Although not often seen in our area, VA Loans are starting to make a comeback. I have had two clients in the past 6 months who are active duty and wished to use their VA certificate to benefit from this loan.

Here is Matt Polsky giving more specifics on the process of buying with a VA loan:

What to Expect When Purchasing Your Lake Tahoe Home with a VA Loan

Lake Tahoe is a wonderful place to call home for veterans and active duty service members, and for many military members who choose to make the mountainous city their home, they choose to purchase their home with a VA Home Loan. The VA Home Loan program is a relatively easy and streamlined lending process and in as little as six short steps, military members can find themselves in a new home.  The typical VA home loan process includes:

Contact a VA Loan Specialist

Any veteran or active duty service member interested in purchasing a home with a VA loan should first contact a VA Loan Specialist, such as VA Mortgage Center. A VA Loan Specialist will be able answer all questions and concerns regarding the VA home loan, and will be able to determine the amount a borrower may prequalify for.

Hire a Realtor

Interested buyers should always hire a realtor when they begin searching for the Lake Tahoe home of their dreams. A respected and experienced realtor will make finding a home in Lake Tahoe easier as they will know of the best deals and neighborhoods around town, which a novice buyer may overlook when trying to find homes on their own.

Submit a VA Loan Application

Once a buyer finds the Lake Tahoe home they would like to purchase, it is time to submit the complete VA Loan application. In addition to the actual application, prospective buyers should also expect to submit their Certificate of Eligibility, W-2 Forms, and other financial statements. Prior to filling out an application, it is always a smart idea to have these documents ready to make submitting the application easier.

Wait for Processing and Approval

Once a prospective borrower submits an application, they can expect to have a brief waiting period so that processing and approval can occur.  After an application is filed, a VA lender must request a VA appraisal and submit paperwork for processing. Once submitted, the VA lender does not have control over either of these steps, and can only determine the approval status after these steps are completed.

Close Your VA Home Loan

Once a borrower’s VA Home Loan is approved, it’s time to close the loan. During this step, the home will be transferred to the borrower’s name. Usually closing is done in house; however, certain VA lenders choose to hire outside title companies or lawyers to complete closing.