I’m going to use my VA benefit, why do I have to talk to a mortgage person?
This is one of the most asked questions here in the Fayetteville/Ft Bragg area so I thought I would help explain the process.
This type of loan is for people who are either currently serving or have served in our military (and National Guard). However, there are still certain requirements to using a VA loan. Just serving does not mean you can use a VA loan to buy a home.
The VA does not actually “give” you the loan. The VA only guarantees a portion of the loan, (up to 25%). Since the home is guaranteed, you do not have to put any money down towards the loan like on other loans. This also means you still have to qualify with a bank or lending institution. Your mortgage lender will look at several different items to determine if you qualify such as income, your bills, and even credit.
In order to help the process go smoother ask your Realtor for a recommendation for a lender to is familiar with VA loans. To help the process go smoother here are a few items to have handy:
LES/Pay stubs for you and your spouse (if married) for last 30 days
W-2s & tax returns for last 2 years
Complete bank statements for previous 2 months
Employer history for last 2 years
Address history for last 2 years
Drivers license and SS#s
Having these items when you speak with your lender will speed up the process and make it easier on everyone involved. Keep in mind your lender may ask for additional documents throughout the process.
If you are looking to purchase a home using your VA entitlements give me a call, text, email, or visit my website at www.HomesForSaleAroundFayetteville.com. I can help you find a great lender that will make the process go smoothly for you!