Apply Now For Your VA Loan
Secure SSL Transaction. We utilize a secure online loan form for your VA Loan application. Our form is hosted on a secured server utilizing 128-bit encryption so that all your information remains safe and private. We take great care to protect the information you supply on this site by encrypting it.
If you are unable to complete the URLA for your VA Loan in one sitting, you can log out and return later to finish at your own leisure, without losing any of your information. The full application usually takes 10-15 minutes to complete.
Please note that the 'Apply Now' link below will open in a new browser window.
About the Loan Application Process
If you know that you are qualified or have been previously pre-qualified for a VA Loan and wish to get the application process started, please click on the 'Apply Now' button above. If you aren't sure that you are eligible for VA Home Loan Benefits, please see the article entitled "Who Is Eligible For A VA Loan?".
This process involves six important steps: finding a VA approved lender, pre-qualifying for a loan, selecting your home, drawing up the purchase contract, getting the property appraised by the VA, and finalizing the loan.
To obtain a VA loan, it is important to note that the law requires that:
- The applicant must be an eligible veteran who has available entitlement.
- The loan must be for an eligible purpose.
- The veteran must occupy or intend to occupy the property as a home within a reasonable period of time after closing the loan.
- The veteran must be a satisfactory credit risk.
- The income of the veteran and spouse, if any, must be shown to be stable and sufficient to meet the mortgage payments, cover the costs of owning a home, take care of other obligations and expenses, and have enough left over for family support.
Our experienced and courteous VA mortgage professionals will be able to discuss specific income and other qualifying requirements.
Step 1 - Finding A VA Approved Lender
Before you begin the application process, it is a good idea to get a copy of your credit report. This can be obtained from one of the three major credit bureaus: Experian, Equifax, and TransUnion. Once you've gotten your credit report, the next step is to find a VA approved lender. A lender can point out any credit problems you might have and provide you with a loan estimate.
Once we review your complete loan application, VA Loan Place.com will provide you with a GFE of your qualifying interest rate and the anticipated closing costs involved with your home loan.
Step 2 - Pre-Qualifying For Your Loan
Pre-Qualifying for a loan is the best way to determine how much borrowing power you have. Pre-qualifying involves letting your lender know what your income and assets are. Based on that information, you can find out if you qualify for a given loan. Note that pre-qualifying only gives an estimate of the amount of mortgage payment you can afford, based on the information you provide. While pre-qualifying is not a requirement, it is highly recommended. Without pre-qualifying first, you may find yourself looking at houses that you wouldn't necessarily be able to afford. Once you pre-qualify, you'll have a strong idea of how much income you'll need to qualify. You'll also know what price range of houses you can manage, which is important for the next step.
Sep 3 - Selecting Your Home
If you've pre-qualified for your VA Home Loan, you will have a good idea of which houses you'll be able to afford. You can now begin the process of selecting your new home. Finding a home can be accomplished through several avenues:
- Online: There are many web pages dedicated to listing homes for sale, such as Realtor.com. These pages are often useful for finding homes that are out of your travel range, and often include numerous pictures and detailed information.
- Using a real-estate agent: The yellow pages are a great way find local agents. Many people use real estate agents to navigate through the paperwork involved in buying a new home.
- Newspapers and other guides: Classified ads, agency ads, and real estate guides are a tried-and-true way to find listings for houses on the market.
Step 4 - Drawing Up The Purchase Contract
Also referred to as a "sales agreement" or "purchase agreement" contract, this document represents the finalized terms and conditions upon which the transfer of real estate will take place. A purchase contract is essentially an agreement between the buyer and seller to purchase an agreed upon property on agreed upon terms, whatever they may be. The Purchase Contract will among other things address: restrictions and easements, liens on the property, inspections, prior leases, disclosures, preparing of documents for closing, and maintenance of the property up to closing.
Step 5 - VA Appraisal
Because the loan amount may not exceed VA's estimate of the value of the property, in order to finalize the loan, you must request an appraisal by the Veterans Administration. Although anyone (buyer, seller, real estate personnel or lender) can request a VA appraisal, it normally comes from the lender via the Internet using TAS (The Appraisal System).
Step 6 - Finalizing The Loan
You (and your spouse) attend the loan closing and sign the note, mortgage and other related papers. The lender or closing attorney will explain the loan terms and requirements as well as where and how to make the monthly payments. When the loan is reported to the VA, the Certificate of Eligibility is annotated to reflect the use of entitlement and returned to the applicant. The loan closing procedure may vary in some states. Closing costs can be substantial, even with a VA loan, so get the details from your realtor before closing and avoid unpleasant surprises.
