You are a Veteran or have been in the Armed Forces, National Guard or Reserves long enough to qualify to receive a Certificate of Eligibility and now you need to know the process to get your VA Loan. Here is a brief summary of the process to get you started. It is a good idea to contact a reputable VA Loan Specialist before you even begin so that your questions can be answered and you will have support every step of the way. So that you will know what to expect, the following are the basics required by lending institutions in order to get you qualified for your loan.

You will want to make sure you are actually eligible for that Certificate of Eligibility. You must have served in the military for the specified amount of time and have received other than a dishonorable discharge or are still in the military and have served the prescribed time. Specific time requirements are:

1. Honorable Discharge
2. Six years of service if you are in the reserves of National Guard, etc.
3. 181 days of active duty service if before 1980 and 24 months if you enlisted after 1980.
4. During war time there must be at least 90 days of active duty.
5. Surviving spouses of a Veteran who died from service related injuries and are not remarried may also be eligible.

You must request a Certificate of Eligibility from the Veterans Administration. This is the document that proves to the lender that you qualify for a VA Loan. This document can be ordered online or your Loan Officer can take care of this for you.

The VA Loan is funded through private lenders and not by the Veterans Administration. Each lender requires basically the same documentation although it may very a bit from lender to lender. The information you will need to have on hand when you apply for loan approval are:
1. A copy of your Social Security Card
2. A copy of your photo ID or Driver’s License.
3. W2s for the past 2 years.
4. Current pay stubs for the past 2 pay periods.
5. Names and addresses of employers for the past 2 years.
6. Residence addresses for the past 2 years.
7. A list of any properties owned with Lender, mortgage balance and address of the property.
8. Account information on all open lines of credit, auto loans, or credit cards with account numbers, name of company, balance and monthly payment.
9. Account numbers and balances on all savings and checking accounts.

Your loan amount is determined by pre-set limits according to the VA as well as what your income and debt to income ratio will allow you to borrow. It is not a good idea to buy a car or open a new credit card or incur other debt before applying for a VA home loan. Any debt will count toward your debt to income ratio.

When you contact a Lender for your VA Loan all of your questions will be answered and when you actually want to begin the process you will be given a good faith estimate with the estimated loan amount, closing costs, and monthly payment. You will be asked to fill out an application and to sign it. If approved for the loan, you are not locked into accepting the terms of the loan until three days after you sign the final paperwork at closing.

The VA loan is an excellent way to get into a home with little or no money down! If you have the documents listed above and choose a lender experienced in assisting present and past members of our Military your experience will be smooth and stress free.

Author Bio: Josh Swenson and GovernmentLoanPro.com are proud to be a leader in providing information and assistance to Veterans as they go through the process of obtaining a VA home loan whether it be a purchase or refinance loan. I hope this info about VA Purchase was helpful. Follow us on our Blog.

Category: Real Estate
Keywords: va purchase loan, va home mortgage, va loan officer, va lender