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Home Mortgage Preparation :: VA Loan Application
VA Loan Application:
Application Process for a VA Loan
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The first thing lenders will look at on a VA loan application is duration served in the armed forces. To be eligible for a VA loan, applicants must have served on active duty and be discharged by means other than Dishonorable Discharge.
Veterans who served from 1940-1975 must have served a minimum of 90 days; veterans during peace time must have served 180 days, and veterans from 1980 and on must have served a minimum of 2 years on active duty. Unmarried spouses of a deceased or MIA veteran are also eligible to make a VA loan application.
What do They Look at on a VA Loan Application?
A VA loan application is similar to that of a standard loan application. Subjects considered are credit history, income and current obligations.
It would be wise to fix any financial debts before you begin the loan process. Veterans with recent bankruptcies are typically not accepted, while veterans with bankruptcies occurring in the last 3-5 years will have to be examined for income and current obligation commitments. Bankruptcies outside 5 years will generally not be considered as a factor.
How do I File a VA Loan Application?
A VA loan application is no different from any other HUD or financial institutes’ loan application. The VA loan application form is the same as that used for HUD/FHA and conventional loan applications. Before the loan process even begins, it’s wise to obtain a pre-approval from the lending agency. You may also include a co-signer if you wish.
Similar to that of a standard application, a VA loan application cannot exceed the Certificate of Reasonable Value on a home. Therefore, the first step in filing a VA loan application is to get an appraisal of your home.
To request an appraisal, complete VA Form 26-1805, Request for Determination of Reasonable Value. Once this form is completed, send it to the Loan Guaranty Division at your local VA office for processing.
Many VA loans are available with adjustable or fixed rates so you should consider which option suits your financial situation best. The application process takes no longer than standard loan process.
Once all the required information is reviewed and a VA loan application is approved, it’s simply a matter of finding your dream home and moving in.
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Home-Mortgage-Preparation.com :: VA Loan Application