Understanding the Buying Process
In most cases, you need to follow these steps to get a VA home loan.
Simple Steps To Success:
Find a real estate professional to work with. Robert Lindquist and his team at Gator Realty have the experience and resources that most real estate sales people do not not have. Robert has attended many VA training workshops and has worked with my veterans throughout his 15+ years in the central Florida real estate market. Give us a call today, we arehere to serve you. You can reach Robert at 863.812.5581.
Find a Lender
Locate a lending institution that participates in the VA program. You may want to get "pre-qualified" at this point - that is, find out how big a loan you can afford. Lenders set their own interest rates, discount points, and closing points, so you may want to shop around. We have several "trusted" lenders that we can recommend to you if needed.
Get a Certificate of Eligibility
The Certificate of Eligibility (COE) verifies to the lender that you meet the eligibility requirements for a VA loan. Learn more about the evidence you submit and how to apply for a COE on our Eligibility page.
Find a Home and Sign a Purchase Agreement
Work with a real estate professional and negotiate a purchase agreement. Make sure the purchase and sales agreement contains a "VA Option Clause."
Here's a sample of a "VA Option Clause":
"It is expressly agreed that, notwithstanding any other provisions of this contract, the purchaser shall not incur any penalty by forfeiture of earnest money or otherwise be obligated to complete the purchase of the property described herein, if the contract purchase price or cost exceeds the reasonable value of the property established by the Department of Veterans Affairs. The purchaser shall, however, have the privilege and option of proceeding with the consummation of this contract without regard to the amount of the reasonable value established by the Department of Veterans Affairs."
You may also want the purchase agreement to allow you to "escape" from the contract without penalty if you can't get a VA loan. Robert Lindquist and the "Central Florida Group" have the experience and the preferred real estate forms to protect you the veteran.
Apply for your VA Loan
Work with the lender to complete a loan application and gather the needed documents, such as pay stubs and bank statements.
The lender orders a VA appraisal and begins to "process" all the credit and income information.
(Note: VA's appraisal is not a home inspection or a guaranty of value. It's just an estimate of the market value on the date of the inspection. Although the appraiser does look for obviously needed repairs, VA doesn't guarantee the condition of the house. The appraiser, who is licensed, is not a VA employee. The lender can't request a specific appraiser; assignments are made on a rotating basis.)
The lending institution reviews the appraisal and all the documentation of credit, income, and assets. The lender then decides whether the loan should be granted.
The lender chooses a title company, an attorney, or one of their own representatives to conduct the closing. This person will coordinate the date/time and the property is transferred. If you have any questions during the process that the lender can't answer to your satisfaction, please contact VA at your Regional Loan Center.