Applying for a VA Loan
We’ve gone over VA loans in a multitude of ways these past few blogs, from the benefits that they provide to the little-known facts that many veterans might not know about. In this blog entry, however, we’ll be looking over one crucial component that every loan requires: applying for one.
The first step towards applying for a VA loan is getting preapproved with a lender that specializes in or offers VA mortgages. Make sure that you have a VA preapproval letter in hand with you as well, as it’ll make you a much more attractive buyer when making offers on homes. Simply fill out a mortgage application and verify your military service, income, employment, and agreement to a credit check.
Next, search for a home that’s comfortable for your needs. VA loans can be used to purchase nearly any type of residential home, be it single-family, condos, modular homes, or even multifamily properties. Once the home is under contract, the underwriting process starts. The lender will order an appraisal to see how much your possible home’s value is condition is, with the appraisal showing that the home is worth at least as much as you agreed to pay for. Be ready to handle a ton of information requests from the lender during this process and try not to get frustrated if some questions seem trivial, as it’s all a normal part of the process.
After the underwriting proves and assuming all goes well, your loan will be cleared to close. Your lender will probably pull your credit and verify your employment one last time before you close, so refrain from making any major purchase or opening new credit accounts before closing day. Congratulations! You’ve now properly applied for a new VA Loan!
We hope that this blog entry properly explained the process behind getting approval for a VA loan. If you’re curious as to what else goes with applying for a VA loan, contact the offices of Mortgages Done Right today to learn about VA Loans and other loan options like FHA! Until next time, have a pleasant day.