VA Loans

Under Contract

• Do review the purchase contract with your realtor and make sure you understand all of the terms and conditions.
• Do contact your me to discuss the loan process and provide any necessary documentation.
• Do continue making all of your regular payments, including credit card bills, student loans, and car loans.
• Do consider getting a home inspection to identify any potential issues with the property.
• Don't make any major purchases, such as a new car or furniture, until the loan is approved.
• Don't change jobs or quit your current job without discussing it with your me.
• Don't open any new credit accounts or increase the credit limit on existing accounts.
• Don't transfer any money or assets without discussing it with your me.
• Don't make any changes to your bank accounts, such as closing an account or changing the account numbers.
• Don't forget to communicate with your me and keep me informed of any changes to your financial situation.

Underwriting

1. Underwriting will review the appraisal and termite inspection report once they have receive it. Should further information or actions on said items be needed the underwriter will note the file for loan officer action.
2. As conditions are submitted to the underwriter they will review them based on their underwriting turn times. This varies for each lender and ranges 1-3 days after submission.
3. Once the underwriter has cleared all conditions on the file we will be granted a "clear to close."

Closing

1. Your closing process starts with the initial Closing Disclosure (CD). The CD is required to be provided a minimum of (3) business days prior to signing the final closing documents. Signing final closing documents is known as the 'loan consummation.' (3) business days includes Saturdays. Days that do not encompass the 3-day regulation are Sundays and federal holidays. Example: Barring any holidays, if initial closing disclosures were sent to you and SIGNED on Monday the earliest you could legally sign final closing documents would be the Thursday of the same week.
2. The next step in the closing process is coordinate a signing date and time with a notary OR to meet in person at the title company office. In most situations the title company will contact you directly and schedule a time that you choose.
3. Once your final documents are signed the notary will send the final signed package back to the lender and your loan will be funded either the same day or next business day, not including weekends or holidays. Once your loan is funded the agents will be notified and you'll arrange a time to receive your new keys!