VA guaranteed loans are made by private lenders, such as
banks, savings & loans, or mortgage companies to eligible
veterans for the purchase of a home which must be for their
own personal occupancy. The guaranty means the lender is protected
against loss if you or a later owner fail to repay the loan.
The guaranty replaces the protection the lender normally receives
by requiring a down payment allowing you to obtain favorable
financing terms.
Here is how the process works:
1. Select a home and discuss the purchase with the seller
or selling agent. Sign a purchase contract conditioned on
approval.
2. Call us and present us with your Certificate of Eligibility
and complete a loan application.
3. We will develop all credit and income information. We will
also request VA to assign a licensed appraiser to determine
the reasonable value for the property. A Certificate of Reasonable
Value will be issued. Note: You may be required to pay for
the credit report and appraisal unless the seller agrees to
pay.
4. We will let you know the decision on the loan. You should
be approved if the established value and your credit and income
are acceptable.
5. You (and spouse) attend the loan closing. We or closing
attorney will explain the loan terms and requirements as well
as where and how to make the monthly payments. Sign the note,
mortgage, and other related papers.
6. The loan is sent to for guaranty. Your Certificate of Eligibility
is annotated to reflect the use of entitlement and returned
to you.
You certainly have many choices when choosing a lender for
your mortgage loan. We assist you in simplifying the process.
Put our experience and our knowledge to work for you.
As professionals in the mortgage lending industry, we have
built our reputation on providing outstanding service to our
clients. That means you can count on us to always look out
for your best interests, and to keep you informed throughout
every step of the lending process.
