VA Loans 101
If you are or were an active member of the military, you are entitled to the VA loan application process to help you pay for a new mortgage. However, for first-time home buyers, the VA loan procedure can seem a bit daunting. That’s why our experts at Peak Corporate Network have put together this quick guide to give you the step-by-step details of applying for these kinds of loans.
For more assistance navigating the loan process, utilize the Peak Corporate Network to find the right real estate services in Los Angeles for you.
Step 1: Get a VA Lender
Your first instinct may be to approach the first lender you meet, but you need to find a lender who has been approved by the VA. Only VA-approved lenders can help you generate a mortgage through the VA itself.
Step 2: Pre-Qualify
Of course, you are not always required to get pre-qualified for a VA loan. However, most lenders and buyer’s agents will recommend it, especially if you are a military servicemember who is entitled to a mortgage through the VA. You need to speak further with your VA loan representative to establish your current income, employment status, and other financially-important factors in your life.
Step 3: Get a VA Certificate of Eligibility
This is a crucial and vital step in the VA loans process. You cannot qualify for a VA loan without a COE, or Certificate of Eligibility. A COE proves to the VA that you meet all the eligibility requirements for a VA loan, and you might also be qualified for a certain amount in the loan as well. The Department of Veterans Affairs will grant you your loan based on the amount you are entitled to in your COE.
To obtain a COE, simply speak with your VA lender or professional to answer some questions about your military service. You can obtain a COE online in some situations, depending on your military status.
Step 4: Get a VA Appraisal
Once you have found your dream home, submitted a bid, been accepted, and signed a purchase contract, you can get started with the VA appraisal process. This is the last step before closing on your loan and moving into your new and beautiful home!
Once your VA lender has obtained the purchase contract, they can order a VA appraisal. Again, only a VA-approved appraiser can go through this process, and not just any appraiser will do. This appraiser will ensure that your purchase price corresponds with the value approved on your VA COE, and that your new home meets the VA minimum property requirements. Once these things pass, you will become qualified and can start moving in.
Real Estate Services in Los Angeles
It really is simple to get started with the VA loan process. If you need additional information or help regarding VA loans, VA lenders, and VA appraisals, Peak’s real estate services in Los Angeles are here to assist you. You can ask us about VA loans by contacting us online or by giving us a call at (818) 591-3300. We look forward to helping you!