What are the necessary steps to obtaining a VA loan?

1. Apply for a Certificate of Eligibility. A veteran who doesn't have a certificate can obtain one easily by completing VA Form 26-1880, Request for a Certificate of Eligibility for VA Home Loan Benefits. Once completed, submit it to one of the VA Eligibility Centers with copies of your most recent discharge or separation papers.
   
   
2. Decide on the home you want to buy and sign a purchase agreement.
   
   
3. Order an appraisal from VA (this is usually done by the lender). Most VA regional offices offer a "speed-up" telephone appraisal system. Call the local VA office for details.
   
   
4. Apply to a mortgage lender for the loan. You can get a step ahead by prequalifying for a loan. While the appraisal is being done, the lender (mortgage company, savings and loan, bank, etc.) can be gathering credit and income information. If the lender is authorized by VA to do automatic processing, upon receipt of the VA or LAPP appraised value determination, the loan can be approved and closed without waiting for VA's 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 the loan and the buyer moves in.

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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?

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