The VA home loan process doesn’t have to be an overwhelming experience, and now is a great time to get started on your application.
Prospective borrowers, especially first-time homebuyers, often start this journey with a laundry list of questions and concerns. But sometimes it’s good to step back and take a higher-level view of the steps involved with securing a VA loan. The distance can help ease concerns and show veterans, active service members and military families that the road to a new home isn’t as long and winding as many think.
Here’s a look at the five basic steps of the VA home loan process:
1. Contact a VA-Approved Lender
You can fill out a form online at Veterans United.com or contact us at 855-870-8845. One of our loan specialists will obtain information about your financial profile and your needs. We can typically get you prequalified for a loan in less than 10 minutes.
2. Fill Out the Application
You’ll receive a preapproval package of documents that contains everything you need to obtain a VA home loan. Unless noted, we have filled in all necessary information. We’ve even grouped and added signature tabs to documents to make the process easier. Once we receive this paperwork, our VA loan experts can verify the information your provided over the phone and issue the preapproval letter you’ll need to make an offer on your dream home.
3. Determine Your VA Loan Eligibility
Once we receive your loan paperwork, we’ll use a copy of your DD-214 to obtain your VA Certificate of Eligibility from the VA. The Certificate of Eligibility details a prospective borrower’s entitlement and ability to participate in the VA Loan program. Our work as a dedicated VA lender means we can electronically request the Certificate of Eligibility, which saves borrowers time and helps keep the process running smoothly.
4. Sign a Purchase Agreement
Our partnership with Veterans United Realty connects customers to real estate agents who understand the unique needs of military homebuyers. Be sure to stay in close contact with your VA loan specialist as you prepare to make an offer on a home. We work tirelessly to ensure our clients get the most out of the hard-earned benefits and take advantage of every opportunity it provides. Veterans and active service members can purchase a home with no money down and little-to-no costs up front.
5. Underwriting and Closing
Once you’re under contract to purchase a home, your loan documentation will go to an experienced underwriter for review. The underwriter will verify financial information and other documents and request additional items as needed. It is the underwriter’s job to ensure that everything is accurate and meets VA guidelines. Once the loan is approved, a closing date will be scheduled. At closing, you’ll sign paperwork, finalize your VA Loan and take ownership of your new home.
To learn more you can also review the VA Loan Comprehensive Guide.