Understanding the VA Home Loan Process

The VA home loan program is designed to benefit activity duty military personnel as well as veterans.  Because VA loans are insured by the Department of Veterans Affairs, eligibility requirements are less stringent than traditional home loan programs. If you are currently serving in the US Armed Forces, or you have in the past, and you meet certain credit scoring qualifications, chances are you are eligible. It’s really quite simple. If you are interested in securing a mortgage through the VA program, it’s important to first understand the VA home loan process. Let’s take a closer look at how it works.

The VA Home Loan Process

 

Certificate of Eligibility
Having a Certificate of Eligibility (COE) signifies to your lender that you are in fact eligible for a VA loan. You can learn more about the documentation required by the US Department of Veterans affairs on their official website.  If you have questions about acquiring your COE, feel free to contact us. We are happy to help you through the process.

Prequalification
Once you have your COE, it is time to get prequalified. This is an important step of the VA home loan process, as you will need it to negotiate with property owners. At this time, you and your lender will work together to determine the loan amount you can afford, information that will be imperative as you shop for your dream home.

Find Your Home!
Now that you are prequalified, you and your realtor can begin shopping for your new home. Be sure to consider everything from potential resale values to school districts as you narrow down your options. An experienced realtor will be able to guide you through the process.

Application
Once you find your dream home, the official application process begins. You will work with your lender to complete each step of the application. Be prepared to share a wide range of financial documents, each of which your lender will likely be able to help you located.

Loan Processing  
After the application has been submitted, your lender will process your information. During this time, your prospective home will be inspected and appraised, information which will be used in processing. It is at this time that the lender determines if they will in fact grant the loan.

Closing
The final step in the VA home loan process is closing. This is the time at which the ownership of the property is transferred and you gain access to your new home!

Whether you are shopping for a home in Evergreen or Elizabeth, CO; the VA home loan process is the same. If you believe that you are eligible, now is the time to find out! Take advantage of the benefits of a VA loan and claim your piece of the American Dream!

Contact us today and discover why so many active and retired military personnel trust us with their VA home loan needs!