a soldier applying for a VA loan

Applying for a VA Loan

Before you are able to receive a VA loan, you need to apply, and your application must be accepted. There are five steps that must be taken in order to apply for a VA loan, and these include:

  • Eligibility
  • Home matters
  • Requesting the loan
  • Property appraisal
  • Sealing the deal

Eligibility

Eligibility is a crucial part of being approved for a VA loan. Veterans who are eligible for this loan can take advantage of many different benefits. The primary benefit of these loans is that a down payment isn't required. This factor alone will save veterans a substantial amount of money. Another benefit that veterans can take advantage of by obtaining a VA loan are the limits. Veterans who qualify for this loan do not have to worry about a limited amount of money that can be borrowed.

Home Matters

Many different things take place when home matters are concerned. The home matters step is the step in which the home in question is inspected. Regardless of whether you know what to look for or how to ensure a home is up to code, it will be in your best interest to have a real estate agent who is state-licensed by your side. These agents are perfect for this situation because they are certified and trained to look for and suggest features for the home that will greatly benefit the buyer and determine a reasonable price for people who are selling their homes. Other benefits of having assistance from a state-licensed real estate agent are that they can negotiate sales and place a hold on earnest funds that are deposited.

Requesting the Loan

The next step in this loan process is requesting a loan. Preparing to purchase a home can be simple or complex, depending upon how organized you are. Although you may feel as if you have everything covered and have nothing to worry about, you should consider initiating contact with a lender. That is the best course of action to take because people can be pre-approved, which means that borrowers will be able to determine the highest amount they will have to pay for their mortgage. When you are speaking in terms of VA loans, the more information you know, the better off you are.

Property Appraisal

Thanks to the Internet, many steps in the VA loan process are now easier than they have ever been, especially when it comes to a property appraisal. Once a veteran successfully contacts a lender regarding a VA loan, the lender receives a number for this request over the Internet. The VA loan number is a crucial piece of information in this loan process, because it allows the lender to keep track of the progress of the application and appraisal.

Sealing the Deal

The closing deal is the final step of the entire loan process, and it is a step that many people look forward to. The closing sale occurs once the loan and the home are both approved. When these two instances are taken care of, you should contact a state-licensed insurance agent. An insurance agent can provide coverage to both the lender and owner so that everyone is covered in the event of a loss or if any form of damage occurs.