May 23, 2017

The VA Loan Process

You can refinance in four easy steps!

1. Submit a Loan Application

A Veterans Select Loan Specialist will walk you step-by-step through the loan submission process. After your application has been submitted, your Veterans Select Loan Specialist will give you a Good Faith Estimate, which is a written estimate of settlement and closing costs. In most cases, your Veterans Select Loan Specialist may show you more than one Good Faith Estimate and let you chose the one that best fits your unique situation.

2. Gather the Documentation

You can speed up the process by providing the required documents at the time of your application.. We will need:

  • Copy of Certificate of Eligibility or DD-214
  • Most current Mortgage Statement
  • Copy of first Mortgage Note from purchase or last refinance
  • Copy of last Settlement Statement from purchase or last refinance
  • Copy of Trust Deed from purchase or last refinance
  • Name and phone number of Home Owners Insurance Agent

3. Processing

The Rate Reduction Refinance does not require an appraisal, any income or employment verifications, no credit report and other documentation normally associated with an ordinary refinance. Normal processing time is two weeks or less. If you have a second mortgage the processing time may take up to three weeks.

4. Closing

The closing is the final step in the process. The closing is usually held at a title insurance company. This is where you will sign the final loan documents that grant the lender a lien against the property in order to secure the repayment of your loan. You will also receive a HUD 1 Closing Settlement Statement which is an itemized list of closing costs.If you have any questions about the Rate Reduction Refinance Loan Process, ask your Veterans Select Loan Specialist.

New Purchase — 5 Easy Steps

1. Apply for a Certificate of Eligibility.

Complete a VA Form 26-1880, Request for a Certificate of Eligibility for VA Home Loan Benefits and submit it to the VA Eligibility Centers with copies of your most recent discharge or separation papers.

2. Apply to Veterans Select for a Home Loan PreApproval.

A loan pre-approval helps you determine how much you can spend on a home. Knowing what you can borrow prior to home shopping places you in a better position to buy a home and narrows your search. Preliminary financial and credit information is analysed and reviewed by a Veterans Select Loan Sprcialist who will explain your options and walk you step by step through the process.

3. Find your dream home.

Take your time and find the home that suits your needs. Once you find your dream home, you will sign a purchase agreement. One of the benefits of a VA loan is that you may be able to purchase your new home with no money down.

4. Processing

A loan processor will collect the supporting documents to verify the financial and job history information you provided. The processor also receives the Appraisalto verify the property value and the Title Report to show proof of clear title to the property. All documents are reviewed for final approval to close.

5. Closing

The closing is the final step in the process. The closing is usually held at a title insurance company. This is where you will sign the final loan documents that grant the lender a lien against the property in order to secure the repayment of your loan. You will also receive a HUD 1 Closing Settlement Statement which is an itemized list of closing costs.If you have any questions about the VA Loan Process, ask your Veterans Select Loan Specialist.