7 Steps of a VA Home Loan Purchase

Active duty soldier with a house key

For most cases, the following steps are needed to obtain a VA home loan:

  1. Apply for a Certificate of Eligibility. The Certificate of Eligibility (COE) is for the lender verifying the eligibility requirement have been met for a VA home loan. A certificate can be obtained by filling out VA Form 26-1880. Submit it to the Denver regional service office with copies of your most recent separation or discharge papers. For more information, see Eligibility for VA home loans.
  2. Find a Home.
  3. eligibility.htmlSign a purchase agreement. Ensure the purchase and sales agreement contains a “VA Option Clause.” In some cases, it may also be beneficial to have an agreement to allow an “escape,” which will ensure that you can get out of the contract without penalty if you can’t get a VA loan.
  4. Obtain an appraisal from VA. In most cases, this is accomplished by the lender.
  5. Apply for a VA loan. In this step, you will work with the lender and gather other necessary documents, such as pay stubs and bank statements. The lending institution will then review the appraisal and all the other documentation; based on this information, the lender will move ahead with the loan should it be granted.
  6. Close the loan.
  7. Move into your new house.

 

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