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I am a veteran and would like a VA home loan as a first time buyer. What is the process?

  • July 11 2009 - Laurel
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Answers (9)

For a VA the FIRST thing you need is a Cerificate  of Eligibility from the VA  which can take as much as 11 days. Although a saavy VA expert may tell you they can request it online with your dd-214 or equivalent. It isn;t always that easy. Remember if you are disabled you don't pay the funding fee but you will posit that you are entitled to get backto request you disability findings from the VA too. After that your process is the same as any other first tiem homebuyer.

A word of caution. you wil probaly need to have a $1,000 to to deposit that you are entitled to get back. Make sure your lender understands what you as a Veteran are allowed to pay and what the seller or lender must pay. It is all on the governments website. www.homeloans.va.gov.

AS you go to get prequalified. the VA allows the seller to not only pay closing cost. It allows the seller to pay off some of your debt to help you qualify.  Thank you for serving your country
  • July 16 2009
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My first suggestion would be to attend a first time homebuyer class.  Most states have a bond program that will provide a list of approved classes you can take.  You will learn about the entire homebuying process.  For example, in Colorado you would "Google" Colorado Housing and Finance Authority.  To find your state bond program insert the name of your state.

The next step would be to interview a few loan officers, make application, and the lender can order your VA Certificate of Eligibility online.  The lender will also pull your credit report and run your loan application through the Fannie Mae (DO-Desktop Underwriter) or Freddie Mac (LP-Loan Prospector) automated underwriting system.  Your loan officer will be able to tell you within minutes if your application is approved subject to verification of the information you provided.
  • July 11 2009
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Profile picture for Brian G. Allen
 Thank you for serving.

The process as others have metioned is to locate a local lender here on Zillow ones who have the expierence are the best suited. Other than additional docs the process is straight forward with a basic understanding of the buying process is required.

Good luck
  • July 11 2009
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Our state has many intricacies and there are things allowed in other states that are not in ours.


such as?
  • July 11 2009
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The first step, as the others have mentioned, is to get preapproved (not just prequalified) by a lender who has experience with VA loans. You will also want to work with a REALTOR who has experience with VA loans as well, since they are a tad different, as there are certain things you, the VA buyer, cannot pay for, where in other circumstances the buyer DOES pay for them.
The appraisal process is also different! Add onto that having a mortgage professional who specializes in Maryland is important. Our state has many intricacies and there are things allowed in other states that are not in ours.Please let me know if I can help you further with any recommendations.Have a wonderful day, and thank you for your service to our country!Sincerely,Marney Kirk
  • July 11 2009
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The first process is picking a lender knows VA loans and can assist you with your loan process.  There are many good lenders on Zillow (who are highly rated by Zillow borrowers) who lend in Maryland.  Then, you want to isolate on a rate.  Rates are going to be the same with most lenders: we all get our money/rates from relatively the same sources.
  • July 11 2009
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Profile picture for Ken Kopper
Jewillia, 1st step in the process is to locate a lender who is not only an approved VA lender but it will also help to work with someone who has substantial experience originating VA loans.

Once you have been prequalified for the loan, you will need to obtain your certificate of eligibility and some lenders should be able to access that for you through the VA portal. Once this is in place, your lender will provide you with a conditional approval letter and then you are off shopping for homes to put in an offer on to buy.

Good Luck with the purchase!
  • July 11 2009
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Here's a good link for you to answer most of your questions. LINK .... Happy funding, Rudi Hofmann
  • July 11 2009
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It is best to get prequalified before you begin your search.

You can fill out a loan request here on Zillow and you will get several quotes.  You can then evaluate the lender's quotes and view their feedback.  Several Zillow lenders are within the Maryland area and can meet with  face to face.  Or, you can apply on line or over the phone if you prefer. 

If you do a Zillow loan request, make sure you put that you are applying for a VA loan in the comment section.

Good luck.
  • July 11 2009
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