Lakewood CO VA Loans
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For over 12 years, we have been specializing in Lakewood CO VA Loans! Learn how to qualify for your VA home loan benefits in this article.
Step 1: Verify eligibility by obtaining your Certificate of eligibility.
The first step to obtaining a VA loan is to verify your eligibility. This is done by ordering your Certificate of Eligibility (COE) through VA which will also confirm the amount of your eligibility. If you are an honorably discharged Vet, or are active duty or reserves currently, then you are likely eligible.
How do you order your COE? Your lender can help you get your COE fast, usually the same day you request it. You can also order the COE through the VA either by mail or online. Honorably discharged Vets will need a copy of their DD214.
Step 2: Apply for pre-approval with a Lakewood CO VA Loans specialist.
Next, you must apply for the VA loan. This involves a 20-30 minute appointment with your VA lender either over the phone or in person. The application contains such information as address history, employment history, income information, assets, and specific questions like whether or not you have had a bankruptcy.
Your lender will also request some supporting documentation at this point to verify the information on the application. Documentation includes your most recent 30 days paystubs, past 2 years W2s and tax returns, and your most recent 2 months bank statements. Be prepared with these items for your initial meeting.
Step 3: Credit Check.
Part of the application is a credit check. Although Lakewood CO VA Loans are lenient, you must have at least OK credit in order to qualify for a VA loan. The minimum credit score is 620, and you cannot have any derogatory federal debt such as student loans or taxes. If you have had a bankruptcy in the past, you must wait for 2 years after the discharge date before applying. The same goes for a foreclosure, you much wait for 2 years after the sheriff sale date (date the bank sold the home to a new owner).
Step 4: Under contract/file submitted to underwriting.
Once you are under contract, or in the case of a VA refinance, are determined to be qualified for the loan, the next step is that your file will be submitted to underwriting for the official approval. This is the step where an underwriter actually reviews your file and determines that you are approved and can receive the funding. If your VA loan officer did their job well, you should not have a problem in underwriting.
Step 5: Close on your VA loan.
The final step is to close on your VA loan! At this stage you will receive a settlement statement which will break down all of the charges and also all of the credits, and give you a summary of the bottom line due at closing. Although there is no down payment requirement for VA loans, don't forget there are VA closing costs involved in every transaction. You should be prepared in advance for this by your lender, but nonetheless, don't confuse no down payment with meaning nothing is due at closing! There are ways to finance the closing costs if you can't come up with the funds, and your lender can help you with these options.
We specialize in Lakewood CO VA Loans and would be happy to answer any questions you have. Standing by to serve you!
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