VA Purchase
Process Simplified
Familiarize yourself with the home mortgage process before you even begin house hunting
Step 1:
Get Pre-Approved
Step 2:
Get set up with an experienced VA Realtor in your area
Step 3:
Start Making Offers/Get Offer Accepted
Step 4:
Open Escrow
Step 5:
Lock Interest Rate/Have Merchants order the VA appraisal
Step 6:
Sign Loan Estimate along with other initial govt required paperwork
Step 6:
Loan Processor submits the file to the VA underwriter for approval
Step 8:
Underwriter Approves Loan – provide a list of any additional items needed before closing
Step 9:
Appraisal report received and signed off by underwriter
Step 10:
Closing Disclosure emailed be signed (Closing Disclosure should mirror the initial Loan Estimate)
Step 11:
Merchants sends the closing documents to the escrow company 3 days after the Closing disclosure is signed
Step 12:
You sign arrange with the escrow firm to sign the closing documents either at their office or they will send a notary to a convenient location for you.
Step 13:
The escrow firm sends Merchants the signed closing package (either electronically or by overnight)
Step 14:
Merchants wires the funds to escrow
Step 15:
The loan funds and then is recorded with the county
Step 16:
The transaction is now closed and you receive your keys.