NAVIGATE THE VA LOAN PROCESS USING THIS SIMPLE STEP-BY-STEP GUIDE


By Allison Kirschbaum
VA loan process

VA loans are life-changing for anyone who is in a dire situation. Knowing what you need to do to avail of it is important, and the VA loan process is much the same as applying for any other kind of mortgage. However, there are also VA loan limits that you should be aware of before you start the process. Knowing all these things can help expedite the process, and you’ll finally get your loans approved.

Here, we'll go over how to apply for a VA loan step-by-step, and how Veterans can maximize their VA loan benefits.

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What are the Requirements to Get a VA Loan?

To get a VA loan, you can qualify by meeting one or more of the following requirements:

You served 90 consecutive days of active service during wartime.

You served 181 days of active service during peacetime.

You have 6 years of service in the National Guard or Reserves, or served 90 days under Title 32 orders.

You are the spouse of a service ember who died while serving or died from a service-related disability.

If you don't meet the above-stated requirements, you might still be eligible for a VA loan:

You were discharged for hardship, or at the convenience of the government.

You were discharged for a medical condition or service-connected disability.

You were discharged for early-out and served at least 21 months of a 2-year enlistment.

Understanding the VA Loan Process in 6 Steps

1. Choose a Lender Approved by the VA

It may seem that any lender will do at first glance. You might learn, though, that not all lenders are created equal if you do a bit more research.

First, VA mortgages can only be originated by lenders who have been authorized by the U.S. Department of Veterans Affairs. Second, while some lenders concentrate almost entirely on the VA loan program for military clients, others prioritize commercial loans.

The loan process may be simpler and faster if you work with a VA-specialized lender who has in-depth knowledge of the VA loan procedure rather than a lender who funds a small number of VA mortgages annually.

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2. Acquire an Eligibility Certificate (COE)

You can get a Certificate of Eligibility (COE) with the assistance of a knowledgeable lender. Your first eligibility requirements for VA loan benefits will be demonstrated by the COE.

The entitlement, or the amount that the Department of Veterans Affairs will guarantee on your VA loan, will also be communicated to the lender. You will have to provide your lender with some details though on your military service in order to obtain your COE.

Typically, a COE can be obtained online in real-time using the eBenefits portal on the va.gov website or a lender's portal. COEs will be mailed to service members or remaining partners who are unable to acquire them online.

3. Determine Your Loan Amount by Pre-Qualifying (optional)

Although it is not necessary, pre-qualification is still quite important. Your VA loan specialist will speak openly with you regarding your income, credit history, work, marital status, and other details in order to pre-qualify for your loan amount. Preventing surprises during underwriting can be achieved by providing your lender with all relevant information at the pre-qualifying phase.

The pre-qualifying process may also highlight areas like your debt-to-income ratio or credit that require adjustment before you may be authorized. ​​

Your lender will need to confirm the information you submit, and while a pre-qualification letter provides you with a general idea of the price range for your home search, it does not ensure that you will be granted a loan.

4. Sign a Purchase Agreement and Start House Hunting

Borrowers typically look forward to the fourth phase since it allows them to view properties they may like to purchase. You can maximize your benefits by collaborating with a real estate expert who specializes in the VA procedure.

This is true because the VA permits the seller to pay some fees and expenditures if there is an agreement from both parties.

A qualified agent will be aware of this and assist you in negotiating seller-paid fees. You can proceed with the VA loan application procedure when you have a signed purchase agreement.

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5. Lender Processes Application and Orders VA Appraisal

You must have a signed purchase contract in order to move forward with your loan application. After that, your lender will request a VA appraisal, which needs to be completed by an appraiser who is certified by the VA.

This appraisal determines whether the residence satisfies VA Minimum Property Requirements (VA MPRs) and confirms that the price is in line with its current market value.

This evaluation, however, cannot replace a house inspection, which searches for flaws or violations of the code. Although this can vary, the VA strives to finish appraisals in ten days. You will have to show your lender that you are eligible for a loan throughout this time. The underwriter will accept your loan if you qualify and the home appraises properly.

6. Complete Your Loan and Relocate

Closing and moving in are the only things left to do after the underwriter gives their approval. You legally acquire the property from the previous owner after closing. You must sign paperwork at closing to attest that you have read and agree to the loan's terms. You will have to pay closing expenses if necessary and show proof of homeowners insurance. The keys to your new house will be given to you when you have signed all closing paperwork.

Even if some of these procedures in the VA loan process (such as pre-qualification) may not be necessary or occur in the sequence shown above, they nevertheless constitute the normal procedure for an applicant to get a purchase loan.

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