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So you have decided to use your VA Home Loan entitlement to purchase your new home. Do you realize that you are among the 27 million plus veterans that are eligible for a Veteran Home Loan? Even though steps have been taken to make VA Loan process as simple as possible, many veterans fail to take advantage of this benefit.
The steps are simple and straightforward: - First of all, you need to find the home of your dreams. Just like a conventional purchase, discuss the purchase with the seller or their agent and sign a purchase contract – contingent on the approval of your VA home loan.
- Select a lender, preferably one that has experience with the VA loan process. They will need your Certificate of Eligibility from the Veterans Administration. You can either request this certificate ahead of time, or your lender can submit an electronic request for the eligibility documents. Then you complete a loan application.
- Your selected lender will develop all credit and income information, and request the VA to assign a licensed appraiser to determine the reasonable value of the property. A Certificate of Reasonable Value will be issued.
- When the processing is complete, your lender will let you know the decision.
- A loan closing date will be set for you (and spouse) to attend. Your lender (or his representative) will go over all the terms of the loan and the logistical requirements, such as when and where to make your payments. Once you are satisfied with all the conditions, you sign the agreement, and the process is done.
- The loan is sent to the Veterans Administration for guaranty, and your Certificate of Eligibility is changed to reflect the fact that you have used some or all of entitlement.
It doesn't get much easier than that, and you come away with the knowledge that your VA loan has the best interest rates available, and your lender has the guaranty of the Veteran's Administration on your loan. It is the ultimate win-win situation. |
