If you are a veteran looking to purchase a home, you may have heard about the VA loan program. The VA loan is a great benefit for veterans that offer unique advantages compared to other loan types. Let’s take a look at the process of obtaining a VA loan and how this type of loan can help you make your dream of homeownership come true.
The VA Loan Process
The first step in getting a VA loan is to get your Certificate of Eligibility (COE). This document verifies that you are eligible for the benefits offered by the Department of Veterans Affairs (VA). You can get your COE through the eBenefits portal or by submitting an application directly to the Department of Veterans Affairs. Once you have your COE, it’s time to start shopping for lenders.
When shopping around for lenders, there are two key factors to consider. First, make sure that the lender is qualified to provide VA loans and familiar with their requirements and underwriting guidelines. Second, compare different offers from multiple lenders in order to get the best rate and terms available. Once you have chosen a preferred lender, they will work with you to complete necessary paperwork, such as collecting evidence of income and creditworthiness, ordering appraisals and inspections, and verifying employment history.
Once all documents are in order, your loan will be processed and reviewed by the Department of Veterans Affairs. Finally, once all parties involved have approved your application and finalized all necessary documents, it’s time for closing!
At closing, all parties will sign off on final documents before funds are dispersed so that ownership of the property is officially transferred over to you. After closing is complete—congratulations! You are now a homeowner!
The process of obtaining a VA loan may seem daunting but with assistance from an experienced mortgage broker it can be quite straightforward. The benefits offered by a VA loan make it an attractive option for many veterans looking to purchase their own home without having to go through traditional financing routes or making large down payments. So take advantage today if you qualify—you won’t regret it!