The VA Loan Process
Our Tucson based local VA Loan experts are here to assist you through the entire loan process. This guide will give you a basic idea of the steps you will take from start to finish. If you have any additional questions, we are only a phone call away!
Step 1. Get pre-qualified for loan amount
The following documents will determine how much you qualify for when purchasing a home.
To start the approval process please submit these items to your USAVA loan professional.
- Copies of W2 statements for the past two years.
- Copies of last two pay stubs.
- Documentation of assets including checking accounts, savings accounts, financial investments, trust funds, etc (all pages front & back).
- Two years of consecutive tax returns.
- Copy of your DD214.
- Contact information for your insurance agent.
Step 2. Determine Eligibility for a VA loan
Once you have been pre-qualified for your VA Loan, our local experts will request a COE, or Certificate of Eligibility, from the VA. The COE ensures that the borrower meets all of the standard guidelines and requirements to successfully take advantage of the VA Loan Program.
We will require a copy of your DD214. If you are active duty, you will need to sign a VA 26-1880 form to request your COE. You can also submit any paperwork directly to USAVA to make the process more efficient. Once this step has been completed, the loan professionals at USAVA can issue a pre-approval letter for your real estate agent.
Step 3. USAVA processes your application and orders the appraisal
Once step one is completed and you have been pre-approved, your loan documents are now sent to an underwriter for review. The underwriter will determine if you are approved for the loan and that it meets the VA guidelines. This includes a request for an appraisal through the VA and you will be assigned to a VA approved appraiser to determine the value of the home. Please note that the VA Loan program requires a home to be “move-in” ready to meet requirements. Any issues found during the appraisal must be corrected by the existing homeowner before a loan can close.
Step 4. Find a house and sign Purchase Agreement
Working with a good Tucson real estate agent is one of the most important parts of finding the right home. If you are not currently working with an agent, we can recommend agents in your local area. Once you have an agent, they can assist you in making an offer and contracting with the seller.
Ensure that your agent includes a “VA Option” clause to your Purchasing Agreement. If you aren’t sure about this step, please let us know and we’ll walk you through it.
Don’t forget that as a home buyer, you have the right to choose any lending agent you wish. Even if you already have an agent, you can still request to use USAVA as your lender to ensure you get the very best lending solutions from the Military loan experts.
Step 5. Close on your loan and move into your new home
Once the loan is approved, you are ready to close the sale. At closing, the VA loan is finalized and you are ready to move into your new home!