What You Need to Know to Apply for a VA Home Loan
The benefits of VA loans are hard to surpass. These government-backed loans have no down payments, no private mortgage insurance, and low interest rates. You are eligible for a VA loan if you are an active-duty member, veteran, National Guard member, or a surviving spouse of a service member. Continue reading to learn how to apply for a VA home loan.
1. Find a VA-approved lender.
The first step is to find a lender that the Department of Veterans Affairs approves for issuing VA loans. You can find this information on most lenders’ websites. At Direct Mortgage Loans, we can offer VA loans to those who meet the eligibility criteria. Find a certified VA Loan Officer near you to start the process today.
2. Obtain a Certificate of Eligibility (COE).
For pre-approval, we will need your certificate of eligibility. This information will verify your eligibility for a VA loan based on your service history. Typically, this will take only a few minutes and can be done online through the VA’s eBenefits portal.
3. Apply for a VA home loan.
Following steps one and two, you will now apply for a home loan. During the application process, your lender will verify your income, credit, and employment using the VA financing requirements. Typical documents that we will need are:
W-2s (past 2 years)
4. Find a home
Finally, you are now ready to shop for your dream home with a real estate agent. When you a home you like, submit an offer. If your offer is accepted, then your lender will issue a loan estimate. All you have left is the underwriting and approval process.
To conclude, VA home loans offer benefits that are hard to pass up on. If you have questions or are interested in a VA home loan, then contact us today.