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.
I have never done one, but was trained on it. First and foremost you need to know the eligibility status of the veteran.
Chris, use the search and put in government loans, there is someone on AR who is a specialist in this field.
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.
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