What to expect for your California VA Loan

VA loan
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When it comes to California VA loans, it has been my experience that many Veterans don’t know exactly what to expect during the loan process when buying a home.

The good news is that whether a veteran is purchasing a home or refinancing a home, the loan process is almost identical and just by understanding the basics of the VA loan process it should make the process at least appear easier.

If you are buying a home or doing a VA purchase loan the very first step in the loan process is the pre-approval. A refinance for veterans will not require a pre-approval like the VA purchase loan does. So regardless of whether you are purchasing or refinancing a home, here is a list of the most common tasks that are done when a VA loan is processed:

• Title insurance must be ordered and issued.

• On a purchase appraisal of the property must be ordered and issued.

• Hazard insurance or homeowners insurance must be put in place and updated.

• On purchases tax returns, W-2 forms, two months of banking statements and 1 moth of pay stubs must be gathered and verify.

• VA underwriters determine and verify all documents regarding the approval

• Once the VA underwriter has looked at a file, which is one of the last steps, then the VA loan processor and VA loan officer will work together to clear up any final conditions or steps the underwriter is asking for more information on.

• Underwriting conditions assigned by the VA underwriter will be cleared then loan is then approved for a closing.

• The veteran will now able to sign the final loan documents and wait for loan funding.

• Post funding the loan will record the following day in the homes county and keys will be released.

While this is not designed to be an all-consuming list of each step that you can expect in the process, it will give you a very good idea of what is involved in the loan process.

As a loan consultant at Vintage Mortgage Group I work with the top VA lenders. If you have attempted to be pre approved before for your purchase and were declined please call. In my experience not all lenders are trained equally. I would be happy to review your individual situation free of charge. And don’t forget — communication is crucial!

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