A Quick Guide to the VA Loan Process

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Prospective homebuyers are often overwhelmed by the mortgage loan process, however, for military members, the VA Home Loan program provides an easy and hassle free way to acquire a home loan. With the assistance of a dedicated team of VA specialists, veterans and military members alike can expect to achieve homeownership simply by adhering to the following steps:

Contact a VA Loan Specialist

The first step to acquiring a VA loan is to determine whether or not you pre-qualify for one. A VA Loan Specialist like VA Mortgage Center will be able to see whether or not you pre-qualify for a VA loan, and will also be able to answer any questions or concerns you may have.

Obtain Your Certificate of Eligibility

A Certificate of Eligibility (COE) must be submitted by any military member or spouse wishing to obtain a VA Home Loan. If you don’t have a COE, either an approved VA lender may help you obtain one online, or you may mail a request to the Department of Veterans Affairs.

Find Your Dream Home

Once you are pre-qualified for a home loan, it is time to find a home. Contacting a local realtor may make searching for a home easier as they will be aware of properties in key locations or those considered great deals.

Submit a VA Home Loan Application

After finding a home, you will need to contact your VA loan specialist again to begin the application process. If you have any questions or concerns during the process, your VA loan specialist will be able to guide you through. However, all applicants can expect to:

• Fill out an application
• Provide all financial documents including pay stubs and bank statements
• Submit your Certificate of Eligibility

Allow Time for Processing and Approval

Once your application and financial statements have been submitted, a VA appraisal will need to be completed, and your paperwork will have to be sent to processing. This may take several business days. After the appraisal is conducted and all financial information is processed, the lender will then determine whether or not you are eligible for a VA home loan.

Close the Loan

If your loan has been approved, you will then be able to close the loan and transfer the property to your name. Although VA Loan closings are usually done in house, certain VA lenders may choose to employ outside title companies or lawyers to conduct closing. 

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Get to know Matt Polsky  (4 Posts)

Matt Polsky is a mortgage commentator for VA Mortgage Center.com. VAMC Is the Nation’s leading provider of VA loans, securing over $1 Billion in VA Loan financing in 2010.