Initial Steps To Securing A VA Loan

Posted on July 24, 2008
Filed Under Mortgage Loans |

updatemortgage.com/blog — What Are The Initial Steps To Securing A VA Loan?

What must you do to get a VA home loan? There is a definite process, or you could call them some initial steps that you must take before you can obtain a loan from the Veterans Administration. Let’s look at where you begin.

The first step is to apply for a Certificate of Eligibility. If you do not have this certificate you can obtain them fairly easily by filling out a specific form. This form is called the VA Form 26-1880, Request for a Certificate of Eligibility for VA Home Loan Benefits. Once it is filled out, you can submit the form to a recognized eligibility center along with copies of your most recent discharge or separation documents which cover a specified time period of active military service.

With the Certificate of Eligibility filed, you should be able to move on and pick the house that you want to buy and sign a contract. The next step will be taken by the lender who will order a VA appraisal. You can apply for the VA loan at this time. Once all of the credit and income checks are done, the lender may wait for a appraisal value determination, while the VA prepares to review all of the applicant’s information. If all checks out the veteran will be approved and the loan will be closed and finalized.

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