What Can Borrowers Expect From the VA Loan Process?

by | Jul 5, 2017 | Financial Services

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A VA loan is one that is guaranteed by the United States Department of Veteran Affairs. This loan is available for qualifying military veterans or their surviving spouses, as long as the spouse has not remarried. Pursuing any loan can be a daunting process. Knowing what to expect from the VA Loan Process will help to set a person’s mind at ease and help them be prepared. This information will help to prepare borrowers for the application process.

  • To apply for a VA loan, a borrower will need to choose a lender that has been approved by the United States Department of Veteran Affairs. These lenders will allow a person to be able to go through the process of applying for and being approved for their loan.
  • A Certificate of Eligibility is required before the application process can be begun. This certificate proves the applicant is eligible to receive VA benefits. It also informs the lender how much entitlement the veteran can receive.
  • Although it is not required, pre-qualifying is recommended. This can give a borrower a ballpark amount they can begin looking for in a home purchase. Pre-qualifying does not guarantee approval but can save time in the process.
  • Once a veteran has been pre-approved for their loan, they will need to go house hunting to find a home they want to purchase. They will need to sign a purchase agreement. Once this agreement is signed, the veteran can move forward in the VA Loan Process.
  • After being approved by the underwriter, the borrower will simply need to sign the paperwork that makes the home purchase finalized. This leads to the closing and then the fun part, of moving in.

If you are a veteran who would like to purchase a home through the VA loan program, contact Midwest Mortgage Associates Corporation. They will be happy to help you through each stage in the process so a loan approval can be achieved. These loans help veterans achieve their dreams of home ownership without the hassles of traditional mortgage loans. Call the office today to find out if you are eligible so the process can be started. You can also connect them on Facebook.

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