The VA Loan Process Explained

If purchasing, the application will be for pre-approval. It is recommended that you apply for pre-approval approximately 60 – 90 days before you want to own your new home. Once you have pre-approval, you will need to find a buyer’s agent to represent you. VA home loan Centers can refer a local buyer’s agent to you. All referred buyers agents are not allowed to charge you for their services. If you have applied for a loan but do not have an agent, click here or call the loan desk to be referred to an agent near you.

Step 1 – VA Loan Application.

The first step of the VA loan process is to apply for a VA loan. To apply online using the secure, encrypted VA loan application click here.
If the transaction is a VA home loan refinance, skip to Step 2.

The loan desk number is: 888-573-4496

Once you have chosen a home, have an accepted contract and an open escrow,  you will proceed to step 2.

Step 2 –  Verification:

Upon receipt of your application, the VA approved underwriters and originators will verify debt, income and eligibility. Condos must be on the VA or FHA approved condo list.

Step 3 –  Inspections:

A series of inspections is performed. If it is a refinance, it may be as simple as a title inspection.  If the loan is not an IRRL VA refinance, an appraisal is ordered. A VA habitability inspection will also be conducted. If the appraisal is less than the desired value and there is logical evidence to support it, an appraisal can be appealed. A pest inspection and clearance may be required. If required they are conducted at this time. For purchases, an informational home inspection is also performed.

Step 4 – Repairs:

Repairs may be required for various reasons. For example, if the home does not pass the VA habitability   inspection. Termite repairs may be required if the property did not receive a termite clearance. A request for repairs is tendered (purchases only). A seller is only required to provide termite clearance and to satisfy habitability issues.

Step 6 – Underwriting:

Each loan application is underwritten as part of loan processing. As a condition of underwriting, the underwriter may ask for additional documentation.

Step 7 – Verification of condition (purchase):

After all VA required repairs have been made, the appraiser will need to reinspect and the clear to close will be issued.

Step 8  – Clear to Close / Recordation:

Clear to close is issued when all conditions have been met and when all inspections have been performed. When clear to close is issued, loan documents (loan docs) will be prepared. The prepared loan docs are signed before of a notary witness. The signed (executed) loan documents are then returned to escrow.

Step 9 – Funding  / Recordation:

Once the loan docs are returned to escrow or closing attorney, they are reviewed for accuracy and returned to the funder. The funder will then release the funds and the the Deed of Trust, Lien or other form of encumbrance is recorded.

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