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Five Easy Steps To A VA Loan

  1. Apply for a Certificate of Eligibility (COE).More information about how to apply, where to send the request and how to use the COE is available at: http://www.homeloans.va.gov.
  2. Decide on a home and sign a purchase agreement.
  3. Order an appraisal from VA. (this is done by the lender) Ordering an appraisal can be done via the Internet using TAS (The Appraisal System) at http://vip.vba.va.gov. This is a centralized system that allows lenders easy and quick access to order an appraisal.
  4. Apply to a mortgage lender for the loan. While the appraisal is being done, the lender can be gathering credit and income information. If the lender is authorized by VA to process loans on the automatic basis (and approx. 99% of all VA loans are processed this way) the loan can be approved and closed upon receipt of the appraised value determination without waiting for a VA review of the credit application. For  loans that must be approved by VA, lenders send the credit package to VA. VA staff will then review it and notify the lender of the decision.
  5. Close the loan and move in.