For over 12 years, we have been specializing in Lakewood CO Vet Loans! We will teach you how to qualify for your Vet home loan benefits in this article.
1: Verify eligibility through your Certificate of eligibility (COE).
Verifying your eligibility is the first step to obtaining Lakewood CO Vet loans. First, order your Certificate of Eligibility 
(COE) through VA which will also confirm how much you have available for eligibility. If you are an honorably discharged Vet, or are active duty or reserves currently, then you are likely eligible.
Ordering your COE: To get your COE fast, your lender can help you order it. This is usually the easiest way. You can also order your certificate of eligibility through the VA either by mail or online, or stop by your local Vet Services Office. Honorably discharged Vets will need a copy of their DD214.
2: Seek pre-approval through a Lakewood CO Vet Loans specialist. You will now apply for your Vet loan. The application will take 20-30 minutes with your Vet 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.
In order to verify the information on the application, your lender will also request some supporting documentation at this point. Typical documentation will include 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.
3: Credit Check.
Checking credit is an essential part of your application. Lakewood CO Vet Loans are lenient, but you must have at least decent credit in order to qualify for a Vet loan. Minimum credit score is 620, and derogatory federal debt such as student loans or taxes is unacceptable. 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).
4: Going under contract/your 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. The pre-approval step is where your loan officer will review your documentation. The underwriting phase is the official Vet loan approval. You should not have a problem in underwriting and will be approved quickly if your VA loan officer did their job correctly.
5: Closing your Vet loan.
The final step is to close on your Vet 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. There is no down payment requirement for Vet loans. However, don't forget there are VA closing costs involved in every transaction. You should be prepared for all of 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 don't have money available for this, and your lender can help you with these options.
We specialize in Lakewood CO Vet Loans and would be happy to answer any questions you have. We would be honored to help you!
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