5 Steps to a VA Loan
1. Apply for a Certificate of Eligibility. A veteran who doesn't have a certificate can
obtain one easily by making application on VA Form 26-1880, Request for Determination of
Eligibility and Available Loan Guaranty Entitlement, to the
local VA office.
2. Decide on a home and sign a purchase agreement
3. Order an appraisal from VA. Usually this is done by the mortgage company. Most VA
regional offices offer a "speed-up" telephone appraisal system. Call the local
VA office for details.
4. Apply to a mortgage company for the loan. While the appraisal is being done, the
mortgage company can be gathering credit and income information. If the mortgage company
is authorized by VA to do automatic processing, upon receipt of the VA or LAPP appraised
value determination, the loan can be approved and closed without waiting for VA's review
of the credit application.
For loans that must first be approved by VA, the mortgage company will send the
application to the local VA office, which will notify the mortgage company of its
decision.
5. Close the loan and move in. |
VA Loans
5 Steps
to a VA Loan
Eligibility
Requirements
Eligibility
Questions
Financing
Benefits
VA Loan Purposes
Obtaining a
VA Loan
VA Loan
Costs
Restoration
of Entitlement
Loan
Questions
|
