The Veterans Administration (known as the VA) requires specific documentation and completion of specific steps throughout the application process. These include:

Preparing

It is necessary that you have all of the necessary documentation ready prior to actually beginning the application process. This will ensure that you are fully prepared to submit your application because the potential approval of your application is completely reliant on your documentation. Make sure that you have all of the following available to you:
  • Employment information including two years of tax returns and W-2’s, and your most recent pay stubs.
  • Savings information including your complete bank statements from the last three months, this means all pages of all accounts, as well as the most recent statement you have from your mutual funds, money market, 401K, stocks, or retirement accounts.
  • Credit information including your most recent statements from your bills,bankruptcy and discharge payments, and information about your landlord or rental history.

The Application

It is essential that you fill out the application thoroughly, accurately, and in a timely manner. This application must be fully supported by your documentation.

Loan Application Processing

The actual processing of your application and file will be the most time consuming part of the loan application process. This processing is the preparation of your information so that it may be presented to the VA investors. At this stage all of your documentation will be very carefully scrutinized to ensure that there are no discrepancies.

The Appraisal

It is a requirement of the Veterans Administration that the appraisal portion of a loan application process be completed by an appraiser approved by the VA. This provides protection to the Veterans. The Lender Appraisal Processing Program is a program put into place to streamline the process of veterans qualifying for a loan by providing lenders with the capability to make value determinations without the involvement of the VA.

Submission of the Loan

Once all necessary documents have been gathered and the loan processing has been completed, the loan will be submitted to the VA investor for the purpose of underwriting. This aspect of the process will generally take two days, unless it is submitted electronically.

The Loan Approval

After submission of the loan it must be approved. After this it is possible that some further information may be required or the information provided may need to be updated prior to the final closing of the loan.