How can I get VA Home loan? What are the steps to attain VA home loan?

Answer 1

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First select a home and Sign a purchase contract conditioned on approval of your VA home loan.
Obtain a certificate of eligibility
A Certificate of Reasonable Value is required.
The lender will let you know the decision on the loan. You should be approved if the established value and your credit and income are acceptable.
The lender or closing attorney will explain the loan terms and requirements as well as where and how to make the monthly payments. Sign the note, mortgage, and other related papers.
http://www.badcreditloancenter.com/

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Asker's Comment:

thanks for ur great answer.....

Answer 2

Any VA approved lender can help you get a VA loan. You will need to get a Certificate of Eligibility from the VA - a simple process that can be done through the VA website - takes about 5 minutes. Your lender should have all the forms you need in order to get that. If you are on any VA benefits, part or all of he VA funding fee may be waived. From there, it's just the process of qualifying for the loan by meeting employment and credit requirements, and supplying your lender with all the necessary documentation they ask for. They can sometimes take a little longer, and the paperwork is a little more, but if your lender knows what they're doing, you shouldn't have any problems at all. The main hold up we see with them, is the borrower not getting what we need to us in a timely manner.

Source(s):

Mortgage Lender

Answer 3

A VA loan is like all other mortgage loans with the exception that whomever approve your mortgage loan the Veterans Administration will insure the mortgage loan. In other words if you fail to make the normal monthly mortgage payment and the property goes into foreclosure the VA will pay the bank the mortgage balance and take the property off their hands.

You would need to prove you are either on active duty, retired or is a veteran, by producing a DD form 214.

If you apply and get approved in addition to not having to put any money down but you would be eligible for the tax credit that has been extended until April 2010.

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.

Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.

If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

Make sure your mortgage broker explain all your options so you may make an intelligent decision.

What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

So select the best option for you and your financial situation.

You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

I hope this has been of some benefit to you, good luck

"FIGHT ON"

Answer 4

Active duty military or honorably discharged with a DD214.
The Department of Veteran's Affairs has all the information you need.
Here is a link to some FAQs on their website:
http://www.homeloans.va.gov/faqelig.htm

Source(s):

military spouse, realtor

Answer 5

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Answer 6

If you are active duty or a veteran, then yes.
Apply with any VA approved lender.

Source(s):

I'm a mortgage banker/broker

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Answer 7

First you have to be a Veteran and have your DD214 form. Then any lender that offers VA loans can help you.