Mortgage Basics
How Do I Apply For a VA Loan?
Applying for a VA loan doesn’t have to be complicated, especially with Vision Home Mortgage by your side. While the process involves a few unique requirements compared to conventional loans, we’re here to make it as seamless as possible.
To apply for a VA loan, you’ll need to work with a lender that participates in the VA loan program. As a VA-approved lender, Vision Home Mortgage can help you navigate the process, ensuring you meet all requirements and take advantage of the benefits you’ve earned.
The application process for VA loans is comparable to the process of other traditional mortgages including FHA and Conventional loans. The basic overview of the VA application process is as follows:
Pre-approval: This is when you will provide your documentation such as pay stubs, bank statements, credit report, and your COE to determine how much you can afford and how much it will cost. Once pre-approved it is time to go shopping for your new home!
Underwriting: This is when the underwriter goes over all of the documentation including the sales contract to ensure that the loan meets all of the requirements.
Appraisal: This ensures that the home meets VA standards and to determine the value of the home to ensure you and the bank are not overpaying for the home.
Loan Approval: Once the appraisal is back and all conditions have been met the underwriter will complete the underwriting process and issue the clear-to-close, also known as the final loan approval.
Closing: This is the last step in which you sign the final set of loan documents, wire in your closing funds, and collect the keys to your new home!
Potential borrowers often wonder how long the process will take. Providing general timelines help set proper expectations and understanding. Most COEs can be retrieved instantly when we pull them electronically, and the pre-approval process can take as little as one day, but it depends on how intricate your scenario is and how quickly you can provide us with the documents needed. The faster we have all of the needed documents the faster we can issue your pre-approval!
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Let us Help you Apply for a VA Loan with ease!
At Vision Home Mortgage, we’re dedicated to making your VA loan application experience smooth and stress-free. Whether you’re gathering documents, applying for your COE, or understanding your VA loan benefits, we’re here to guide you every step of the way.
Apply for your VA loan today with Vision Home Mortgage, and take the first step toward securing the home you deserve. Click here to apply now, or reach out to our team for personalized assistance!
