A Quick Guide to the VA Loan Process
The VA Home Loan program is especially designed to help veterans and active duty service members achieve home ownership easily without the hassles commonly associated with conventional lending programs. In fact, the VA loan process is so simple that eligible military members can expect to obtain a VA home loan in as little as six steps. To obtain financing with a VA loan, prospective borrowers can expect to:
Contact a VA Loan Specialist
When you first become interested in obtaining a VA home loan, it is always in your best interest to contact a VA Loan Specialist first. Not only will the specialist be able to answer any questions you may have, but he or she will also be able to determine if you pre-qualify for a VA Home Loan. Lenders who specialize in VA Home Loans know all the ins and outs of the VA Loan process and maintain positive reviews with their customers.
Attain Your Certificate of Eligibility
To obtain a VA home loan, military members must prove their eligibility for the VA Home Loan program. This proof of eligibility is conveyed through a service member’s Certificate of Eligibility. To receive your COE you may either submit a request by mail to the Department of Veteran's Affairs or online through a VA lender if you do not already have one in your possession.
Find a Home
After you pre-qualify for a VA home loan, you can begin your home search. By working with a local Realtor, the search will be much easier as a Realtor will be knowledgeable of ideal and inexpensive properties within your city of choice.
Begin the VA Home Loan Application Process
When you find a home that you wish to purchase, you need to contact your VA loan specialist to begin the official application process. During a typical loan application process, applicants can expect to:
- Fill out an application
- Provide all financial documents including pay stubs and bank statements
- Submit your Certificate of Eligibility
Wait for Processing and Approval
Once your VA Loan application has been submitted, a VA appraisal will need to be conducted while your financial documents are sent to processing. After both tasks are completed, your VA lender will let you know whether or not your loan has been approved.
Close the Loan
If approved, it will then be time to close your VA loan. Most VA lenders choose to close their loans inhouse, however, they may choose to hire outside title companies or lawyers to conduct the closing.
Matt Polsky
Mortgage Commentator
mpolsky@vamortgagecenter.com
http://www.vamortgagecenter.com/
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