How Do I Get Started
To get started on the process of purchasing or refinancing a home using your VA loan please contact Shane McGraw your personal VA and government loan officer today.
The application process for VA financing is no different from any other type of loan. In fact, the VA application form is the same as that used for HUD/FHA and Conventional loans. We’ll verify the applicant’s income and assets, and obtain a credit report to see that other obligations are being paid on time. If all is well and the appraised value of the property is enough to cover the loan needed, we can, in most instances, then close the loan under the VA’s automatic procedure. Only about 10 percent of VA loan applications have to be submitted to a VA office for approval before closing.
VA Appraisal – Certificate of Reasonable Value
The CRV (Certificate of Reasonable Value) is based on an appraiser’s estimate of the value of the property to be purchased. Because the loan amount may not exceed the CRV, the first step in getting a VA loan is usually to request an appraisal. The appraiser will send a bill for his or her services to the requester according to a fee schedule approved by the VA. To simplify things, VA and HUD/FHA (Department of Housing and Urban Development/Federal Housing Administration) use the same appraisal forms. Also, if the property was recently appraised under the HUD procedure, the HUD conditional commitment can usually be converted easily to a VA CRV.
It is important to recognize that while the VA appraisal estimates the value of the property, it is not an inspection and does not guarantee that the house is free of defects. Home buyers should be encouraged to carefully inspect the property themselves, or to hire a reputable inspection firm to help in this area. VA guarantees the loan, not the condition of the property.
“I am personally dedicated to helping you and your family find the perfect loan to suit your needs. Contact me today”
Phone (360) 698-6471
Fax (425) 283-1024