There is not as much red tape involved in getting a military loan, or VA loan, as one might think. And if you do think so then you need to do some research. A military loan, or VA loan, often will require no down payment at all and typically the interest rates are lower than any other type of loan available.
The process involved in obtaining a military loan, or VA loan, is providing a veteran's certificate of eligibility and a VA assigned appraisal and then the application process is much the same, as you would expect for a regular loan. If you get an approved lender, that is, one that can process and close your loan without waiting for the VA's approval of your credit application, it is really quick and easy.
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Another way to speed the military loan, or VA loan, process is through LAPP--Lender Appraisal Processing Program. If your lender is approved under this program, they are allowed to review the appraisal completed by a VA assigned appraiser and close the loan simply on that basis.
Remember these five steps to speed your military loan, or VA loan, along:
You should apply for and obtain a Certificate of Eligibility.
If you are a veteran who doesn't have a certificate you can obtain one easily by completing VA Form 26-1880, Request for a Certificate of Eligibility for VA Home Loan Benefits. Submit this form 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 will show active duty dates and your type of discharge.
· Decide on a home you want to buy and sign a purchase agreement
· Get an appraisal from the VA. (Typically the lender does this.)
The majority of VA regional offices offer a "speed-up" telephone appraisal system. Call your local VA office for details.
· Apply to a mortgage lender for your military loan, or VA loan.
While you are waiting for the appraisal, the lender (mortgage company, savings and loan, bank, etc.) can be gathering your credit and income information. If the lender you have chosen is authorized by VA to do automatic processing, then as soon as receipt of the VA or LAPP appraisal, the loan can be approved and closed without waiting for the VA's review of the credit application. For any loans that must first be approved by the VA, the lender will have to send the application to the local VA office, which will notify the lender of their decision.
· At this point you can close your military loan, or VA loan, and move in!
The purpose of a military loan, or VA loan, is to assist veterans with financing the purchase of a home at reasonable rates of interest and reasonable loan terms.
Over 14 million veterans have bought homes with the assistance of military loans, or VA loans, since the end of WWII. The great majority of these veterans are now satisfied homeowners.
Buying or building a home is usually one of the most important financial transactions in the lifetime of the any family. But, before you decide to buy or build a home, you should be certain that you are getting a house that will suit the needs of your family and are aware of the responsibilities that come with owning a home.
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