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Saint Paul Regional Office
Regional Loan Center
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Obtaining a Loan
Applying for a VA Home Loan
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VA guaranteed loans are obtained by making an application to a private lending institution. VA's policy is not to recommend any specific lender.
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| Choosing a Lender... |
- When you are choosing a lender, you may want to shop around and compare closing costs, interest rates, and other negotiable costs for a VA guaranteed loan, as they may vary from lender to lender. As a home buyer you may want to contact a lender before signing a contract to purchase a home. The lender can pre-approve a borrower for the maximum loan amount they qualify for. This can save you time when looking for your new home.
- Certain lenders can process VA loans faster than others. These lenders are known as LAPP lenders because they participate in VA's Lender Appraisal Processing Program and do not need to send any paper work to VA until after the home sale is closed.
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| Lender Responsibilities... |
- Lenders will verify and review applicants' past and present job history. They will also verify credit history of home loan applicants and compare this information with loan approval guidelines (credit standards) published by VA. If the lender determines the application cannot be approved, then additional written information should be presented to the lender in order to request reconsideration of the loan application.
- Lenders should discuss with the applicants the various types of loans that are available using the VA home loan program. The link below will provide you with a brief description of the various loan types.
- A good faith estimate should be given to each loan applicant explaining the costs associated with the loan. A good faith estimate is only an estimate of the anticipated charges for that loan.
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| Reviewed/Updated Date: October 7, 2008 |
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