For over 22 years, we have been specializing in Frisco Texas VA Loans! In this article, learn how to qualify for your va loan.
Step 1: Verify eligibility by obtaining your Certificate of eligibility.
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.
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. You can also order the COE through the VA either by mail or online. If you are an honorably discharged Vet, you will need a copy of your DD214.
Step 2: Apply for pre-approval with a Frisco Texas VA 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.
You will also need to provide 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. 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 Frisco Texas VA Loans, although qualification is are lenient. You cannot have any derogatory federal debt such as taxes or student loans. The minimum credit score is 620. A bankruptcy in the past doesn't necessarily disqualify you, but 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. 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.
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. There is no down payment requirement for VA loans. However, 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 specialize in Frisco Texas VA Loans and would be happy to answer any questions you have. We are here to help you!
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