VA home Loan process..

i need some help from anyone who knows how to apply and how to get accepted for a va loan,........

 

I did the same used USAA for my mortgage. Did you get your certificate from the VA that shows you are eligible? You just need to apply for that and show it to your lender. Check out this link, should help alot.

http://www.benefits.va.gov/homeloans/eligibility.asp

 

The VA doesn't make home loans, it guaranties the lender the loan will be paid back. So you need to get on down to the local VA office (with DD 214 in hand) to apply for the VA home loan guaranty certificate. Then find a lender and apply for a home loan. Then, and only then, should you sign with a real estate agent.

 

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FWIW ... USAA is one of the best ... if not the best ... to go through on your VA loan.
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99% of it can be done online now. Utilized the USAA program as well once we got our eligibility certificate. We were pre-approved through USAA within a matter of days for our full amount we were budgeting. Went through four different agents (first 3 didn't click with) before we found an agent we liked.

In the end, after about 40-50 bids on different houses, we ended up ending
our search because we decided we didn't want to stay in California for the long term. (our budget was low, at least for San Diego, and couldn't find one in decent enough shape to move into and fix up later). We will be using their program again once we start searching in Oklahoma (same budget=MUCH more house).

 

Okay, I am behind the times, but the veteran home buyer needs to get the VA Certificate of Eligibility first. At the VA office, on line (ebenefits.va.gov) or USAA will help, but get the COE before shopping for a loan.

 

Done it 3 times, and just did an IRRL. (Interest Rate Reduction Loan. Your Bank should handle it. Good Luck!

 

You actually do not need to be separated from service to get your certificate so the DD-214 is not required if you're still wearing the uniform. Got mine before I got out then a few years later when we decided to get a house I resubmitted since the guarantee amount changed.

USAA is the best, everything is done online and they have a little tracking sheet online for you to follow and know exactly what you need to do and what they are doing. If you don't have an account with them I definitely recommend opening one.

 

hey guys well thank for all the information!! i submitte4d my request for eligability with the va office online, not sure when i receive that documant but well see.

 

sub,d!

I am thinking of buying my first home and was doing research online about the VA loan just now. Glad to have found good information on TW! I have USAA as well and plan on using them for the home loan.

 

Shop Navy Federal for loans as well...I went thru USAA and am not entirely happy with the results. NavyFed-Better rates and better loan management I think...

 

I have heard good things about Navy Federal.

I used USAA and it couldn't have gone easier. My realtor and the seller's said it was the smoothest and easiest thing ever. Also, my parents have bought over a dozen homes in their time and they were shocked at how easy my experience was.

GL

 

found a home and purchased, awaiting close on escrow...

ended up stumbling across a place we liked after looking at quite a few different places (brand new home as well). didn't use the USAA program for this one but ended up going through them for insurance (cheapest for the best options). As far as the home loan, we ended up going through a home lending company (Cornerstone) and they handled the whole process for us. getting the VA loan through them was easy and painless. It ended up being an extra couple of forms and that was it.

Little known fact by many:

If you have a home and have a great interest rate, you can actually sell your home and it's mortgage to another veteran.

Example: You buy a place in Nowhereville and get orders somewhere else. Interest rates have doubled in the time that you have lived in Nowhereville. Another veteran with just as great credit as you can come in and assume your VA loan and continue the payments with the lower interest rate (as long as they qualify for the loan). You can actually make QUITE a bit of money off this if that happens.

Just make sure if this is going to be done that you talk to a knowledgeable lender and real estate agent so that way all the proper paperwork is done and you get your credit back to the VA (you are limited on amount of money on VA loans you can have out at a time).