The VA Loan Purchase Process
Buying a home is more than just a large-scale purchase; it is a lifelong goal for many people. This exciting time is also an investment in the prosperity and stability of our lives and the lives of those we love.
Understanding the process of purchasing a home and the tools at your disposal to complete the process will help make the experience smoother and more rewarding. While it is indeed a milestone occasion, it can also be filled with anxiety and no small degree of uncertainty. Often the future is hard to predict and, for the first time buyer, it can be a bit daunting. Dealing with the right lender and using the resources you have available to you will help make it a great experience.
For veterans and active duty service members of the U.S. military, the VA Loan program can be a great way to make this milestone go smoothly. Listed below are the steps you’ll need to follow in order to take advantage of the VA Loan program with VA Loan Ranger.
You’ll want to start by filling out a simple contact form. Once this form has been completed, a mortgage specialist will contact you about how you wish to proceed, along with what needs to be done to get you into a home. You are a unique individual and your circumstances are equally unique. In order to find out exactly what your needs are, your mortgage specialist will go over your objectives and figure out what needs to do to get you pre-qualified.
Pre-qualifying is crucial because it helps you determine how much you can afford and helps gather the information to keep moving forward with your loan. Your mortgage specialist will be able to identify if the VA Loan will be the best way to go in getting you into your new home.
If you’re not sure what your credit rating is, a mortgage specialist can help you there too. With our long list of available resources, they have the tools and ability to help you get the financing you need.
2: Get Pre-Approved
After you’ve started the process, the next step is to get your pre-approval package. This package will contain all the documents you’ll need in order to get approved for your VA Loan.
Satisfy The Conditions Of Your Pre-Approval Letter
Obtaining your pre-approval letter is a great step, but there are sets of conditions that need to be met so that your VA Loan will be finalized.. You’ll find these conditions within the letter, and it is crucial that they are met. Failure to meet these criteria may disqualify you from getting your loan.
Some of the paperwork you will need to complete the process:
● Tax Return information including your W2 forms
● Pay Stubs
● Employment History
● Investment/ Bank Statements
● Proof of Real Estate Assets
3: Find a Realtor and Start Looking
VA Loan Ranger has the tools to help you find your new home. The VA Loan offers many advantages, and finding an agent who knows how to use the VA Loan will be key in helping you get into your new house.
4: Make An Offer
When you’ve found the home you want, it will be time to begin the negotiation process with the seller. If you have chosen one of our listed real estate agents, you’ll be equipped with the tools you’ll need to properly use your new VA Loan and construct your paperwork correctly. Your agent needs to understand VA Loans so that you can take advantage of the no money down benefit these loans provide.
Your eligibility will come from your DD-214 from the VA. Your loan officer will use the information to inform potential buyers of their entitlement and how you will fit into the VA Loan program. We have the ability to do this electronically, which means fewer steps and faster turnaround times for processing paperwork.
5: Complete And Close
Once you have found the right house, your loan officer needs to appraise the property. A VA approved home needs to be move-in ready and any issues with the house, including repairs need to be dealt with before the close of the sale.
Once you have your contract to buy, the paperwork needs to go to a dependable underwriter for assessment. The underwriter will verify all the information, gather necessary documents, make sure that everything is accurate, and meets the standards required for the process to be completed. Upon completion of the paperwork, a close date will be assigned. Once the paperwork is signed by you, your VA Loan will be finalized and you’re ready to own your home!