Buying a home has always been regarded as one of the biggest decisions of a person’s life, especially if you’re a veteran or an active army officer.
Thankfully, the VA offers VA home loan benefits to service members and veterans. The VA loan process usually includes five key steps that may not differ significantly from other home loans.
Step 1: Pre-approval
Getting pre-approved for the loan is the first thing that should occupy your brain. Loan pre-approval makes way for getting a loan without obstacles.
Step 2: Choosing a house
After getting your VA loan pre-approved, you can begin looking for your new home. However, as not all properties can be purchased using VA loan benefits, you may want to involve an experienced real estate agent to avoid complications.
Step 3: Signing contract
Your agent should help you make a list of homes to compare and choose the best option. Negotiate as much as you can when it comes to the cost of your new home. Once you signed the contract, there is no way you can ask for a price change.
Step 4: VA Loan Submission
Your VA loan process begins the day you sign the contract to buy a home. Your loan officer will send your agreement and other documents to loan processors to evaluate your profile and the loan terms.
Step 5: Closing
Once everything is taken care of, you will receive your closing disclosure containing the home’s final purchasing price along with other loan information. Review the disclosure before giving your final nod.
VA home loan process may require an expert’s advice. We recommend you speak to a VA loan advisor before applying for a VA loan.