them through with your lender and me.

Vivian Corwin is a bilingual Realtor and Military Relocation Professional with IXL Real Estate Florida in Pensacola, FL, helping military and relocating families buy and sell homes across Pensacola, Pace, Milton, Gulf Breeze, and Navarre. Let's talk about your goals and your timeline. We'll take it one step at a time.

See my page for military and VA buyers, or schedule a time to talk with Vivian, by phone or video.

This is general information, not lending advice. Loan approval and terms depend on your lender.