We have been specializing in Euless Texas Veterans Loans and 100% VA Loans for over 23 years! Learn how to qualify for your VA home loan benefits in this article.
#1: Obtain your Certificate of eligibility (COE) to verify VA Loan eligibility.
Verifying your eligibility is the first step to obtaining a VA loan. First, order your Certificate of Eligibility (COE) through VA which will also confirm how much you have available for eligibility.
You can call or visit the Texas Regional VA Locations Office by visiting this website: http://www2.va.gov/directory/guide/state.asp?STATE=TX If you were honorably discharged, or are currently active duty or reserves, then you are eligible.
You might be asking, how do I order my COE? Your VA 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. You will need a copy of your DD214 if you are an honorably discharged Vet.
Step 2: Apply for pre-approval with a Euless Texas Veterans Loans specialist.
The next step is to apply for the VA loan. This involves a 20-30 minute appointment 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.
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. It would be best to be prepared with these items for your initial meeting.
3: Undergo credit check.
Checking credit is an essential part of your application. You must have acceptable credit in order to qualify for Euless Texas Veterans Loans although qualification is are lenient. Minimum credit score is 620, and derogatory federal debt such as student loans or taxes is unacceptable. A bankruptcy in the past doesn't necessarily disqualify you, but you must wait for 2 years after the discharge date before applying. Foreclosure guidelines are the same; 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.
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.
5: Your VA Loan closes.
The final step is to close on your VA Home 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. So bottom line, don't confuse no down payment with meaning nothing is due at closing! You should be prepared in advance for this by your lender, and should know going in to your transaction how much will be 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.
It is critical that you work with a local lender who understands the unique aspects of VA Home Loans. We specialize in Euless Texas Veterans Loans and 100% VA financing, and would be happy to answer any questions you have.
Call Joy Bates at 817-860-3232, email Joy: joybates@leader1.com, or visit our website at http://legacyfinancial.com. We are here to help you!
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