Aside from the veteran's certificate of eligibility and the VA-assigned
appraisal, the application process is not much different than any other type of
mortgage loan.
Difficulty Level:
Average Time Required:
1 Hour
Here's
How:
Apply for a Certificate of Eligibility. If you don't have one, complete VA
Form 26-1880, Request for a Certificate of Eligibility for VA Home Loan
Benefits and submit it to any VA Eligibility Centers along 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. [See
Related Features for more assistance.]
Pick out the house you want and sign
a purchase agreement.
Request an appraisal from the VA. (Usually done by
the lender.) Call your nearest VA office for information on their
"speed-up" telephone appraisal system.
Apply to a mortgage lender
for the loan.
Close the loan and move in. Welcome home!
Tips:
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.
Even though many veterans have already used their loan benefits,
it may be possible for them to buy homes again with VA financing using
remaining or restored loan entitlement. Contact your local VA office for more
information.
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