The VA Home Loan Process
Demystifying Home Loans
Whether you are a first time homebuyer or an experienced investor, the home buying process can be intimidating, our agents will help you stay informed throughout the process, from pre-approval to closing.
Whether it’s explaining how the VA Funding Fee integrates into the loan your specific loan scenario or guiding you through your first VA home loan pre-approval process, you can feel safe knowing that you’re working with the industry's best and most experience professionals.
The first thing to do is consult with a mortgage specialist. We partner with some of the best lenders in the industry, who are not only knowledgeable in VA homelands but also veteran advocates!.
Active-duty service members and Veterans with discharges other than dishonorable, National Guard and Reserve service members and Veterans with an honorable discharge, certain eligible spouses, and other uniformed service personnel may be eligible for VA home loan guaranty benefits.
Benefits of utilizing a VA Loan:
- No down payment as long as the sales price is at or below the home’s appraised value and (the value set for the home after an expert review of the property) See VA Appraisal section below
- No loan limit with full entitlement if you can afford the loan, VA will back loans in all areas of the country, regardless of home price.
- Competitive terms and interest rates from private banks, mortgage lenders, or credit unions
- No need for private mortgage insurance (PMI) or mortgage insurance premiums (MIP)
- Fewer closing costs, which may be paid by the seller, lender, or any other party
- No penalty fee for paying off the loan early
- VA guaranteed mortgages are assumable
- VA funding fees may be waived for Veterans with service-connected disabilities and surviving spouses of Veterans with service-connected disabilities
Community Mortgage Corporation
Lee Welfel
Regional Mortgage Director
NMLS# 176313
About Me
Born in New Orleans and raised in St. Louis, Lee Welfel relocated to Little Rock after college. Fifteen years later, Lee is now considered a veteran of the mortgage industry.
As a mortgage professional, Welfel has built his reputation on providing outstanding service to his clients and always looking out for their best financial interests.
He is someone who truly looks at a mortgage loan from a holistic financial approach. Therefore, Lee published “The Mortgage Book: Own Your Home Without It Owning You” as a way to share that mindset with others.
Get Pre-Approval
Before you start looking for a home to buy, it’s a good idea to meet with your Loan Officer to get pre-approved for a loan amount. At this stage, the lender gathers and reviews information about your service, household income, assets and debts of the borrower (you) to determine how much you’d be able to borrow. These may include a credit report, W-2 forms, pay stubs, Federal Tax Returns and recent bank statements amongst other things. While the VA loan is certainly the best option for a veteran in most cases, there are a variety of different loan programs available. Make sure to discuss your goals with your loan officer and get pre-approval for the specific programs that best suit your needs.
Application & Processing
What happens when a loan goes "live"
When you find property you’re ready to buy, your lender will help you complete a full mortgage loan application, and talk you through the various fees and down payment options. The application is submitted to processing, where the documents are reviewed and appraisals and title examination are ordered. Then the loan is sent to an underwriter, who reviews and approves the entire loan if it meets compliance.
Closing
Signing and Finalizing the deal
Don’t be surprised if you’re asked for additional documentation or clarification throughout the process. Once your loan is approved, don’t forget to set up homeowners insurance. Your documents will be sent to the title company, where you’ll sign for the new home and pay any remaining costs. Then the loan is recorded and you get the keys. Congratulations, happy homeowner!
