Do you need help with the process of what each entity does in a VA home loan?
This episode focuses on the VA loan application process and the additional information that may be required. Learn how to gather and provide complete details, submit all conditions left in underwriting, and prepare the closing disclosure.
Become a homeowner with your VA home loan entitlement!
[00:00 - 01:28] Opening Segment
[03:57 - 08:42] Finding the Right Loan Officer and Realtor for Your VA Home Loan
VA loan application process is similar to other loan types
A letter of explanation may be needed for the manual underwriting process
Interview loan officers and do due diligence to find one with VA experience
Lock rate, get disclosed, and put documents together
Get a certificate of eligibility from the VA portal or Regional Loan Center
Wait for underwriting approval (24-48 hours)
[08:43 - 14:49] Tips for a Smooth Loan Process and What to Expect from Your Lender
VA guarantees the loan, but the lender funds it
First payments are usually due 30-45 days after closing
Loan processes nowadays are automated and paperless
A loan officer should be available to help speed up the process
Once conditions are signed off, we can get the file ready for closing and prepare the closing disclosure
After signing the documents, you will get a funding authorization and become a homeowner
[14:48 - 16:04] Closing Segment
Quotes:
"At the end of the day, you will be a homeowner using your VA home loan benefit, getting the best terms that you possibly can get on that loan versus taking any other type of loan." - Richard Sarey
"Do your due diligence on your loan officer. Find one that has some VA experience and not just a little bit; someone who's been doing it for a very long time." - Richard Sarey
Have you got questions? Please email me at rsarey@alliancemtggroup.net or visit www.alliancemtggroup.net.
