Before the loan closes, as your VA lender, we’ll order an independent appraisal of the property. Along with assessing the property’s value, the VA appraisal helps assess whether the property meets the VA’s property condition standards. If there are problems (e.g. water damage, termites, leaky roof), they may need to be addressed before the loan process can move forward. Every situation is different.
An underwriter then closely reviews the entire VA loan package. The underwriter’s job is to confirm all the information and make sure all documentation is in place. If anything is missing or does not conform with VA or lender guidelines, the underwriter requests what’s needed to make it right. When the underwriter approves a VA loan, there’s only a few things for the borrower to do: Prepare for your closing day, when you’ll sign a lot of final paperwork and get the keys to a new home.