For over 20 years, we have been Vet Loans in Addison Texas specialists! We will teach you 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. First, order your Certificate of Eligibility (COE) through VA which will also confirm how much you have available for eligibility. To be eligible, you must be an honorably discharged Vet, or are active duty or reserves currently.
Ordering your COE: The easiest way is that your lender can help you get your COE fast, usually the same day you request it. It can also be ordered through the VA either by mail or online. You will need a copy of your DD214 if you are an honorably discharged Vet.
Step 2: Apply for pre-approval with a Vet Loans in Addison Texas specialist.
The next step is to apply for the VA loan. Either by phone or in person, plan to meet with your VA Lender for 20-30 minutes. 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.
Your lender will also request some supporting documentation at this point to verify the information on the application. 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.
Step 3: Undergo credit check
Checking credit is an essential part of your application. Although Vet Loans in Addison 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. You must wait for 2 years after the discharge date of a bankruptcy before applying for a new home loan. The same goes for a foreclosure, you must wait for 2 years after the sheriff sale date (date the bank sold the home to a new owner).
Step 4: You are under contract/ loan file goes to underwriting.
One it is determined that you are 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. You should not have a problem in underwriting and will be approved quickly if your VA loan officer did their job correctly.
Step 5: Close on your VA loan.
The final step is to close on your VA loan! At this point you will receive a closing 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 Vet Loans in Addison Texas and would be happy to answer any questions you have. We would be honored to help you!
Joy Bates, Senior Mortgage Banker, is standing by to assist you on obtaining a VA loan. She can reached via email: joy.bates@leader1.com or through phone: 817-860-3232.
Visit our website: http://legacyfinancial.com for more information.
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