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What is the VA Loan Process Like?

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The VA loan program has allowed many Veterans and military members to purchase the home of their dreams. With no money down, lenient credit requirements, and other benefits exclusive to VA loans, it’s no wonder so many are taking advantage of it.

The process of buying a home through a VA loan differs from a other types of loans, so you may find yourself in uncharted territory. Here’s a quick look at the VA loan process and what you can expect.

1) Get pre-approved.

The first step in the VA loan process is to get pre-approved. When you’re pre-approved, it shows that the lender has already checked your credit and income and verifies you can qualify for a loan and afford the payments.

2) Obtain Certificate of Eligibility.

The Office of Veteran Affairs provides a Certificate of Eligibility. This is an official document that verifies to the lender you are eligible for a VA loan. You can get your COE immediately from the Veterans Information Portal, or have it mailed to you.

3) Find a home.

Once you’ve been pre-approved, you can begin your home search. This is the most fun part of the VA loan process! Working with a realtor who is accustomed to working with members of the military is helpful, since they understand the unique needs of military families.

When you find the perfect home, you can start the process of making an offer and preparing contracts. This is another reason why it’s important to work with a realtor who understands VA loans; they will make sure your contract is structured appropriately for a VA loan.

4) Get an appraisal.

Once you find a home, you will be required to get an appraisal from a VA-approved appraiser. The home should be move-in ready before your loan will be approved, so it’s best to steer clear of homes that have problems or require extensive work. An appraisal is performed by a non-biased, third-party that has no vested interest in either the seller, the buyer, or the lender.

5) Close.

After the appraisal, your loan will go to an underwriter to be approved. When that is done, your lender will set a closing date. During the closing, you’ll sign the paperwork. This is the last step in the VA loan process.

6) Move into your home.

After the closing, you’ll officially take possession of your new home!

The VA loan process can be confusing. Luckily, the personal mortgage advisors at NCL loans will help you every step of the way. For more information, call one of NLC Loans’ personal mortgage advisors toll-free today at 1-877-480-8050.