Some veterans have been led to believe that the VA loan application process is difficult and time consuming. Quite honestly it has to do more with the level of knowledge your loan officer had and if they have had enough training to be considered a "VA Loan Specialist". Otherwise, the VA loan process is not much different than any other type of mortgage loan.
- First you will need a COE (Certificate of Eligibility). If you don't have one, you can complete VA Form 26-1880, (Request for a Certificate of Eligibility) and submit it to the VA Eligibility Center along with copies of your most recent discharge or separation papers reflecting an honorable discharge from active duty service after September 16, 1940. Most lenders can acquire your COE for you quicker through the VA ACE system.
- Obtain a credit pre-approval/pre-qualification from a certified VA Lender.
- Find the house you want and sign a purchase agreement.
- Submit your contract, application and required documents to the lender.
- You will close your loan with a specified title/escrow company or attorney.
It's best to have the lender order the appraisal right away as VA allows a specified time to the VA appraiser to complete the report. This time can be up to 14 days depending on the state. Of course, if you are building a new home, the appraisal does not need to be ordered until the home is 95% complete. If the appraisal is ordered sooner, the appraiser may charge an additional "trip charge" to go back out to complete the report. If the lender is a LAPP lender, or in other words, authorized by VA to issue the Notice of Value (NOV), the loan can be approved and closed without waiting for VA's review of the credit application. This can save some processing time over non-LAPP lenders that have to wait for VA to issue the NOV.
Even though many veterans have already used their loan benefits, it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement.
For more information or to inquire about a No Cost VA loan, submit a No Obligation Inquiry Here.