Buyer's guide
How buying a home here works
From pre-approval to keys, in plain terms — for a house in the Fort Leonard Wood area, whether you are already here or still at your current post.
The steps, start to finish
Every purchase is a little different, but nearly all follow this path.
- Step 1Get your finances in orderCheck your credit, decide on a monthly payment you are comfortable with, and set aside cash for closing costs and moving — even with $0 down on a VA loan, there are costs.
- Step 2Get pre-approvedA lender verifies your income, credit and assets and tells you what you can borrow. Sellers expect a pre-approval letter with an offer.Start pre-approval →
- Step 3Search with a short listDecide what is a must — bedrooms, school, the drive to post — and what is a nice-to-have. It makes saying no to the wrong house much easier.Search homes →
- Step 4TourIn person or on live video. Look for what photos hide: noise, light, the condition of the roof and HVAC, how the street feels.
- Step 5Make an offerPrice, earnest money, contingencies and a closing date. We base the price on recent sales, not the asking price.
- Step 6InspectionA licensed inspector goes through the house. You decide what to ask the seller to repair or credit — or whether to walk away within the contract window.
- Step 7Appraisal and underwritingThe lender orders an appraisal (a VA appraisal on a VA loan) and reviews your file. Answer document requests quickly — slow paperwork is a common cause of delays.
- Step 8CloseSign the loan and title documents, the funds move, and you get the keys. On orders, we line this up with your report date.
Get the money side ready
Know your credit
Your score affects your rate and which loans you can get. Check your reports for free at annualcreditreport.com and fix errors before you apply.
Pick a payment, not a price
Being approved for an amount does not mean you should spend all of it. Start from a monthly payment that leaves room in the budget, then work back to a price.
Plan for cash at closing
Closing costs, prepaid taxes and insurance, the inspection, and moving all need cash. On a VA loan the seller can pay some of your closing costs if you negotiate it.
Hold steady until closing
No new credit cards, car loans or big purchases, and no unexplained transfers between accounts. Lenders check again before closing.
What goes into an offer
An offer is a contract once the seller signs it. Each term matters.
- Purchase price
- What you are offering to pay, based on what comparable homes nearby actually sold for.
- Earnest money
- A good-faith deposit held until closing and credited to you there.
- Financing contingency
- Protects you if your loan does not come through.
- Inspection contingency
- Gives you time to inspect, ask for repairs, or walk away.
- Appraisal contingency
- Protects you if the home appraises below the price.
- Seller concessions
- The seller paying part of your closing costs — common with VA and FHA loans.
- Closing date
- When you take ownership. Matching it to your report date — and to the seller’s plans — matters.
Inspection
Your chance to learn the house before you own it. Don’t skip it.
Hire your own inspector
The inspector works for you. We can share names, but the choice is yours.
Be there, or be on video
Walking through with the inspector teaches you more than the report. If you are at another post, join by video.
Separate the big from the small
Every report is long. Focus on safety, structure, roof, water and the major systems — not cosmetic items.
Consider extra inspections
Depending on the house: radon, termites, sewer line, or a separate roof or HVAC check. Ask us what makes sense for the property.
Closing
At least three business days before closing you receive a Closing Disclosure listing every cost of the loan and the purchase. Compare it with the Loan Estimate your lender gave you and ask about anything that changed.
Closing costs include lender fees, the appraisal, title insurance and settlement fees, recording fees, and prepaid taxes and insurance. Your Loan Estimate shows your actual numbers. If you are not here, ask early whether the lender and title company can close by mail, with a mobile notary, or with a power of attorney.
Wire fraud warning
Never wire closing funds based on emailed instructions alone. Call the title company at a number you looked up yourself and confirm the account details before you send anything. Treat any email that changes wiring details as fraud until proven otherwise.
Loan types at a glance
If you have VA eligibility, start there. Your lender confirms what you qualify for.
VA
FHA
Conventional
Common questions
How much do I need for a down payment?
It depends on the loan. With a VA loan and full entitlement, an eligible buyer can put $0 down. FHA requires at least 3.5%, and some conventional loans allow 3%. You still need cash for closing costs unless the seller covers them.
What does a buyer’s agent cost me?
Buyer agent compensation is negotiable, and you will sign a written agreement that spells it out before we tour homes together. Often it is paid by the seller as part of the deal, but we will go over exactly how it works for your purchase up front.
Can I buy before I arrive at Fort Leonard Wood?
Yes. Tours by live video, offers signed electronically, inspection by video, and — depending on the lender and title company — closing by mail, with a mobile notary, or with a power of attorney. Buying from another post →
Pre-qualified or pre-approved — what is the difference?
Pre-qualification is a quick estimate from what you tell a lender. Pre-approval means the lender has checked your credit, income and assets. Sellers take a pre-approval far more seriously.
Can I back out after my offer is accepted?
Within your contingency periods — inspection, financing, appraisal — you can usually cancel and keep your earnest money. After they pass, backing out can cost you the deposit. We walk through every deadline before you sign.
What is different about a VA loan?
Mainly the VA appraisal, which checks value and the VA’s minimum property requirements, and the VA funding fee, which some veterans are exempt from. Otherwise the steps are the same as any other loan.
What if the home appraises for less than the price?
You can ask the seller to lower the price, cover the gap in cash, meet in the middle, or — with an appraisal contingency — cancel. On a VA loan, there is also a process to ask for a reconsideration of value.
Questions about your purchase?
Our agents hold the Military Relocation Professional (MRP) certification and grew up in military families. Ask us anything — whether you are buying this month or just got orders.