How do I get a VA Home Loan?
There are 5 steps to get a VA Loan:
1. Apply for a Certificate of Eligibility.
To request a Certificate of Eligibility for VA home loan benefits, please send your Request for Determination of Eligibility (VA Form 26-1880, along with proof of military service) to:
VA Loan Eligibility Center
Cleveland Regional Loan Center
1240 East Ninth Street
Cleveland, OH 44199Toll free number: 1-800-729-5772
E-mail: vahomesite@vba.va.gov
It's also possible to obtain a Certificate of Eligibility from your lender. Most lenders have access to the ACE (automated certificate of eligibility) system. This Internet based application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds. Not all cases can be processed through ACE-only those for which VA has sufficient data in their records. However, veterans are encouraged to ask their lenders about this method of obtaining a certificate.
2. Decide on a home the buyer wants to buy and sign a purchase agreement
3. Order an appraisal from VA. (This is usually done by lender.)
4. Apply to a mortgage lender for the loan.
While the appraisal is being done, the lender can be gathering credit and income information. If the lender is authorized by the VA to do automatic processing, upon receipt of the appraised value determination, the loan can be approved and closed without waiting for VA review of the credit application. For loans that must first be approved by VA, the lender will send the application to the local VA office, which will notify the lender of its decision.
5. Close of loan and you move in!
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