How To Apply For VA Loans
VA loans are not like regular loans, and as such, they are not applied for the way you apply for normal loans. There are some key points that must be noted when applying for this loan. They include:
Check your eligibilityContact a VA lenderFind a house and submit an offerProcess your application and wait for an appraisalComplete the process and move in.
Detailed Explanation Of How To Apply For VA Loans
Check Your Eligibility
It is important to check if you are eligible before applying for anything, especially a loan so your chances of getting it will be high. To get a VA loan there are some requirements before being considered eligible. They include:
Must be a veteranActively serving military personnelSurviving spouseNational Guard membersReserve members
These are the group of people that qualify for VA loans. These individuals need to bring some documents and information that will help them become eligible for this loan because not all military personnel are eligible for this ender So the information required includes:
Certificate of Eligibility: This certificate can be issued by a VA lender or gotten by yourself. Certificate of Eligibility (COE) helps to confirm your eligibility for this loan, to get it you will have to provide some information about your military service. COE can be gotten online through the VA site or by mail, this is used mostly by surviving spouses. This certificate helps lenders determine what you qualify for and how much grant or loan you can be given. So it is a very important requirement in applying for VA loans.
Contact A VA Lender
After you have confirmed your eligibility, the next thing to do is contact a VA lender, because VA itself does not grant loans, but its lenders do. Not all loan lenders offer this loan, but only lenders approved by the US Department of Veteran Affairs. When you contact a lender ensure that you get approved by them, and provide them with all your information so that they can help you in any way to increase your chances of getting the loan. VA loans do not qualify for the kind of loans you get, but your information does.
Find A House And Submit An Offer
After you have met the eligibility requirements, contacted a VA lender, and have been approved, the next thing to do is start looking and searching for a house. Since you are already aware of how much you might be granted from your VA lender, it helps you in deciding the kind of house to choose, and also the house has to meet VA loan standards. It is advisable to use a real estate agent that has an idea about VA loans, to make the process easy. Once you get a house that meets all the criteria, submit an offer for the house.
Process Your Application And Wait For An Appraisal
After you have gotten a house and have agreed on a price, you need to submit your documents to the VA lender you have chosen. What you need to submit include:
Your COETax returnBank statementProve of income
After you have applied wait for an appraisal from a certified VA loans appraiser, this usually takes up to 10 days. If you get an appraisal it means your offer for the loan has been accepted and you will be given a stamp of approval.
For your application to get an appraisal a proper check has to be done for the house you want to buy and your information will be reviewed to see if you qualify.
Complete The Process And Move-In
Once you have gotten your appraisal, all that is left is to complete the process by completing the transfer of ownership to you if you are buying a home, or getting the loan to start building. Sign the necessary documents and finalize the deal. Follow the instructions for closing the deal and pay all fees you are required to.
With these steps, you can apply for and receive a VA loan.
Conclusion
VA loans help military personnel both in service and those that have served. It is a way of paying these individuals for their service to their nation. However, not all military personnel are eligible for this loan. You must meet the criteria and have all the required documents and information needed. Following the steps above can help you apply for and get a VA loan. So if you are eligible, apply for it.
Can I Get VA Loans As The Wife Of A Veteran?
Yes, but only if you are the surviving spouse of a veteran or your spouse is missing or helps as a prisoner of war. But if your spouse is alive and around, it might not be possible.
How Can I Get Additional Information About VA Loans?
You can always contact the VA loans center close by at 877-827-3702. This line is open from Monday – Friday from 8 am to 6 pm.
