Finance/Money

VA Loan Process & Forms – 4 Tips for Speedy Processing

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Quick VA loan processing is important for busy military families.  VA loans can close in less than 30 days if you follow these tips: 

Tip #1: Come prepared with all your documents.

Loan specialists need documentation to prove that you qualify.  They may ask for W-2s, 1099s, tax returns, proof of service, investment statements, bank statements and other forms to process your VA loan application. Keep these documents well-organized so that you can submit them at a moment’s notice. 

Tip #2: Complete VA eligibility determinations before applying for your VA loan.

Certain surviving spouses and disabled vets must have deaths or disabilities ruled as duty-related in order to be eligible for VA home loan benefits.  Sometimes the VA determination process can take up to 3 months.  It’s best to get the duty-related determination before applying for a VA loan.

Tip #3: Your underwriter may have questions, so be available.

Provide your VA loan specialist with all of your contact information including home phone, cell phone and fax numbers as well as your email address.  It’s likely your underwriter will have questions about your application.  Answering them as they come up can expedite your VA loan process.  

Tip #4: Special circumstances require special documentation.

If serving overseas, using a Leave and Earnings Statements (LES) to qualify or using Power of Attorney (POA) for loan signing, you may have special circumstances that require additional documentation.  Special documentation might include proof of enlistment beyond 12 months, proof of re-enlistment, letter from commanding officer, POA legal documents, Alive and Well Certificate and any other documentation to support your special circumstance.  Also, your loan specialist will probably have you sign additional forms such as VA Form 26-0592 Counseling Checklist for Military Homeowners.

For more information on VA loans, contact a specialty lender.

 

 

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