Overview of the VA Loan Program
Five Easy Steps to a VA Loan
The more you know about our home loan program, the more you will realize how
little "red tape" there really is in getting a VA loan. These loans are often
made without any downpayment at all, and frequently offer lower interest rates
than ordinarily available with other kinds of loans. Aside from the veteran's
certificate of eligibility and the VA-assigned appraisal, the application
process is not much different than any other type of mortgage loan. And if
the lender is approved for automatic processing, as more and more lenders
are now, a buyer's loan can be processed and closed by the lender without
waiting for VA's approval of the credit application.
Additionally, if the lender is approved under VA's Lender Appraisal
Processing Program (LAPP), the lender may review the appraisal completed
by a VA-assigned appraiser and close the loan on the basis of that review.
The LAPP process can further speed the time to loan closing.
- Apply for a Certificate of Eligibility. A veteran who doesn't have a certificate can obtain one easily by completing VA Form 26-1880, Request for a Certificate of Eligibility for VA Home Loan Benefits and submitting it to one of the VA Eligibility Centers with copies of your most recent discharge or separation papers covering active military duty since September 16, 1940, which show active duty dates and type of discharge.
- Decide on a home the buyer wants to buy and sign a purchase agreement
- Order an appraisal from VA. (Usually this is done by the lender.) Most VA regional offices offer a "speed-up" telephone appraisal system. Call the local VA office for details.
- Apply to a mortgage lender for the loan. While the appraisal is being done, the lender (mortgage company, savings and loan, bank, etc.) can be gathering credit and income information. If the lender is authorized by VA to do automatic processing, upon receipt of the VA or LAPP appraised value determination, the loan can be approved and closed without waiting for VA's review of the credit application. For loans that must first be approved by VA, the lender will send the application to the local VA office, which will notify the lender of its decision.
- Close the loan and the buyer moves in.
Overview of the VA Loan Program
- Five Easy Steps to a VA Loan
- About VA Home Financing
- Uses for a VA Home Loan
- Who is Eligible for a VA Loan?
- Entitlements and Restorations
- How to Get a VA Loan
- Costs of Obtaining the Loan
VA Loan Articles
Read About News, Updates, and Guidelines
The VA Interest Rate Reduction Refinance Loan program (abbreviated as VA IRRRL) does require a VA loan funding fee. But, borrowers eligible for a this exemption should not assume that it is automatic.
Whether you went searching for an agent or came in contact with one at an open house or similar venue, agents and brokers can be helpful for some people looking for that perfect neighborhood.
If you seek lower monthly payments and a lower interest rate on an existing VA home loan, the VA Interest Rate Reduction Refinancing Loan or IRRRL is designed to help.
The Department of Veterans Affairs has been making interesting strides in its use of Twitter and other social media to help VA borrowers understand their benefits. The VA recently held the second-ever Twitter Town Hall Meeting on veterans benefit topics.
VA field offices handle all sorts of common questions about VA mortgages. One of the common topics is related to what happens to a VA loan or the ability to apply for one after divorce.