The VA Home Loan Process
There are a variety of financing options available to future homebuyers, one of which is the VA Guaranteed Home Loan. The VA Guaranteed Home Loan is made available to eligible veterans and spouses by private lenders.
If this is an option that you are interested in pursuing, then there are a few steps you will need to follow.
- First, the purchase of the selected home must be discussed with the selling agent, and a purchase contract signed, pending the approval of the VA home loan.
- Complete a loan application complete with your Certificate of Eligibility from a selected lender.
- The lender will then work out details concerning credit and income information, and request that the VA assign a licensed appraiser to ascertain the value of the desired property. At that point, a Certificate of Reasonable Value will be produced, and the lender will contact you with a decision.
- If approved, you will attend the loan closing where terms are explained and required paperwork is signed.
- The loan will then be sent to the VA for a guaranty.
*This information is courtesy of http://www.homeloans.va.gov/.
Eric Anderson, Team Leader
Keller Williams Realty - Fayetteville
EricAndersonNC@kw.com
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