The VA Loan Process

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pre loanBuying a home is one of the most exciting purchases we all make in our lives.  Homeownership is more than just a financial investment, it is an home investment in family and the future.
So how to get it done? Well just follow the VA Loan Process below;
(1) Pre-Qualify
Getting started is as simple as filling out our quick and secure contact form at the top right here.  Once you have completed our contact form,  a VA Loan specialists will reach out to you to discuss your unique situation, your objectives and how you can get pre-qualified for a VA Loan.
Prequalifying is important because it gives you an estimate of how much home you can afford while laying a foundation for the financing process moving forward.  VA Loan specialists will be able to tell you immediately whether or not the VA Loan is a right fit for you at this time or not.
Even if you are  not sure of your credit, do not  worry, specialists are waiting to provide you with the resources needed to guide you on your path to financing your home.
(2) Getting Pre-Approved
The next step in your VA Loan financing is getting preapproved. At this stage, you’ll receive a pre-approval package of documents that contains everything you need to obtain a VA home loan.
While the paperwork may seem overwhelming, you can relax in knowing that specialists are there for you every step of the way.
Once this packet is returned, VA Loan experts can issue a preapproval letter, proving to your real estate agent you are financially able to purchase a home.
Meeting Conditions in a Preapproval Letter
Receiving your preapproval letter is an exciting step, but there’s a little more work to do. Your VA Loan specialist will identify a list of conditions that must be satisfied in order to finalize your VA Loan paperwork. All of the conditions listed in the letter are important and your financing can fall apart if any of them aren’t met.
Examples of documents required in your pre-approval process

  • Pay Stubs
  • Tax Returns and W2s
  • Employment History
  • Bank/Investment Statements
  • Evidence of Real Estate Assets

(3) Find a Realtor and Begin your Home Search
Find a realtor in your area of search that is military friendly. These real estate agents understand the unique needs of military and veteran home buyers and work tirelessly to ensure you get the most out of your hard-earned benefits and take advantage of every opportunity the VA Loan provides.
(4)  Making the Offer
When you find that perfect home, it’s time to make an offer and negotiate a contract with the seller.
It’s important that your real estate agent know the ins and outs of the VA Loan so they can structure the contract to assure you retain the ability to put no money down if you so choose.
Once the lender receives your loan paperwork, your loan officer will use a copy of your DD-214 to obtain your VA Certificate of Eligibility from the VA.
The Certificate of Eligibility details a prospective borrower’s entitlement and ability to participate in the VA Loan program.
Certified VA Loan lenders can electronically request the Certificate of Eligibility, which saves you time and helps keep the process running smoothly.
Closing and Processing
Now that you have  found your home  it is time for your loan officer to order an appraisal for the property.
The VA requires homes to be move-in ready and any problems with the property generally have to be corrected by the seller before a loan closes.
Once you’re under contract to purchase a home, your loan documentation will go to an experienced underwriter for review.
The underwriter will verify financial information and other documents and request additional items as needed.
It is the underwriter’s job to ensure that everything is accurate and meets VA guidelines.  Once the loan is approved, a closing date will be scheduled. At closing, you’ll sign paperwork, finalize your VA Loan and take ownership of your new home.
 
 

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