VA Loans - Research and Application

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    You are here:Home arrow How To Get a VA Loan
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    How To Obtain a VA Loan PDF Print E-mail
    Written by Administrator   
    Wednesday, 21 November 2007
    How do I obtain a VA Home Loan?

    A: Here are the steps:
    • Select a home and discuss the purchase with the seller or selling agent. Sign a purchase contract conditioned on approval of your VA home loan.
    • Select a lender, present them with your Certificate of Eligibility and complete a loan application.
    • The lender will develop all credit and income information. They will also request VA to assign a licensed appraiser to determine the reasonable value for the property. A Certificate of Reasonable Value will be issued. Note: You may be required to pay for the credit report and appraisal unless the seller agrees to pay.
    • The lender will let you know the decision on the loan. You should be approved if the established value and your credit and income are acceptable.
    • You (and spouse) attend the loan closing. The lender or closing attorney will explain the loan terms and requirements as well as where and how to make the monthly payments. Sign the note, mortgage, and other related papers.
    • The loan is sent to VA for guaranty. Your Certificate of Eligibility is annotated to reflect the use of entitlement and returned to you.
    Last Updated ( Wednesday, 21 November 2007 )
     
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