An overview of the VA Loan process

We would like to give our Veterans an overview of what to expect when it comes to VA Loans. 

The process for purchasing a home with a VA Mortgage is nearly the same as refinancing with a new VA Loan.  Our goal here is to provide a basic understanding of the VA Loan Process for our Veterans and Active Duty Personnel to make the process a bit easier.

If you are purchasing a home, the first step is the loan Pre-Approval.  A VA refinance loan doesn't require pre-approval.   Here are the most common tasks for a VA Loan Process:

• A VA appraisal must be ordered on all Purchase loans and some Refinances.
• Title insurance is ordered and issued.
• The Veteran will need to shop for Homeowners Insurance (or Hazard insurance) and the new policy must meet the requirements of the new loan
• For refinances, payoffs of mortgages and any debts being consolidated must be ordered and received.
• For purchases and some refinances we will need complete tax returns, W-2 forms, and other employment information.  It must be complete and verified.
• Any assets that are being used for loan approval, such as down payment funds, the sources of the assets must be gathered and verified.
• Our VA underwriters must review and assess the validity of all documentation and information gathered during the VA loan process.
• After the VA underwriter has reviewed a file for approval, one of the last steps, then our VA loan processor and your VA loan officer will work together to clear up any final conditions or steps the underwriter is asking for more information or updates on.
• The loan is approved for closing once all underwriting conditions have been cleared by the VA underwriter.
• Final Loan documents can signed by the veteran in his or her own home or at the Escrow company office and await loan funding.

This is a not an all encompassing list of each step that you may expect in the process, it will provide a pretty good idea of the steps involved in the process.

Call the VA Loan Pros at VanDyk Mortgage to get started.  We serve California and Washington including Los Angeles, San Diego, Riverside, Ventura, Orange County, San Jose