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THE 7 BASIC STEPS OF THE VA LOAN PROCESS

By
Real Estate Agent with ERA Key Realty~Worcester County Realty Group 9079496

Matt Polsky from the VA Mortgage Center, www.vamortgagecenter.com wrote this article for my blog to help our veterans through the VA Loan Process. Thank you Matt! Any further questions can be directed to Matt at mpolsky@vamortgagecenter.com.

The 7 Basic Steps of the VA Loan Process

Acquiring a home loan can seem like an overwhelming task to any prospective home buyer, but the VA Home Loan program offers an easy and streamlined process to get veterans and active duty service members in to their homes as quick as possible.  To help guide prospective borrowers through the Massachusetts VA Loan Process, a list of 7 basic steps have been provided below:

Speak with a VA Loan Specialist

A VA loan specialist will be able to answer any questions you have regarding a VA home loan.  They will be able to tell you the interest rates, discounts, and closing points they offer.  When you first speak with a VA loan specialist, it is also a good idea to see if you pre-qualify for a VA loan. 

Obtain Your Certificate of Eligibility

In order to secure a VA home loan, you will have to present a Certificate of Eligibility.  If you don't currently have your COE, an approved VA lender should be able to help you obtain one online.  You mail also request a COE through the Department of Veterans Affairs. 

Find Your Dream Home

If a VA loan specialist finds that you initially qualify for a VA home loan, it is time to start looking for a home. Work with a local realtor to find the best deals in town, and to make the home searching process more efficient.

Start the VA Home Loan Application Process

Once you have found the home you wish to purchase, the VA loan specialist you spoke with will be able to guide you through the application process. During the application process, you will need to:

  • Fill out an application
  • Provide all financial documents including pay stubs and bank statements
  • Submit your Certificate of Eligibility

Allow Time for Processing

The VA lender will then request a VA appraisal and begin processing the loan.  During this time, the home you are interested in purchasing will be assessed by a VA inspector to determine the home's market value.  VA processors will also begin to verify all credit and income information. 

Wait for an Approval

After the appraisal is conducted and all financial information is processed, the lender will then determine whether or not you are eligible for a VA home loan.  

Close the Loan

If you are approved, it will be time to close the loan.  During this time, the property will be transferred from seller to buyer.  Generally a VA approved lender will perform closing in house, however, some companies may hire outside title companies or lawyers to conduct closing.

Posted by

Michele Miller

Worcester County Realty Group ~ Keller Williams Greater Worcester
324 Grove Street
Worcester, MA 01605

Worcester County Realty Groupwww.buyorsellinworcestercounty.com

508-281-2180 direct/fax

homes@buyorsellinworcestercounty.com

 


 

Comments (2)

Keith Pentz
RE/MAX ADVANTAGE 1 - Shrewsbury, MA
Keith Pentz

Michele- Great post on a great program!  VA loans are a great tool for those that are eligible!

Feb 23, 2011 01:32 AM
John Saari
Worcester, MA
"The Mortgage Buddy"

Nice post. I agree with Keith this is an often overlooked program. There is a lot of benefit with relative ease for the right buyer. Good luck

Feb 24, 2011 05:43 AM