What is a VA Mortgage Loan and how easy is it to get?
A VA Mortgage Home Loan is a mortgage loan that’s issued by private lenders and backed by the U.S. Department of Veterans Affairs. It helps U.S. veterans, active duty service members, and widowed military spouses buy a home.
Getting a VA loan with Legacy Mortgage or Legacy Lending Home Loans is actually quite easy, especially because all of our mortgage loan originators are certified Military Housing Specialists and will take the time to guide you through the process. Follow these easy steps.
- Select your Lender. Only lenders like Legacy Mortgage that are approved by the U.S. Department of Veterans Affairs can originate VA mortgages. Our loan originators s are aware and focus on the special needs of our military clients. To connect with one of our experienced mortgage professionals click here! Or call (888) 296-4747 to speak with a VA Home Loan specialist.
- Obtain your (COE) Certificate of Eligibility. An experienced VA lender like Legacy Mortgage can help you obtain what’s called a Certificate of Eligibility (COE). The COE will prove that you meet eligibility standards for a VA loan. It also lets us know how much entitlement you can receive, which is the amount the Department of Veterans Affairs will guarantee on your VA loan. To get your COE, you’ll need to provide a bit of information about your military service. This link will take you to the Department of Veterans Affairs website to apply. Those service members or surviving spouses whose COEs cannot be obtained online will have to get theirs by mail. Our VA home loan specialist can help direct you to the right resource for your specific situation. Obtain your COE Here!
- Pre-Qualify for your VA home loan amount. Pre-qualifying is a very important part of the process because it can save a lot of time and potential surprises. To pre-qualify, you’ll have a detailed conversation with your VA mortgage loan professional about your income, credit history, employment, marital status, and other factors. Giving your lender complete details during the pre-qualifying step can help prevent surprises later during underwriting. Pre-qualifying can also reveal areas that need improvement before you can be approved, such as credit or debt-to-income ratio. a prequalification letter will be issued, this gives you and your Realtor a ballpark price range for house hunting, it does not guarantee that you will be approved for a loan, and we will later have to verify the information you provide. To get a loan requires final approval by underwriting once all documents have been received and reviewed.
- Go House Hunting and Sign a Purchase Agreement. Working with a real estate professional who specializes in the VA process can help you get the most out of your benefits. The VA allows certain fees and costs to be paid by the seller (if both you and the seller agree), and a knowledgeable agent will know this and help you negotiate seller-paid fees. Once you’ve got a signed purchase agreement, you can proceed.
- We process your Application and Order the VA Appraisal. Once we have the contract, they will order the VA appraisal. Not just any appraiser will do. Only a professional who is certified to perform appraisals to VA standards can evaluate the home being considered for VA financing. The VA appraiser will make sure the price you’ve agreed to pay for the home corresponds with the current value. Another very important part of the VA appraisal is to inspect the home to make sure it meets the VA minimum property requirements (VA MPRs). Separately, a home inspection is conducted which focuses on code violations, defects and the condition of the property. While you’re waiting for appraisal documents, you’ll be busy submitting documents of your own to your mortgage loan originator at Legacy Mortgage to show you have the ability to qualify for the loan. If the home passes appraisal for value and VA minimum property requirements, and it’s verified by us that you qualify for your loan, the underwriter will give his or her stamp of approval and you are cleared to close.
- Close Your VA Home Loan and Move In! Once you are approved by the underwriter, all that is left to do is close and move in. During the closing, the property legally transfers title of the property from the former owner to you. Closing is a step that requires you to sign documents that confirm you understand and agree to the terms of the loan. You will need to provide proof of homeowners insurance and, if required, pay closing costs. Once you’ve signed all your closing documents, you’ll get the keys to your new home.
Your VA Mortgage Loan Originator at Legacy Mortgage or Legacy Lending Home Loans will stay in touch with you through the years to ensure that you always have up to date financial information. Learn More!