For a little more than 23 years, we have been VA Loans Alvarado Texas specialists! Learn how to qualify for your VA home loan benefits in this article.
1: Verify eligibility through your Certificate of eligibility (COE).
Obtaining a VA loan is easy. The first step is to verify your eligibility. You must order your Certificate of Eligibility (COE) through the VA which will also confirm the amount of your eligibility. If you were honorably discharged, or are currently active duty or reserves, then you are 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. If you are an honorably discharged Vet, you will need a copy of your DD214.
2: Seek pre-approval from a VA Loans Alvarado Texas specialist.
The next step is to apply for the VA loan. The application will take 20-30 minutes with your VA lender either over the phone or in person. Things you will need to know for the application are address history, income information, assets, employment history, 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. Documentation includes your most recent 30 days paystubs, past 2 years W2s and tax returns, and your most recent 2 months bank statements. It would be best to be prepared with these items for your initial meeting.
Step 3: Credit Check.
Part of the application is a credit check. Although VA Loans Alvarado Texas are lenient, you must have at least OK credit in order to qualify for a VA loan. You cannot have any derogatory federal debt such as taxes or student loans. The minimum credit score is 620. If you have had a bankruptcy in the past, you must wait for 2 years after the discharge date before applying. If you had a foreclosure, the waiting period is 2 years after the sheriff sale date.
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. The pre-approval step is where your loan officer will review your documentation. The underwriting phase is the official VA loan approval. If the VA loan officer did their job well, your loan will be approved in underwriting.
Step 5: Close on your VA loan.
The final step is to close on your VA loan! At this point in the process you will receive a settlement statement which will break down all of the fees 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 VA loans. However, 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! It is possible 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 Veterans loans and would be happy to answer any questions you have. We would be honored to help you!
Contact our Senior Mortgage Banker, Joy Bates, at 817-860-3232 on how you can obtain a veterans loan or send her email: joy.bates@leader1.com.
You can request a quote on our website: http://legacyfinancial.com.
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