Step-by-Step Guide for Applying for VA Loans in Orange County, CA

September 26, 2023

Step-by-Step Guide for Applying for VA Loans in Orange County, CA

By Published On: September 26th, 2023Categories: Orange County CA, VA Loan, VA Loan California

If you are a veteran, an active duty member, a National Guard or in the Selected Reserve, or a surviving spouse of a veteran who died while in service, you are likely qualified for a VA loan in Orange County, CA. If you plan to buy a home, a VA loan can be instrumental in achieving that goal.

To ensure a smooth application process, here’s a step-by-step guide:

Step 1: Eligibility assessment
Begin by determining your eligibility. The first step in your VA loan journey is knowing whether or not you are eligible. If you are any of the individuals mentioned above, the chances that you qualify for a VA loan are high. To verify, visit the Veterans Affairs official website or ask for assistance from a qualified broker in your area.

Step 2: Choosing a VA-approved lender
The next step is to choose a qualified lender approved by the VA to offer VA home loans. You can find a list of VA-approved lenders on the VA website.

Step 3: Obtain a Certificate of Eligibility
It isn’t enough to make an assessment; you obtain a Certificate of Eligibility from the VA. In other words, documents should support your eligibility. And here’s the thing: you can request your COE document through the VA’s eBenefits portal.

Step 4: Determine your budget (be realistic)
Before you commence your house hunting, determine how much you can afford to borrow. Use online calculators or ask your mortgage broker to make an assessment of your financial situation and come up with a realistic budget.

Step 5: Pre-qualify for a loan
Speak with your broker to help you get pre-qualified for a VA loan. This step will provide insight into the loan amount you qualify for, streamlining the home-buying process.

Step 6: House hunting begins 
Search for properties in Orange County that qualify your criteria and budget. It is also an ideal time to make an offer/negotiate with the help of your broker.

Step 7: Apply for VA loans
Submit a formal loan application to your prospective VA-approved lender. In this step, you will provide personal financial information, employment history, and other documents required.

Step 8: VA Loan appraisal and inspection
The VA will require an appraisal to determine the property value and ensure it meets the VA’s Minimum Property Requirements (MPRs). Take this opportunity also to have a home inspection done for your peace of mind.

Step 9: Underwriting and loan approval
During this stage, the lender will review your application, credit history, and appraisal report. If your documents have no problem, they will approve your loan and issue a loan commitment letter.

Step 10: Closing
Prepare for the closing process, where you will sign the necessary paperwork, pay closing costs, and receive the keys to your new home. Congratulations, you’re ready to move in!

If you’re looking for a reputable broker to assist with your VA loan application in Orange County, CA, look no further than Homeplus Mortgage. Contact us today at 800-810-PLUS (7587) for inquiries.