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Your Roadmap to VA Approval

The iServe Blog

Your Roadmap to VA Approval

Jul 26
Category | The iServe Blog

Make the most of your veteran’s benefits by taking advantage of the VA home loan program. A VA loan may allow you to become a homeowner without a lot of red tape or even a big down payment. Learning more about the process can help you make the most of your benefits and help you get the home of your dreams without a lot of hassle.

The VA Mortgage Loans Roadmap—Step by Step Path to Home Ownership

Get Informed

Talk with a lender or broker that is knowledgeable about the VA home loan process or VA refinancing. The best way to streamline the process and ensure you are getting great advice is to speak with a mortgage loan origination familiar with VA requirements.  The process is not difficult, but it is complex and does require specialized knowledge. Your local banker is likely a great guy and the place to go for your checking account, but he could be in over his head when it comes to your VA benefits. Go with a mortgage loan originator that is familiar with VA loans and you’ll always be able to ask for information, help and advice.

Run the Numbers

The house you like and the house you can afford are hopefully the same place. The best way to determine what you can spend is to run some numbers through a mortgage calculator. By entering your real-world numbers, you can get a sense of how much home you can afford and what your monthly payments will be. At this point, you can also work with your lender to see about getting a pre-approval. Taking this step makes your eventual offer more attractive to sellers and can streamline the process.

You won’t need to worry all that much about saving a bundle of money for a down payment; VA loans are buyer friendly and do not require large amounts of money up front.

Work With a Buyer’s Agent

If possible, find a knowledgeable and reputable buyer’s agent; their job is to help you find the perfect home for you – not to represent the seller. A buddy who dabbles in real estate, your cousin or even a friend from work may not be the ideal candidate, unless real estate is their fulltime job and they work in your own community. The right agent will be familiar with local neighborhoods and be able to give you useful advice on the homes and areas you visit.

Get a Certificate of Eligibility

Remember that VA-savvy lender? Their knowledge is going to come in handy at this point. To use your VA benefits, you need a Certificate of Eligibility. Your lender can help you get this, or you can apply for it on your own. This important document proves you are eligible for benefits.

Make the Offer

Found your dream home? It’s time to make an offer on that house so it doesn’t get away. Your agent can help you target the right price and help negotiate on your behalf. You may have to make a small deposit with the contract offer; since you are doing a VA loan, this amount may be minimal. Once your offer is accepted, you can begin to work with your lender to complete the loan process.

Provide Your Documents

Your lender will need to have some documentation to process your loan. Pay stubs, bank statements and tax returns will all be needed. This is also the ideal time to get insurance in place for your new home.

Play the Waiting Game

It seems like underwriting takes forever, but your lender will do the heavy lifting for this part. Because you are getting a VA loan, you’ll need an inspection and VA appraisal as part of the process. The inspection will let you know about any problems with the HVAC, roof or structure of the home. Once this is complete, you’ll be ready to move forward.

Sign Lots of Papers and Get your Keys

Once the underwriting process is complete and provided you are approved, you’ll have lots of paperwork to sign to compete the mortgage process and transfer ownership of the home to you. Depending on where you live, a lawyer may need to be involved with the final transfer. Once you’re done, you’ll get the keys and official ownership of your new home. Congratulations, you’re done!

Ready to make the most of your VA benefits? Contact us to take the first steps toward home ownership and to find out how easy it is to apply for a veteran’s loan.



iServe Residential Lending, LLC is not affiliated with or acting on behalf of or at the direction of the VA or the Federal Government.

Programs, terms and guidelines subject to change without notice. Not all applicants may qualify. All loans subject to underwriter and investor approval. Arizona Mortgage Banking License BK-0920658; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, CRML License  413-0646; Colorado Supervised Lender #988552; Georgia Residential Mortgage Licensee License #19613; Licensed by the New Jersey Department of Banking and Insurance License # 512567; Licensed Mortgage Banker—New York State Department of Financial Services License # B501014; ( iServe Residential Lending, LLC, NMLS #2914-15015 Avenue of Science Suite 250, San Diego, CA 92128 Phone: (858) 486-4169