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VA Loans in Colleyville, TX

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Mortgage and Lending with CrossCountry Mortgage NMLS # 243437

 

For over 22 years, we have been specializing in VA Loans in Colleyville Texas!  We will teach you how to qualify for your VA home loan benefits in this article. 

 

 1:  Verify eligibility through your Certificate of eligibility (COE). 

 

 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. 

 

 You might be asking, how do I order my COE? 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. 

 

 2:  Seek pre-approval through a VA Loans in Colleyville Texas specialist. 

 

 You will now apply for your 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. 

 

VA Loans in Colleyville Texas You will also need to provide 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. 

 

 #3:  Credit is checked 

 

 You will undergo a credit check as part of the application. Although VA Loans in Colleyville 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. 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. This is the step where an underwriter actually reviews your file and determines that you are approved and can receive the funding. You should not have a problem in underwriting and will be approved quickly if your VA loan officer did their job correctly. 

 

 #5:  Closing your VA loan. 

 

 The final step is to close on your VA loan! At this stage you will receive a 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 required for VA loans, it's important not to forget that 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! 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 have specialized in VA Loans in Colleyville Texas for over 22 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! 

Posted by

The Legacy Group of CrossCountry Mortgage

Chad and Joy Bates NMLS #243437

817-860-3232

1205 West Abram St. 

Arlington, TX 76013

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