What veterans should know to avoid common VA home loan pitfalls

SAVANNAH, Ga. (WTOC) - A veteran and founder of Home Buyers of Savannah is encouraging veterans to ask questions and understand the details before using the U.S. Veteran Affairs Home Loan program.Home Buyers of Savannah founder and CEO Patrick Hanlon said understanding the costs, requirements and potential risks can help prevent costly mistakes.Hanlon shared several things veterans should know, including the importance of completing a deed in lieu of foreclosure. He described a veteran who believed he had turned over his home to the bank, only to discover two years later that the paperwork was never finalized. The home eventually went into foreclosure.Key takeaways for veterans:Finalize foreclosure paperwork: A deed in lieu of foreclosure is not complete until it is signed, notarized and recorded. Get a copy for your records.Stay in contact with your lender: Notify your mortgage servicer in writing if you move. If your loan is transferred, contact the new servicer.Ask for help early: I