STEP ONE - Free Consultation
Step One is picking up the phone and scheduling a free consultation with a VA Mortgage Loan Specialist and letting us go over what’s involved with your VA mortgage.
This is an opportunity to find out more about your situation and goals, and to find out what you will qualify for.
This “fact-finding” consultation is a two-way street, and together we can find the solutions that best fits your specific circumstances.
At this time we will also explain VA eligibility and go to the VA portal and get your Certificate of Eligibility or COE.
After this initial consultation, we move on to Step 2.
STEP TWO - Application
Face to Face appointments are also possible, just call us to schedule an appointment at our office. The emailed link is usually the preferred method, as it allows you to do the application at your pace, and we review and amend afterwards as needed.
Documents needed at this time are your last 2 years income, so that will be 2 years W-2’s and a recent paystub/LES.
If you are retired, please bring your RAS/pension income award letter, and any other evidence of your income such as Social Security Award letters, and disability pay. If in doubt, bring your last 2 years tax returns and we will copy and scan income as needed. (Self-employed borrowers will need the last two years tax returns showing business income)
STEP THREE - Processing & Appraisal
Once the application for your VA mortgage is completed, we will order an appraisal to determine the value of your home. Appraisals are ordered through a VA approved appraiser, who is randomly selected on the VA portal.
Title work will be ordered and reviewed will also be reviewed to see if there are any outstanding liens against the property.
STEP FOUR - Submit Loan & Underwriting
We will submit your VA loan for underwriter approval. The underwriter is the decision maker to approve or decline the loan and while we pride ourselves in submitting complete files, it is common for the underwriter to request additional information before issuing an approval, often more than once. This part of the loan process is just like any mortgage, and is when the lender is verifying all of the information needed to lend money and get the VA Guarantee approved for your loan.
We will work with you and the underwriter to help things go smoothly as we move towards the next step.
STEP FIVE - Loan Approval and Clear to Close
We will contact you to inform you that your VA mortgage loan has been approved and cleared to close, and we send out the final disclosures with the interest rate and final closing costs.
STEP SIX - Loan Closing
Time to schedule a time to close your VA mortgage loan!
You can schedule a time to visit the Title Company or a notary can come to your home to present the loan documents for your signature. Your VA Mortgage will fund the same day for purchases, and 3 days later for refinances