We have been specializing in Vet Loans in Bowie, Texas for over 22 years! In this article, learn how to qualify for your va loan.
1: Verify eligibility through your Certificate of eligibility (COE).
Obtaining a VA loan is easy. The first step is to verify your eligibility. This is done by ordering your Certificate of Eligibility (COE) through VA which will also confirm the amount of your eligibility. To be eligible, you must be an honorably discharged Vet, or are active duty or reserves currently.
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 your certificate of eligibility through the VA either by mail or online. You will need a copy of your DD214 if you are an honorably discharged Vet.
#2: Obtain pre-approval with a Vet Loans in Bowie, Texas specialist.
Next, you must apply for the VA loan. The application will take 20-30 minutes with your VA 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.
Your lender will also request some supporting documentation at this point to verify the information on the application. 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 Vet Loans in Bowie, Texas are lenient, you must have at least OK credit in order to qualify for a VA loan. 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.
#4: Going under contract/your 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. If your VA loan officer did their job well, you should not have a problem in underwriting.
#5: Closing 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! 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 Vet Loans in Bowie, Texas and would be happy to answer any questions you have. We would be honored to help you!
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