QUESTIONS about this checklist? Operation Red Dot is happy to walk you through this process or answer any specific question. 253.300.6300 www.OperationRedDot.com
Step 1: Fulfill requirements with the JBLM Housing Office (Housing Services Office/ HSO)
Bldg. #5128, Pendleton Ave, Lewis Main / 253/967/3581 Email: [email protected]
- (Before you arrive) Get the Housing Welcome Information Packet / schedule an appointment
- (Before you arrive) Learn about and set up temporary lodging
- (Boots on the ground) Attend a mandatory Installation In-processing Brief; HSO is one of the agencies that brief servicemembers Boots on the ground. Optional HSO counseling on leasing, renting or homebuying (appointment)
Step 2: Find and Interview real estate agents (Best if 60+ days prior to move)
- Read agent Reviews or get referrals
- Ask if the agent has a preferred lender
- Is the agent a military veteran or spouse?
- How many transactions has the agent done (Lifetime or in the last 12 months)
- How do showings work with that agent (Virtual or physical?)
- How does the agent’s commission work?
- Does the agent provide any military perks?
- Discuss out of pocket expenses
- Earnest money ($500-$2,500 – Refundable if the seller pays closing costs)
- Inspection fee (Generally $450-650)
- Closing Costs (Expect 2.5% of the total purchase price)
- Property Appraisal (Expect $800-900)
- What assets can I buy with the VA Loan?
- Residential Single-Family Home
- Residential Multi-Family (2-4 units)
- A condo
- A manufactured Home (not in a park)
- A townhome
Step 3: Find a Lender and Get Pre-approved
- Get Documents Ready
- 2 months bank statements (you and spouse)
- 2 months pay stubs (you and spouse)
- Investment statements
- Letter from “Gift” source, if not using seasoned (60 days) funds
- Shop for a lender/mortgage
- Have credit score 580+ (standard for FHA)
- Find a quality lender with military family experience.
- Use your 21-day window to shop for the best rate.
- Consider Short Term Credit Boosts
- Self-reporting ○ Call creditors for limit increase
- Quick re-score
- Strategic credit card usage
- Things you SHOULDN’T do after approval.
- Make large purchases.
- Change work industry.
- Change your revolving credit (Don’t open or close credit accounts, don’t buy/sell vehicles
Step 4: Establish Needs and Wants
- Start with what you need in a home. What is the minimum?
- Separately, add what would be nice to have.
- Consider size, function, location/distance, budget, schools, work, etc.
Step 5: Tour Homes
- Start looking at houses.
- MLS (Through an agent, has the most accurate information)
- Why Zillow/Redfin/etc. is not ideal.
- Can’t zero in on VA Approved Homes
- Information is often inaccurate.
- Aggressive Site Ads
- Build criteria for comparing houses apples to apples.
- See 3-5 houses per house hunting session, go kick the tires.
Step 6: Writing the Offer
- Offer negotiation.
- Was the house pre-inspected?
- Are there other offers?
- Is our offer competitive?
- Is our offer simple?
- Is the offer our highest and best?
- Can we use safety net addendums like escalation clauses?
- Appeal to the seller.
- Have your agent provide a personal narrative with the offer (No Seller love letters)
- Have your loan officer call the listing agent once an offer is submitted.
Step 7: Things to do after Closing
- Set up billing for utilities.
- Register kids for school.
- Update pet microchips.
- Map distances to work, school, shopping, recreation, etc.
- Change all door locks and garage codes.
- Briefly consider your options for what happens when you must relocate.
- Will we sell the home?
- Will we hire a property manager and collect passive income?
- Will we refi out of VA so we can re-use the VA Loan somewhere else?
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