Loan Origination Process Flow

Home loan process steps by steps



Getting started at Veterans United is as simple as filling out our quick and secure contact form. Once you've completed our contact form, one of our VA Loan specialists will reach out to you to discuss your unique situation, your objectives and how we can help you prequalify for a home with Veterans United.

Prequalifying is important because it gives you an estimate of how much home you can afford while laying a foundation for the financing process moving forward. Our VA Loan specialists will be able to tell you immediately whether or not the VA Loan is a right fit for you at this time or not.

Even if you aren't sure of your credit, don't worry, we have the resources in place to guide you on your path to financing your home.

Getting Pre-Approved

The next step in your VA Loan financing is getting preapproved. At this stage, you'll receive a preapproval package of documents that contains everything you need to obtain a VA home loan.

Getting Pre-ApprovedWhile the paperwork may seem overwhelming, you can relax in knowing we've already completed the hard work for you. Unless noted, Veterans United will have filled in all necessary information, as well as grouped and color-coded documents to make the process easier. Once this packet is returned, our VA Loan experts can issue a preapproval letter, proving to your real estate agent you are financially able to purchase a home.

Meeting Conditions in a Preapproval Letter

Receiving your preapproval letter is an exciting step, but there's a little more work to do. Your VA Loan specialist will identify a list of conditions that must be satisfied in order to finalize your VA Loan paperwork. All of the conditions listed in the letter are important and your financing can fall apart if any of them aren't met.

Examples of documents required in your preapproval process
  • Pay Stubs
  • Tax Returns and W2s
  • Employment History
  • Bank/Investment Statements
  • Evidence of Real Estate Assets

Find a Realtor and Begin your Home SearchFind a Realtor and Begin your Home Search

Veterans United Realty

Veterans United Realty provides our clients with a free connection to military-friendly real estate agents. These real estate agents understand the unique needs of military and veteran homebuyers and work tirelessly to ensure you get the most out of your hard-earned benefits and take advantage of every opportunity the VA Loan provides. Not to mention, you may be eligible for a $250 bonus at closing just for using a Veterans United Realty agent.

Making an Offer

When you find that perfect home, it's time to make an offer and negotiate a contract with the seller. It's important that your real estate agent know the ins and outs of the VA Loan so they can structure the contract to assure you retain the ability to put no money down if you so choose.

Making an OfferOnce Veterans United receives your loan paperwork, your loan officer will use a copy of your DD-214 to obtain your VA Certificate of Eligibility from the VA. The Certificate of Eligibility details a prospective borrower's entitlement and ability to participate in the VA Loan program. Our work as a dedicated VA lender means we can electronically request the Certificate of Eligibility, which saves you time and helps keep the process running smoothly.

Processing & Closing

Now that you've found a home, it's time for your loan officer to order an appraisal for the property. The VA requires homes to be move-in ready and any problems with the property generally have to be corrected by the seller before a loan closes.

Once you're under contract to purchase a home, your loan documentation will go to an experienced underwriter for review. The underwriter will verify financial information and other documents and request additional items as needed. It is the underwriter's job to ensure that everything is accurate and meets VA guidelines. Once the loan is approved, a closing date will be scheduled. At closing, you'll sign paperwork, finalize your VA Loan and take ownership of your new home.

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I agree with Michael Cheng. If you have a great credit score, stable, verifiable income, verifiable cash on hand or assets, you are a dream client. By comparison shopping, you will be able to obtain a Loan Estimate from at least three different types of lenders: Talk with the mortgage department of where you currently bank. You already have a banking relationship with them. This is a good place to start. Next, apply with a local, licensed non-bank mortgage lender. Somebody located in the town in which you live.  Last, apply with a local mortgage broker.

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