All eligible veterans can apply for VA guaranteed home loans with his or her VA Certificate of Eligibility as the only document for proof. The VA loan application process involves 6 major steps. They are:
- The first step is to find a VA approved lender for raising the home loan. All veterans are required to do their fair share of VA loan analysis and research for finding an approved lender, understanding different interest rates, closing cost expenses, and other associated costs. You can save time by having an accurate credit report ready before starting this process.
- Next step is to determine the Veteran homebuyer’s borrowing capacity. The veteran should disclose to the lender, his or her income, and assets. With this information, the lender can determine whether the veteran can be eligible for the given loan amount. This is very helpful, as you can look for a house within the range of the preapproved loan amount.
- With the prequalified VA loan amount, the next step in the VA loan application process is to look for your new dream home if you haven’t found one already. Real estate websites, real estate agents, newspaper classified advertisements, and real estate guides can be great resources for this process.
- After deciding on the house to buy, the next step is to draw up a purchase agreement with the seller, finalizing on the terms and conditions for the sale of the property.
- A VA loan home appraisal, to estimate the value of property, has to be done after signing the purchase agreement. Normally, the lender makes the request for this with the VA using The Appraisal System (TAS).
- Once the VA loan site appraisal for the property is over, the lender will approve the loan amount. After the closure of the loan, VA annotates the VA Certificate of Eligibility to attest usage. For enabling future use of remaining entitled privileges, the VA Certificate of Eligibility is returned back to the veteran.
Need help getting a home loan quickly and efficiently? VA Loan Captain, a veteran owned company, will guide you through this entire process so that you can start living in your home as quickly as possible. Click Purchase to start the VA Home Loan application process.