VA Home Loan Purchase Guide
The home loan process can be confusing and complicated to first-time home buyers who are unfamiliar with the procedures and who don’t know what to expect. There are four basic steps to the VA home loan process.
(1) Often the best place to start is with a VA Lender who can get you pre-qualified. We can pre-qualify you either via telephone, in person or via our website once you fill out an application. This process normally takes just a few minutes to accomplish. http://www.eaglehomeloanstn.com/apply-now/ or 931-896-2903 to apply over the phone or set up an in person consultation.
Prequalification is the first step that offers the foundation for the rest of your home buying experience. Once you are pre-qualified you will know how much of a loan you can get based on your income. This should help you narrow down your home search a bit.
(2) Following prequalification is choosing a realtor and finding a home that you want to purchase.
(3) Making an offer follows finding your home.
Once you decide on your home, it is best to make sure that a VA option clause is contained in the purchase and sales agreement. It is also recommended that the buyer check for an “escape” in the contract that will protect the buyer if they are not able to obtain the VA loan. Another reason, pre-qualification from Eagle Home Loans is suggested before the home search if possible.
Once you have made an offer and we receive your loan paperwork, your loan officer will use a copy of your DD-214 to obtain your Certificate of Eligibility.
(4) The last step is processing and closing.
This includes a VA appraisal of the home to check for any major problems with the house beyond cosmetic issues. Additionally, Eagle Home Loans will process all of the credit and income information obtained from you and wait for the results of the home appraisal.
Finally, once the VA loan has been approved by the lender, the “closing” process begins. The lender, title company, and an attorney will coordinate to complete the closing of the loan.
Specializing in VA Loans, Eagle Home Loans services the Nashville, Clarksville, Tennessee and Fort Campbell communities. Contact a Veteran, Anthony Quail, at 931-896-2903 for more information about buying a home.