If you’re a veteran or an active member of the United States military, you might be interested in purchasing a home and relocating your family.
The best news is that you can purchase this home with little money required upfront.
This is made possible by applying for a VA loan which is backed by the United States Department of Veteran Affairs (VA).
Applying for a VA loan can be very simple, especially if you have all the paperwork needed.
However, it can also be a daunting task if you don’t have the complete paperwork. Here is the process of applying for a VA loan:
Ensure you’re eligible for the Loan
When applying for a VA loan, the first step is to double-check if you’re eligible for the loan.
Even if you’re certain of your eligibility, it’s always to check it. If you’re a veteran or an active member of the United States military, you can confirm your eligibility on the VA website.
The website also provides you with any other supporting documents that you might need in the loan application process.
It is very important to note that it’s not only the service personnel of the United States military who are eligible for VA loans.
On this website, every other eligible person is also indicated. Once you’ve confirmed your eligibility on the website, you need to produce the Certificate of Eligibility (COE).
Determine if the Property is Eligible
After you’ve obtained the Certificate of Eligibility (COE), your next task is to determine if the property you’re interested in purchasing is eligible for the VA loan.
The Following are Some Properties that are Considered Eligible:
- The VA loan you’re applying for should be for a property that the VA approves.
- The property you’re interested in purchasing should also be a primary residence.
- You can use the VA loan to purchase a mobile or manufactured home that suits your preferences.
- The loan can be used for a house that is already built.
- The VA loan also covers any energy-efficient improvements that you want to make in your home, including purchasing and installing a solar panel, window tint films, among others.
- You can apply for a VA loan to finance an existing VA loan.
Choose a Suitable Lender
After determining that the property you’re interested in is eligible under the VA norms, the next step is to find a suitable lender.
The best thing about VA loans is that finding a suitable lender isn’t so hard.
This is because all VA loans are backed by the government, which means that most lenders you’ll find out there will offer you good mortgage rates.
However, the mortgage rate shouldn’t be the only thing you vet about the lenders.
You also want to check their working history to ensure that you pick someone who will be easier to work with among them all.
VA loans San Diego offers you a wide variety of great lenders who are willing to work with you closely to get the best deals.
This is regardless of the price of the property you’re interested in.
Fill in the Application
After choosing the right lender for you, the next step is to fill the application form. In most cases, the lender can help you with this process.
However, when filling the application, you need to ensure that you provide all the right details.
If some of the details on the application form are not clear to you, it’s advisable you seek the assistance of a professional.
Providing false details about yourself could get your application denied or land you in serious legal trouble.
After filling the application with all the right details, the lender will finish up the process on their end.
Once the application is submitted and you’re approved for the VA loan, you’ll sign the document, after which the home will be transferred to you in your name.
Applying for a VA loan is very simple if you follow the right procedure, as shown above.
Also, after you’ve been approved for the loan, it’s important that you look for the property that suits your needs and which is within your budget.
Alison Lurie is a farmer of words in the field of creativity. She is an experienced independent content writer with a demonstrated history of working in the writing and editing industry. She is a multi-niche content chef who loves cooking new things.