JBLM Area Homebuyer Checklist

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]

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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