- VA loans require documentation of eligibility, income, bank, credit and personal information. You will need a copy of a Certificate of Eligibility before you apply for a VA guaranteed loan. Your realtor can obtain a Certificate of Eligibility, or you may request a copy by mail using VA Form 26-1880 or completing an online form by accessing the Veterans Information Portal and selecting User Registration. Gathering these documents first will prevent a delay in the process.
- Put as much time into locating a realtor as you put into finding that perfect home. You want an honest realtor who has your best interest in mind. Ask friends and family for recommendations and then conduct a realtor license search through the appropriate state agency or access Assessor Links USA real estate license lookup search engine. Find a VA approved lender to finance your home.
- Pick the home and have your lender draw up a purchase and sales agreement. Make sure the agreement has a VA option clause to protect you in the event the cost of the home increases or the property goes beyond VA assessed value. Inquire about an escape clause in case you are denied a VA home loan.
- Supply requested documentation and complete the application through the lender. The lender will then order a VA property appraisal, and the credit approval process will begin. VA only provides an estimate property value on the home. If you want an appraisal of the home's condition, you need to hire a private appraiser.
- Closing is the final phase of the process. From this point, all decisions lie with the lender. The lender will choose the titling company, attorney and a time to finalize all paperwork.
- Searching for a home can be an exhausting process. Ask your realtor about VA foreclosures or access the Equator Financial Solutions website for a list of VA foreclosures. Veterans and non-veterans can acquire a VA foreclosure well below market value without a down payment.