After you’ve completed Part 1 of the VA loan process, you are well on your way toward using your VA benefits and completing the purchase of a home with your VA loan in Hawaii! Let’s briefly recap what the two parts of the VA loan home buying process consist of:
- PART ONE of the VA loan process is pre-escrow. It starts with VA loan pre-approval and continues until the start of escrow (when you’ve made an exciting offer on a home and it has been accepted).
- PART TWO of the VA loan process involves the escrow process and ends with loan funding and recordation (and the keys to your new home).
As you continue through the escrow process, your VA Loan Specialist and real estate agent will continue to help guide you through until you have the keys to your new home in hand.
The VA Loan Process: Part 2
Step 1 | Meet with your VA Loan Specialist
Once you’re officially in escrow, it’s time to meet back up with your VA Loan Specialist to sign the Loan Application and disclosures. You’ll also need to provide updated income and asset documentation to update your file. During this meeting, your VA Loan Specialist will go over your loan details and potentially lock in your interest rate.
Step 2 | Loan Processing & Inspection
The next step involves a Loan Processor to review your file and request necessary items from third parties such as escrow, appraiser, insurance agent & the IRS. Three important inspections will be ordered; the home inspection, VA appraisal & termite inspection.
Step 3 | Submit to Underwriting
Once the file is reviewed and packaged together by the Loan Processor, the file is then submitted to Underwriting. The Underwriter is responsible for ensuring the loan meets loan guideline requirements and verifies the documentation provided is satisfactory.
Step 4 | Satisfy Loan Conditions
A Conditional Loan Approval letter is generated by the Underwriter which outlines the outstanding items needing to be completed prior to loan approval. Your VA Loan Specialist will coordinate with you to satisfy these remaining conditions.
Step 5 | Closing
Once all loan conditions have been met, you’re off to escrow to sign the final closing documents.
Step 6 | Loan Funding & Recordation
Once closing documents have been officially signed, the lender will wire the funds to escrow and officially fund the loan. In Hawaii, the recordation of your mortgage and deed takes place 48 hours after escrow’s receipt of funds. Once your loan is recorded with the Bureau of Conveyances, you’re officially a new homeowner!
That’s it for The VA Loan Process: Part Two. If you have questions about getting started, don’t hesitate to call us at 808-792-4251. To find out how much you qualify for, fill out this form and we’ll get in touch. As your local Hawaii VA loan lender, we look forward to helping you become a homeowner.