If you are preparing to purchase a home, here are a few things you will need to do:
- Apply for your Certificate of Eligibility. A veteran who doesn’t have a certificate can obtain one easily by completing VA Form 26-1880, Request for a Certificate of Eligibility for VA Home Loan Benefits and submitting it to one of the VA Eligibility Centers with copies of your most recent discharge or separation papers covering active military duty since September 16, 1940, which show active duty dates and type of discharge. A lender can also assist with getting this.
- Hire a Realtor to help determine any homes that have the potential you require. Apply for a mortgage loan at this time to ensure you don’t fall in love with something out of your qualification range. Decide on a home that best meets the needs of you and your family and submit an Offer to Purchase.
- While the appraisal is being done, the lender (mortgage company, savings, and loan, bank, etc.) can be gathering credit and income information. If the lender is authorized by VA to do automatic processing, upon receipt of the VA or LAPP appraised value determination, the loan can be approved and closed without waiting for VA’s review of the credit application. For loans that must first be approved by VA, the lender will send the application to the local VA office, which will notify the lender of its decision.
- Order an appraisal from VA. (Usually, this is done by the lender.) Most VA regional offices offer a “speed-up” telephone appraisal system. Call your Realtor, lender, or the local VA office for details.
****Although it varies, the loan processors will need at least 30 days to get a clear to close on your loan.