VA Loan Resources

A veteran and family playing after inquiring how to apply for a VA home loan to buy a home

VA Loan Process

If you’re a Military Veteran or other qualified Service Member or surviving spouse, you have an important benefit: the VA loan. Technically a loan guaranty benefit provided by the U.S. Department of Veterans Affairs, a VA loan offers these outstanding features:

  • Up to 100% financing is available.
  • You don’t have to pay private mortgage insurance (PMI).
  • Closing costs are limited.
  • You can reuse the benefit.
 
There is a funding fee due at closing that you can finance into your loan, which involves an easy six-step process from start to finish.

1

Step One

We will need your Certificate of Eligibility (COE) as soon as possible and we will help you obtain it. Within the first 14 days after submitting your application, we’ll work closely to gather all documentation, ensure everything is complete and accurate, and submit the application to loan processing for review. We will order your VA appraisal at this time (for purchases and some refinances).

2

Step Two

You should schedule your home inspection as soon as you go under contract so you will know if there are any problems with the home. As a separate matter, the VA requires a termite and pest inspection so you will need to arrange for that, too.

3

Step Three

The loan processor will start reviewing your documentation within 24 hours and complete the review within 2 days of receipt. The processor will then submit your loan to underwriting.

4

Step Four

The underwriter will complete an initial review within 24 hours. If any conditions (missing or additional items or information) are required, your loan will be sent back to the processor to clear them and prepare for closing. Once complete, the loan will return to underwriting for final review and approval.

5

Step Five

The underwriter will issue a clear to close (CTC) and advise the processor, who will inform all parties of the CTC, verify the closing date and time, and place the loan in the closing queue. The closer will have 24 hours to provide closing documentation to the settlement agent.

6

Step Six

You’ll attend the closing and sign the final documents. Congratulations!

Mortgage Checklist

The following information is usually required during the VA home loan process. Additional documentation may be needed.

  • Certificate of Eligibility (COE)
  • DD-214 (Veterans) or statement of service (Active Duty) or equivalent (some National Guard and Reserve members)
  • VA awards letter, if applicable
  • Your government-issued photo ID
  • Federal tax returns for the most recent 2 years
  • W-2s for the most recent 2 years
  • Pay stubs for the past 30 days
  • Bank statements for the most recent 2 months
  • Most recent copies of asset/retirement account statements
  • The declarations page of your homeowners insurance

Find a Loan

I want to buy a home.

A VA purchase loan offers outstanding benefits for qualified borrowers: 100% financing, limited closing costs, no mortgage insurance, and competitive interest rates. You don’t have to be a first-time homebuyer and you can reuse the benefit.

I want to refinance my VA loan to a lower rate or shorter term*.

You may benefit from a VA Interest Rate Reduction Refinance Loan (IRRRL) with a lower rate and lower monthly payments. You may not need an appraisal or credit underwriting, saving you time and money. You can also refinance from a 30-year term to a 15-year term to pay off your loan more quickly and save on interest over the life of your loan. The VA IRRRL is for VA-to-VA refinances only.

I want to refinance my VA loan and get cash out*.

A VA cash-out refinance, like other cash out refi loans, allows you to tap the equity in your home. The VA cash-out can be used to refinance from a non-VA loan to a VA loan.