Getting Tampa VA Mortgage Loans

Getting Tampa VA Mortgage Loans

This type of loan is normally made without any required down payment period, and often times offer lower interest rates not possible anywhere else, with any other type of loans. Besides the veteran’s certificate of eligibility and the VA-assigned appraisal, the process of getting this loan isn’t much different than other types of loans. Assuming the lender in question is approved for automatic processing, a buyers loan can be processed/closed by the lender without waiting for a VA’s approval of credit.

If the Tampa VA mortgage lender is approved under the VA’s Lender Appraisal Program (LAPP), the lender can review the appraisal completed by a VA-assigned appraiser and in addition close the loan on the basis of that review. The LAPP process can further speed the time to loan closing.

Here are steps to a successful VA loan

  1. Apply for a Certificate of Eligibility. You need this in order to get a loan. Veterans who don’t have this certificate can obtain one easily by completiting VA Form 26-1880.
  2. Decide on a home the you want to buy, and sign
  3. Get an appraisal from the VA. Normally this will be handled by the lender. Most VA regional offices are willing to offer a “fast paced” telephone appraisal system. Your best bet is to call your local VA office for more information.
  4. Contact a mortgage lender for a loan. While the appraisal is being done, the lender start gathering financial information about the purchaser. The lender is authorized by VA to do automatic processing. Upon getting the VA or LAPP appraised value determination, the loan can be approved and closed without waiting for VA’s review of the credit application. For loans that must first be approved by VA, the lender will send the application to the local VA office, which will notify the lender of its decision.
  5. Close the loan and the buyer moves in.

 

 

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