Steps to a successful VA loan Closing

Steps to a successful VA Loan closing

1) Select a loan officer that you like and trust that also has a tremendous knowledge of your VA Home Loan benefit.

2) Get preapproved. (There is a big difference between preapproval and prequalified) Here is a list of items you will need to get preapproved:

• A signed completed Request for Certificate of Eligibility (if you do not currently have one)
• W-2' s for the past 2 years
• Pay stubs (LES) for 1 month
• Bank statements, retirement statements, IRA's, CD's, etc....
• 2 years tax returns (if self employed in past 2 years)
• Bankruptcy Documents (if applicable)
• Divorce Decree (if paying child support)

3) We input all your information, pull a credit report from all three credit bureaus, run VA's loan analysis to ensure you budget for the amount requesting and then run our in house program to receive a computer approval. (If we do not get a computer approval we have the ability to do a manual approval on a case by case basis)

4) Once we have an approval you then choose a Realtor (one who has a tremendous knowledge in VA loans) to help you find a property.

5) Once you get an offer accepted on a property we do your official loan application with the property on it.

6) Your file is then turned into the processor, who then verifies that everything was inputted correctly, makes a list of outstanding conditions on your loan. The processor also sends your electronic file to VA to open a case number and assign an appraiser. The processor also sends your electronic file to the escrow company so that they may order the documents needed to transfer ownership from the seller over to you.

7) Once the appraiser gets their report back to VA. VA will review it and then assign a NOV (notice of value), which we use as the appraised value.

8) Once we receive the NOV (it must be at or higher than sales price) and everything else on the condition list is completed we then order all your closing documents.

9) We will setup a time and date to sign your documents, a few business days later we will fund your loan and the next business day after that your transaction records and you own your own home.

Once you get an accepted offer on the property you have picked all the rest of the steps can take place in 30 - 45 days.