When you decide to use a VA Loan, you may be excited about the prospect…
You will apply for a loan through your lender completing all of the standard mortgage application paperwork. During this process, make sure to let them know that you intend to use your VA Loan entitlement. They can help you from start to finish in most cases.
The main thing that you need to show is your Certificate of Eligibility (COE) from the Department of Veterans Affairs. To get this document, you will need the required paperwork. For Veterans, this means a DD-214, which shows your discharge and service dates. Active Duty service members need a statement of service, often obtained from their administrative or HR department. Reservists and National Guard members will need similar documents, depending on if they are currently serving or are no longer serving.
You can apply to get your COE using an online system through the Department of Veterans Affairs called eBenefit. You will need to create a login to use this system. Your lender might also be able to access your COE through their own channels if they have the required information and permission from you. You can also mail in a paper form, VA Form 26-1880.
After receiving your COE, you will need to go through the typical steps to get approved for a loan with your lender. These include showing proof of income, letting them check your credit, and providing information about the home that you want to buy. VA Loans also require an appraisal and home inspection. Once those steps are completed, you will sign all documents to transfer ownership with a title company. Your lender will walk you through most of these steps. Working with a lender who has experience with VA Loans, especially the extra requirement for the appraisal and home inspection, can make the process faster and much smoother.