In this article, learn how to qualify for your va loan. We have been specializing in Lewisville TX VA Loans for over 20 years!
Step 1: Verify eligibility through your Certificate of eligibility (COE).
Obtaining a VA loan is easy. The first step is to verify your eligibility. 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. It can also be ordered through the VA either by mail or online. Honorably discharged Vets will need a copy of their DD214.
Step 2: Seek pre-approval through a Lewisville TX VA Loans specialist.
You will now apply for your VA loan. The application will take 20-30 minutes with your VA lender either over the phone or in person. The application will have such information as Income information, employment history, income information, address history, assets, and questions such as whether or not you have had a bankruptcy or foreclosure.
In order to verify the information on the application, your lender will also request some supporting documentation at this point. Be prepared to provide your most recent 2 months bank statements, past 2 years W2s and tax returns, and your most recent 30 days paystubs. Bringing these items to your initial meeting will help the process go faster.
Step 3: Credit Check.
Part of the application is a credit check. You must have acceptable credit in order to qualify for Lewisville TX VA Loans, although qualification is are lenient. 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. 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. 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 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 can't come up with the funds, and your lender can help you with these options.
We have specialized in Lewisville TX VA Loans for over 20 years and would be happy to answer any questions you may have. It doesn't cost a penny to call! Standing by to serve you!
Visit http://legacyfinancial.com to obtain a VA Loan or call Joy Bates, our Senior Mortgage Banker at 817-860-3232.
Joy can also be reached via email: joy.bates@leader1.com.
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