The VA Home Loan Application Process
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You’re a veteran who has decided he is ready to own his own home. That’s great. You’ve taken a step towards a happy and secure future. Once you’ve determined that you are eligible and ready to apply for a VA home loan, you’ll need to start the loan application process. This is a six-step process.
Step One: Finding A LenderTo get a VA loan, you’ll need a VA approved lender. This lender does not necessarily have to specialize in VA loans; it can just be one part of their mortgage services. You can go online to get rate quotes from different lenders that handle VA loans, and then compare these quotes to get an idea of what your best rate will be. You can then contact a few lenders by phone to get some loan estimates.
Step Two: Pre-QualificationOnce you’ve found your lender, provide him or her with all your financial information, your annual income and current assets. This will allow the lender to determine what type of monthly mortgage payment you can take on and to pre-qualify you for a certain mortgage size. Armed with the information on what size mortgage you can afford, you’ll be ready to look for a home.
Step Three: Looking For A HomeOnce you know how much you can afford, you can start looking for homes online, in the newspaper or through your real estate agent until you find the home that’s just right for you.
Step Four: The ContractOnce you find your home, you, the seller and the real estate agent will put together the purchase contract which you will sign upon transfer of the home’s title to you.
Step Five: VA AppraisalThe Veterans Administration must appraise and approve the home loan, since you cannot get a loan for higher than the VAs estimate of what the property is worth.
Step Six: ClosingOnce all of these other matters are taken care of, you can sign the contract, mortgage and other necessary papers and you’re good to go. Finally, congratulations! You’re the proud owner of a new home thanks to the VA. Now be sure to make those monthly payments on time.
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