Five Steps to a VA loan

Just think about it. If you can make use of a VA home loan, you would have a lot of benefits to your advantage. For example, using the said financing program, you can purchase a new house for up to $719,000 – and you don’t have to worry about a down payment, either.

Another thing is that a VA loan lets a seller pay off all your closing cost. In a nutshell, if you are a veteran and you are eligible for the loan, you can actually get a new home up to a certain amount without paying a down payment – and if applicable, you can also have the closing cost taken care of.

Contrary to what some people may think, applying for a VA loan is actually considerably easier and more convenient today compared with some conventional loans in the market. Here are the five steps you need to follow:

  1. Apply for a Certificate of Eligibility (COE). If you don’t have a COE yet, you can conveniently get it by filling out the VA Form 26-1880, Request for a Certificate of Eligibility for VA Home Loan Benefits, and submitting the form to an Eligibility Center near your area.

    Together with the VA Form, you should also have with you copies of your most recent discharge or separation papers during the time of military service starting on September 16, 1940. The papers would prove your active duty dates, and what type of discharge you had.

  2. Choose a house the buyer wants to purchase, and then sign a purchase agreement.
  3. Get an appraisal from VA. (More often than not, though, this is accomplished by the lender.) Many VA regional offices have a telephone appraisal system, which aims to speed up the process. You can inquire at your local VA office for more information.
  4. Apply to a mortgage lender for the loan. While the appraisal is still ongoing, the lender (which can either be a mortgage company, a bank, savings and loan, and so forth) can already solicit information on credit and income.
  5. Close the loan and the buyer can already move into the new house.

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Five Steps to a VA loan | VA Home Loan Refinance | VA streamline refinance | Refinancing Your VA Loan