The Online VA Loan Application
Once you’ve decided who your VA lender will be, if you haven’t already it’s time to complete a VA loan application. The VA loan application is completed on the very same form that FHA, Fannie, Freddie and USDA loans use, it’s simply a matter of checking the box that says “VA” that makes it a VA application. So how do you apply for a VA loan? What is the physical process that takes place when you do in fact complete a VA loan application?
Historically, you would complete an application with the assistance of the loan officer at the mortgage company’s office. The form is four pages long and there are more than two hundred separate fields asking for information but not all of them will be required for all situations. Step by step, the loan officer asks the questions that need answering then enters the information in the fields provided. Prior to the visit, the loan officer provides you with a list of documentation you’ll need to bring such as your driver’s license, pay check stubs, W2 forms, bank statements and other required documentation.
Today, that method still applies and while there are no statistics that can provide a reliable answer, most applicants complete an online application in lieu of setting an appointment at the loan officer’s office. It wasn’t too long ago that an online application was the exception, not the rule. However, as consumers become more comfortable using the internet, an online VA application is much more convenient for the borrower because it can be completed on the borrower’s own time without having to visit a mortgage company.
The loan officer will then input the electronic application into an approval system then contact you with a list of items you’ll need to provide. If you have any questions, and you will, the loan officer will be able to provide the answers you need.