How do I apply for the loan?

The application process for VA financing is no different from any other type of loan. In fact, the VA application form is the same as that used for HUD/FHA and conventional loans. The mortgage lender verifies the applicant's income and assets, and obtains a credit report to see that other obligations are being paid on time. If all is well and the appraised value of the property is enough to cover the loan needed, the lender, in most instances, can then close the loan under VA's automatic procedure. Only about 10 percent of VA loan applications have to be submitted to a VA office for approval before closing.

To obtain a VA loan, the law requires that:

• The applicant must be an eligible veteran who has available entitlement.
  
  
• The loan must be for an eligible purpose.
  
  
• The veteran must occupy or intend to occupy the property as a home within a reasonable period of time after closing the loan.
  
  
• The veteran must be a satisfactory credit risk.
  
  
• The income of the veteran and spouse, if any, must be shown to be stable and sufficient to meet the mortgage payments, cover the costs of owning a home, take care of other obligations and expenses, and have enough left over for family support.
  

---

Frequently asked questions about the VA home loan program:

• Why a VA loan?
• What is a VA guaranteed loan and what can it be used for?
• Who is eligible for a VA home loan?
• Why is VA financing a good deal?
• What if I've already had a VA loan?
• What are the necessary steps to obtaining a VA loan?
• Are there any costs involved?
• How do I apply for the loan?

---