You’ve been shopping around for a new home, but aren’t sure of the steps to take to apply for a VA home loan. We’ve developed a simple step-by-step guide and infographic to help get you into a new home this year.
Follow these 6 steps when you apply for a VA home loan:
Our list of VA home loan eligibility requirements goes into good detail and may help to determine if you qualify. Here are some basics:
Our list reviews several other eligibility requirements, including if you’re not a veteran/spouse of a veteran, and income and credit requirements.
After determining your eligibility, your next step is to locate a lending institution that participates in the VA program, such as Easy Mortgage. Asking friends for recommendations is another good way to find a lender that you can trust.
The Certificate of Eligibility (COE) plays a large role in the application process, as it verifies to the lender that you meet all of the eligibility requirements. A COE can be obtained through your VA-approved lender, like Easy Mortgage, online through the VA eBenefits portal, or by mail with a VA Form 26-1880.
Work with your real estate agent to negotiate a purchase agreement for your new home. Be sure to include a “VA Option Clause” in the purchase and sales agreement. You may also want to allow for a way to “escape” the contract with no penalty in your agreement in case you aren’t able to get the loan.
Work with your lender to complete the loan application. Once the application is complete, your lender will order a VA appraisal to begin processing your information. After that’s processed, your lender will decide whether or not to grant the loan.
Once everything’s approved, your lender will then choose a title company, and a representative or attorney to coordinate the transfer of property.
"Just wanted to send you guys a quick email to thank you for making this the easiest mortgage loan application process I've ever experienced! I've worked with mortgage companies in the past and got hit with hidden fees I didn't expect. I want to thank you for being upfront with everything and for making this a simple and straightforward mortgage experience."
- Wayde E.