Step by Step Guide on How to Apply for VA Home Loans
The department of Veteran Affairs provides for VA that helps qualifying veterans and dependents get access to affordable home loans. If you are looking to take advantage of the VA home loan benefit, you have to understand the application process.
The application process for the VA home loan is not quite as involving. It comes with fewer steps as you don’t need the collateral and proof of down payment. Here is how to go about obtaining a VA loan:
- Finding an Ideal Lender
The first step towards getting the VA loan is by working a dedicated lender. Confirm that the lender has the approval of the Department of Veterans Affairs to offer the loans. Working with a VA specialty lender is more comfortable as they are more knowledgeable for faster processing of the loans. They will direct you on the requirements and determine if you qualify faster.
- Provide a Certificate of Eligibility
Now that you already understand VA loan is a special provision, you need documentation to prove eligibility. Using your information, any experienced VA lender can help you access the certification from the department portal. The certificate also determines the amount of loan you qualify for.
- Pre-qualify for the loan
This is an optional step where you choose to communicate with your VA loan professional about all the essential aspects of the loan. The expert analyses your credit history, income, employment, and other factors that determine your creditworthiness.
Pre-qualifying for the loan comes in handy when you are looking to improve your chances of loan approval.
- House Hunting
House hunting for VA loan purchase is quite tasking. Not all properties qualify for VA loan purchases. You are better off working with a VA specialized real estate agent to increase your chances of finding the ideal residential property. The real estate agent will also help you negotiate for the fees and any other thing you need to know.
Once you have your place, get the purchase agreement and move to secure the loan.
- VA Assessment
The next step now that you have the purchase agreement is the house appraisal. The lender orders for an evaluation conducted by a VA certified professional. The assessment is to ensure you get the right value based on current market rates. It is also to verify that the home is eligible for loan financing.
This is also the period to submit all necessary documents to the lender to determine if you qualify the loan amount.
- Close the deal and move in
With everything in line and having the approval of the underwriters, you are good to get your hew home. Sign all the necessary documentations like tenant agreement. Consider getting homeowners’ insurance cover and sort any closing costs.
Getting a VA home is simple. This step by step guide helps you in all the necessary provisions. To ensure a fast and efficient process, work with VA specialty dealers, whether lenders, real estate agents, or appraisal officers.