Understanding the Steps to Apply for a VA Mortgage Loan

Understanding the Steps to Apply for a VA Mortgage Loan

Author: Arun Kumar Biswal

Every person wants to obtain a mortgage loan at lower interest rates. Some people also explore options to get a home loan by avoiding down payment, credit checks and property appraisal. You can easily avail the advantaged if you are an active duty member or qualified veteran of the United States Armed Forces. In comparison to conventional home loans, a VA mortgage loan offers a number of additional advantages.

However, the veteran borrowers have to apply for the loan through a mortgage lender participating in the VA home loan program. You can apply for a VA loan to purchase a residential property, refinance an existing home, or make improvements to your existing home to make it more energy efficient. Regardless of your purpose, it is important to understand the steps to get a VA mortgage loan.

Understand the Requirements: The VA home loans are available only to the active duty personnel and qualified veterans. Further, the veteran must have received an honorable discharge to become eligible for this loan. You can visit the Veteran Administration website to understand the current requirements to become eligible for a VA loan. Alternately, you can visit the local VA office, and show your military identification card to check if you are eligible for the loan.

Collect the Proof of Military Service: When a person is discharged from the Armed Forces, the details of his services, military records and awards are share with the local VA. So the local VA office may possess all information about your career. So you can obtain your DD 214, Military records and awards from the local VA office after showing your military ID card. At the same time, you also receive a copy of your DD 214 through mail, and use it for applying for the loan.

Apply for the VA Loan: Many people prefer applying for loans online to save their time and effort. If you are interested in applying for the loan online, then visit the United States Department of Veterans Affairs website. In the home page, click on the "Benefits" link, and then click on the "Home Loans" option. Now you can read a set of instructions under the "What's New". After reading the instructions, you have to proceed to the "VA Loan Electronic Reporting Interface" page. The page will provide you detailed information about how to apply for a VA loan online. You can apply for the loan by following the directions. On the other hand, you also have options to apply for the loan in a traditional way by visiting your local VA office in person.

Complete the Loan Processing: After applying for the VA loan, you have to visit the local VA office to complete the loan processing. The local VA office will inform you about the schedule to meet the VA rep. While meeting the VA rep, you have to submit the required paperwork including the proof of your military service and the contact details of your agent. If the letter sent by you does not mention the required paperwork, you can contact your local DA office in advance to understand the documentation required to process your VA loan request. Now you can communication the status to your bank and real estate agent, and wait for the VA home loan to get processed.

While applying for a VA mortgage loan, it is a good idea to explore options to obtain better VA mortgage loan rates. You must contact several VA-approved mortgage lenders, and compare their offers to avail the best deal.

Article Source: http://www.articlesbase.com/mortgage-articles/understanding-the-steps-to-apply-for-a-va-mortgage-loan-6658649.html

About the Author : MyVaRefinance.net,headquartered in Bismarck, helps individuals just like you obtain VA home loans, get the best VA loan rates and even apply for a VA refinance loan. For more details about our service feel free and call us 1-866-236-0549 or email us at -Info@MyVaRefinance.net .

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