5 Easy Steps To a VA Mortgage

For qualified veterans, obtaining a VA Loan to purchase a new house or property is a great idea. When you go through the VA you will be able to get a loan with no down payment, competitive interest rates and minimal closing costs. It is one of the most beneficial programs offered by the VA, and over the years it has helped make homeownership a reality for millions of veterans and their families.

Once you have decided to purchase a home with a VA Loan guaranty, you will need to go through the necessary steps to ensure the process goes smoothly. Although you will be obtaining a loan from a private lender, there are additional steps required in order to have it approved by the VA.

1. Start house hunting. When you find a house you want to buy, discuss the price with the seller or agent and sign a purchase contract. This contract binds you to the sale of the house pending approval of your VA home loan.

2. Select your lender. Most private lenders are approved by the VA and are willing to issue loans guaranteed by the VA. At this time you will need to supply you lender with your Certificate of Eligibility (COE), if available. Alternatively, your lender may obtain the COE on your behalf. Once you have submitted your COE, go ahead and complete the loan application.

3. Credit and Income Qualifications. Next, your lender will generate your credit and income statements. The veteran will usually be required to pay for these documents. At the same time, the lender will request a VA approved inspector to appraise the house in order to determine a reasonable value for the property. Once this has been completed, a Certificate of Reasonable Value will be issued.

4. Approval. The lender will let you know the status of your loan. You will be approved for the loan if the established value of the property, your income and credit are all deemed acceptable.

5. Closing the Deal. Finally, you and your co-borrower will need to attend the loan closing. During this time, the lender or closing attorney will let you know how much your payments will be, who to make them out to and when they are due. To finalize everything, sign the mortgage, note and any related papers.

Once you have completed these five steps, you are officially a homeowner! Remember, if you ever have any questions or problems making payments, the VA is there to assist you in anyway possible.

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Five Easy Steps to a VA Mortgage

Five Easy Steps to a VA Mortgage
Five Easy Steps to a VA Mortgage
| va streamline refinance mortgage | VA Frequently Asked Questions | va refinancing
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