Our Team of Chula Vista VA Loan Experts Can Help You

The VA loan is an amazing home purchase and refinance tool when used properly. Since its inception the VA loan has been a pillar of homeownership and family legacy for active-duty service members, reservists, and veterans alike. In today’s article we will explain the 5 simple steps to using your VA entitlement to purchase or refinance a home in Chula Vista, CA.

Step 1: Understand your VA eligibility. While you will not need your certificate of eligibility until later in the VA loan process, knowing the status of your eligibility defines your ability to use your VA entitlement to its fullest. Commonly referred to as the “COE”, the certificate of eligibility reveals the status of your VA entitlement and whether you are exempt from the VA funding fee. (Unfortunately, there are times the certificate of eligibility does not reflect your documented status. Although these occurrences are rare, they are simple to address and correct with a qualified VA loan expert who has direct access to the VA portal.)

If you have previously used your VA eligibility for a VA purchase, VA Interest Rate Reduction Refinance (“VA IRRRL”), or VA Cash Out, you may already have your COE in hand. Even if you do not, your local VA loan expert can retrieve it for you during the VA loan process. Additionally, this step in the process informs your VA loan expert of your “first time use” or “subsequent use” status which affects your VA funding fee amount.

Step 2: Gather and organize your documents. The VA loan process is intentionally straight forward. A short list of documents are needed in order to qualify VA applicants. A qualified VA loan expert will request items upfront in your qualification process.

You will be asked to submit items such as:

• Most recent paystubs
• Proof of VA disability compensation award letter (if applicable)
• Proof of retirement income
• W-2s
• DD214 (if separated/retired)
• Copy of driver’s license and spouse’s
• Quarterly TSP statement
• Most recent bank statement(s)

** NOTE: When using your VA loan to purchase a home, the most current versions of your statements and documents may be requested towards the end of your escrow timeframe. This is a normal step in VA loan financing and is to be expected as the time elapsed between the time you became VA approved and the time you funded and closed can span more than 1 month and/or 1 statement cycle. Your expert VA loan team will guide you through this step.

If you are ready to get started – click: Chula Vista VA Loan Experts

Step 3: Applying for your VA loan. It is critical that you choose a local expert VA loan Team when you take this step. While many financial institutions and banks offer the VA loan. More often than not, the VA loan is a small portion of their business model. Rather than hand off the success of your VA financing to a team that may rarely do this line of work, it is wiser for eligible VA recipient(s) to work with a VA loan expert who spends the majority (90% or more) of their focus within the VA loan program. (click here to apply now with a VA loan expert in Chula Vista, CA)

Your expert VA loan team will review all the documents submitted in Step 2, complete the uniform residential loan application (“1003”) perform any necessary verifications, pull your credit, and run the desktop underwriting engine (“DU”) to generate your VA loan approval. With the guidance of a VA loan expert, this stage can be done swiftly and smoothly to ensure the optimal experience for the eligible VA applicants.

** NOTE: When you are using your VA eligibility for a VA Interest Rate Reduction Refinance (“VA IRRRL”) or VA Cash Out, the expert VA loan team will subsequently also open escrow, order title, upload your loan to the bank, lock your VA loan, order appraisal (if applicable), and begin collecting conditions with you for funding and closing steps. (click here to apply now with a VA loan expert in Chula Vista, CA)

Step 4: Shop for a home. With your VA loan approval in hand, you are now armed and ready to home shop with the full backing of the bank who issued your VA loan approval to you. If you do not have an experienced VA real estate agent, ask your expert VA loan team who they can recommend to you. While any real estate agent can help you successfully buy a home, an experienced VA real estate agent will be familiar with the nuances surrounding the VA purchase process, how to negotiate your deal, and how to close on time. Shopping for your dream home using your VA loan should be an enjoyable and memorable experience.

Step 5: Closing and taking possession of your new home. This can easily be an assumed step in the process since it is outcome oriented; however, there are some important things to remember when you successfully become a homeowner using your VA loan. Most importantly, your VA loan expert will remind you to take occupancy within 60 days of closing. This is a condition of the VA loan. The VA loan is for primary occupancy which means the borrower(s) will physically occupy and live in the home that was financed using the VA loan. There are certain few exceptions to this rule, so be sure to talk with your expert VA loan team if you are unable to meet this condition after closing.

Other helpful tips include:

• Completing your change of address with the United States Postal Service
• Request and turn on utilities to your new home so they are working on the day you move in
• Update your address with:
  • The VA
  • Your human resources department
  • Financial institutions and banks
  • Medical providers
  • Insurance Company (auto, life, health, etc…)
  • DMV
  • IRS
  • Social Security and/or other benefit providers

We know that using your VA loan is one of the greatest choices you can make when it comes to homeownership and leveraging your VA benefit. If you have specific questions unanswered in this article Contact Us to speak with a VA loan expert. If you are ready to take the next steps and use your VA loan today (click here to apply now with a VA loan expert in Chula Vista, CA)

Related Location: Chula Vista, CA.

If you would like to speak with our team about your home loan questions, please complete the form below. You can also start your loan application online by APPLYING NOW.

Rates & Fees Disclosure:
^‡ The payment on a $300,000 30-year fixed-rate VA loan at 3.000% with a 80% loan-to-value ratio is $1,292.01 with 0 (zero) origination points due at closing. The annual percentage rate (APR) is 3.235%. Payment does not include tax and insurance premium impounds. The actual payment amount will be greater. By refinancing your existing loan, the total finance charges may be higher over the life of the loan. Some state and county maximum loan amount restrictions may apply. Appraisal fee of $600, Processing Fee of $895, Underwriting Fee of $795 included in APR calculations with borrower paying 0 (zero) loan origination points.

^‡ Based on Mortgage Heroes internal data.