Does anybody know if there is some good information out there on walking through the VA paperwork on a loan? I feel like I don't understand enough about the process. I am in the middle of a VA guaranteed loan now, and it looked like it wasn't going to be too difficult a process. Today, I had no less than 6 phone calls asking me for information. I gave it, and it took until 4pm to figure out that they wanted something different. I really need some more info on the whole process. Any resources with an outline of the process would be great help. Thanks.
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I am a licensed referral agent in NJ - Hutchinson Island, FL
I have never done one, but was trained on it. First and foremost you need to know the eligibility status of the veteran.
Jul 02, 2008 03:03 PM
I am a licensed referral agent in NJ - Hutchinson Island, FL
Chris, use the search and put in government loans, there is someone on AR who is a specialist in this field.
Jul 02, 2008 03:07 PM
Franklin Advantage Inc. - Alpine, CA
Chris
VA loans really are fairly simple. Most of us when we come across something new are intimidated by the thought.
Nancy made a good point, but since you are already in the middle of an escrow, I'd put the heat to your lender. They should know what they are doing.......if not the processor.....your L/O should know as well.
Underwriting is flexible. Just ensure that your Veteran has all their paperwork, ie, DD-214 Discharge papers available which is usually the hangup. If it not current, or he does not have his eligibility certificate, Va can issue within a week or so. VA assigns a case number like FHA and an appraiser is selected who is approved by the VA.
Costs are pretty straight forward.....the VA Funding Fee is more if a Veteran has used the VA before, or has remaining entitlement.
Best of Luck.
Jul 02, 2008 03:15 PM
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