About The Real Estate Group

The Real Estate Group (TREG) "Partners in Excellence"

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.

5 Resources You Need During a VA Loan Transaction

Whether it’s your first VA loan transaction or you’ve been closing them for years, it’s important to have relevant resources on hand during the transaction.

The VA loan has incredible benefits for those eligible, but it also comes with a few unique requirements. To better serve your VA homebuyers, here are a few resources to help you along the way.

  1. Lenders Handbook

The U.S. Department of Veterans Affairs operates a home loan benefits page with helpful information on the VA loan benefit. One of the most helpful links provided is under the Lenders tab called the Lenders Handbook.

Because you’re an agent, not a lender, not all 18 chapters of this handbook are relevant to your role in the homebuying process. Review the chapter titles to get an idea of the sections relevant to you.

Chapter 12 is the section I reference most frequently, as it covers the minimum property requirements. These are conditions every property should meet before being approved for VA financing.

A few other chapters I’d suggest reviewing are Chapter 10 on property eligibility and appraisal requests, as well as Chapter 16, which covers common interest communities, condominiums and planned unit development.

Reading the handbook will give you a better understanding of the overall VA loan process.

  1. Regional loan centers

There are currently nine regional loan centers (RLCs) — representing all 50 states and territories. The RLC is the direct contact for lenders, appraisers and builders, and for veterans who have questions or concerns about their VA loan benefit.

The Atlanta RLC covers the states of Georgia, North Carolina, South Carolina and Tennessee, and also acts as the Eligibility Center that processes all requests for Certificates of Eligibility — a document determining VA loan eligibility.

Hopefully, you won’t need to interact with your RLC frequently, but it’s good to have its contact information on hand if you have an issue requiring clarification or escalation.

  1. Condominium reports

If a buyer wishes to purchase a condo using their VA loan benefit, the condo needs to be approved already or go through the approval process prior to closing.

If a condo isn’t currently approved, it might take significantly more time than a typical closing. So it’s important to look up condos prior to making an offer. If the condo isn’t already approved, factor in additional time for condo approval when establishing a closing date.

The Department of Veterans Affairs has a condo search feature through the Veterans Information Portal in which you can determine a condo’s status. You can search by city, county, condo name or ID.

  1. eBenefits

Your buyers might already be using the eBenefits portal offered by the Department of Veterans Affairs. If they haven’t registered yet, it’s a simple process.

Once registered, they can access a whole host of information and documents that might assist them during the home loan process.

To finish reading this article and gain full access to all the links to help your VA homebuyers, please click HERE.

About The Real Estate Group

The Real Estate Group (TREG) "Partners in Excellence"

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.