Delaware Valley Real Estate - OnPoint with Letitia Stevenson

What to Expect When Obtaining a VA Loan in Delaware

- By Matt Polsky (Guest Blogger)

For retiring and current active duty service members, Delaware has a lot to offer, including tax free shopping. Its capital city, Dover, is home to the Dover Air Force Base. Many military members who choose to purchase a home in Delaware choose to do so with a VA home loan due to the unparalleled benefits offered by the VA Home Loan program. In addition to competitive interest rates, flexible mortgage terms, and an optional down payment, VA home loans offer high loan limits, which are beneficial to military members searching for a larger home. 

For military members interested in purchasing their Delaware home with a VA Home Loan, they can expect to achieve financing in as little as 30 days by adhering to the following steps: 

1 | Contact a VA Loan Specialist

Military members interested in a VA Home Loan should contact a Delaware VA Loan Specialist, first. A VA Loan Specialist will be able to answer any questions regarding the home loan or the process to obtain one, and will be able let a potential borrower know the amount they may qualify for.

2 | Submit Your Certificate of Eligibility

All veterans and active duty service members interested in securing a VA Home Loan must submit their Certificate of Eligibility. If a military member is unable to find their Certificate of Eligibility, they can either request it by mail through the Department of Veterans Affairs or ask a VA lender to obtain it electronically.

3 | Hire a Realtor

Once a military member finds out the amount they have pre-qualified for, it is time to start looking for a home. To make shopping for a home easier, potential home buyers should hire a local realtor. A knowledgeable realtor will be able to save a buyer time by finding homes in desirable neighborhoods with a desirable price tag.

4 | File Your VA Home Loan Application

After a military member finds the home they wish to purchase, they will have to submit their complete application, including all financial documents, to the VA Loan Specialist they spoke with first. To expedite the filing process, interested borrowers should have all financial documents including W-2s and bank statements ready prior to application.

5 | Wait for Processing and Approval

Once the application and financial statements are submitted, a VA inspector must perform an appraisal on the home the veteran wishes to buy, while VA processors begin verifying all credit and income information. After these tasks are completed, the VA lender will fully be able to determine approval status.

6 | Close the Loan

Once approval for a VA Home Loan is achieved, the property will then be transferred into the borrower's name. Delaware laws require real estate closings to be conducted by an Attorney licensed to practice in that state as a safeguard to protect the public from dishonest settlement agents.

For more information on VA Home Loans in Delaware, contact a VA Loan specialist such as VA Mortgage Center.