How to Get a VA Loan

How to Get a VA Loan from one of the top VA Loan Sources

Luminate Bank is Here to Serve Veterans

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Your first step is simple - contact Brad at VALoansMN and Luminate Bank or here through our website. We will ask you some questions regarding income, employment, credit and bank accounts.

DON'T WAIT, CLICK HERE TO APPLY NOW!

After you apply, we will let you know when you are approved for a home loan. (We won't know for sure until later in the process. More on that below.)


For each borrower on the loan application, you will need to send us:


  • W-2's for all jobs for the previous 2 years.
  • 60 days bank statements for all accounts, all pages. (Even the ones with advertising on them.)
  • Your Disability Award Letter: This states specifically how much money you receive each month. (phone 800-827-1000) 
  • Most recent IRA, etc, statements.
  • 30 days most recent pay stubs.
  • A photo copy of your driver's license.
  • Federal Tax Returns for most recent 2 yrs (if self employed).

Next Steps

Call a Realtor (we also have a network of trusted Realtors if you need a referral). Work with them to find the house you want to make into your home. Have fun! Once you find the one, you and your Realtor will make an offer to the seller to purchase the house. When the offer is accepted....celebrate!

Now What?

Have an inspection done. It is not required, but it is HIGHLY recommended. An inspection helps make sure that the things in the home work properly and that there are no code violations. You pay for this inspection, usually a few hundred dollars, depending on the size of the home.


Once finished, we will order an appraisal. This is required by the lender. An appraisal will determine that the home is being sold at or below fair market value.


Next, contact your insurance agent for homeowner's insurance. In the meantime, we send all of the paperwork to the lender's "underwriting department". The underwriter has the final say if your loan is approved or not. (Once we have gotten this far, chances are good it will be.) Once the underwriter says, "You are approved", celebrate again!

Final Steps

Go to the title company for the "Closing" on your home. At the "Closing", you will sign the loan papers and get the keys to your new home! Hang up a "Home Sweet Home" sign, and really celebrate - that home is yours!

Costs of Obtaining a VA Loan

Funding Fee

  • A funding fee must be paid by all veterans using the VA home loan program, except those exempt due to receipt of disability compensation.
  • The funding fee can range from 0.5 percent for Interest Rate Reduction Refinancing Loans (IRRRLs) to 3.3 percent for veterans who are subsequent users of the VA home loan program.
  • For all VA loans, the funding fee may be paid in cash or included in the loan.
  • For more information on the VA funding fee, contact your VA Regional Loan Center.


Other Closing Costs

Reasonable closing costs may be charged by the lender. These costs may not be included in the loan. The following items may be paid by the veteran purchaser, the seller, or shared. Closing costs may vary among lenders and also throughout the nation because of differing local laws and customs.


  • VA appraisal
  • Credit report
  • Loan origination fee (usually 1 percent of the loan)
  • Discount points
  • Title search and title insurance
  • Recording fees
  • State and/or local transfer taxes, if applicable
  • Survey


No commissions, brokerage fees, or "buyer broker" fees may be charged to the veteran buyer.

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