Tuesday, June 19, 2012

Steps to Processing a VA Loan

By Shauna Zamarripa

The first thing that a veteran is required to do is find a VA approved lender. The lender will then obtain a certificate of eligibility for the Veteran and will also locate eligibility for any additional state or local VA programs. The certificate of eligibility is required prior to moving forward with the loan application process. Once the certificate is received, the lender can then move through the rest of the steps to obtain VA-approved financing.

The lender will then review the income documents and credit documents to determine the financing aspects of the loan. Once the lending institution has reviewed all required documentation, it will forward the completed file and application through to a VA underwriter for approval. The underwriting process can be lengthy, taking as much as 30 days for full approval. The veteran can then begin home shopping. Upon finding a suitable home, the contract can be completed, sent into the lender for review and the loan processing can begin in tandem with the underwriting process.

VA loan underwriters require that an independently approved VA appraiser review the property that the veteran intends to purchase to guaranty the value of the property. If the appraised value matches up with the amount that is being financed, the veteran is able to complete the purchase a property. After the appraiser has issued a green light for financing, the veteran will be issued a clear to close on the property. At that point the veteran can get their keys and move into her new home.


http://www.lenderva.com

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