Guide to VA Homebuying

Welcome to Home Ownership

Buying a home for the first time is exciting. But it can also be a little overwhelming. We are here to answer all your questions and give you the extra guidance first-time homebuyers need. Our experienced mortgage bankers specialize in VA home loans and are proud to go the extra mile to make sure your home buying experience exceeds your expectations.

Here are the steps you will take on the path to homeownership with a VA home loan:

1. Start with a VA-approved lender. While it might seem that any lender will do, only lenders approved by the department of Veterans Affairs can originate VA mortgages. Using a VA approved lender like Resource Financial, with extensive knowledge of the VA loan process can help you enjoy an easier, quicker loan process.

2. Obtain a Certificate of Eligibility. Your Resource mortgage banker will help you obtain a Certificate of Eligibility, also called a COE, to prove you meet the eligibility standards for VA loan benefits. With a little information about your military service, your Resource mortgage banker will help you obtain this document.

3. Get Pre-Approved for your Loan Amount. By giving your Resource mortgage banker some details about your income, credit history and employment, he or she can give you a pre-approval letter, which is a solid promise of a home loan for a certain amount. Resource puts the underwriting process up front to give you this pre-approval, which is better than pre-qualification, because it gives you an accurate picture of how much home you can truly afford and true purchase power for your house hunt.

4. Go house hunting. This is the fun part. Knowing how much home you can afford, find a realtor who knows the VA process well and can help you negotiate seller-paid fees. Your Resource mortgage banker can provide the names of Realtors who can help.

5. Loan Processing and VA Home Loan Appraisal. Once your purchase contract is signed, your Resource mortgage banker will order the VA Appraisal. The VA only allows certain professionals, certified to perform appraisals to VA standards, to evaluate homes being considered for VA financing. The VA Appraiser will make sure the price you’ve agreed to pay for the home corresponds with its current value and meets the VA minimum property requirements.

6. Close your loan and move in! During closing, the property legally transfers from the former owner to you. You will need to sign some documents confirming that you understand and agree to the terms of the loan. Once you’ve signed, you’ll get the keys to your new home. At Resource, we have some of the quickest closing times in the industry, an average of only 18 days from start to finish. And we guarantee to close your loan on or before the closing date stated in your contract – or we pay you $500.