This is a very common question, but you may be surprised at the answer. The common misconception here is that that many people do indeed think that the Department of Veterans Affairs does indeed loan money. The answer to this question is actually no, they do not loan money… directly to the borrower that is.
The borrower is actually responsible for finding a participating VA lender and applying via the lender for the VA mortgage loan or refinance loan. That means submitting to a credit approval process including review of FICO scores, credit repayment history and other factors.
A borrower who cannot qualify for a home loan because of FICO scores or other credit history issues will find it equally difficult to get approved for a VA mortgage or refinance loan. Many people think that qualifying for a VA home loan is easier. Truth be told, while the VA home loan is an ideal way to acquire a home loan, it still takes a decent credit score and is based on income.
How Do I Start the VA Loan Application Process?
The process is neither hard, nor daunting. There is an easy place to start. The steps you will be looking at include:
- Select A VA Loan Officer
- Work With Them To Get Pre-Approved
- Look At Properties And Narrow Down A List
- View Properties
- Submit Your Offer
- Let Your VA Homebuyers Team Do The Rest
Hawaii VA Home Loans can get you started very quick and very easily. If you are interested in getting the process started now go ahead and go here. We look forward to working with you. Remember, the Department of Veterans Affairs can offer some great information, but they do not actually lend the money to the borrower, so trying to apply for a loan there would be the wrong place to start