I will use my VA benefit why do I have to talk with a mortgage person?

By
Real Estate Agent with Keller Williams Realty-Fayetteville

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.Shawnas guys

 

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!

Posted by

Shawna Green, Realtor

Call or Text me (910) 309-4618

Shawna@LibertyHomeTeam.com

www.LibertyHomeTeam.com

 

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Topic:
Lending / Financial
Location:
North Carolina Cumberland County Fort Bragg
Groups:
Military Relocations
1st Time Buyers
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Tags:
fayetteville
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Rainmaker
386,634
Mark Horan
Resident Team Realty, LLC & Toni's Property Management LLC - Saint Cloud, FL
"The Resident Chef" - Resident Team Realty LLC &

Shawna, informative post. I am sure our veterans will be calling the expert in Fayetteville. Shawna Green!

Mar 22, 2013 08:29 AM #1
Rainmaker
78,184
Shawna Green
Keller Williams Realty-Fayetteville - Fayetteville, NC
The key to your real estate needs!

Thanks Mark!  I appreciate it...As you can see by my photo, the military has a special place in my heart and life!

Mar 22, 2013 09:49 AM #2
Rainmaker
94,295
Dan Mincher, CCIM
The Vollman Company, Inc. - Sacramento, CA
Sacramento Commercial Real Estate

Great advice.  Since you are in the Ft Bragg market, I'd like to suggest (and maybe you are already doing this) you contact the Post Ombudsman and see if they have any interest in your giving a presentation to members and spouses about how to get prepared, look for the right home, etc.  You could team up with a banker and a VA rep and other on-base advisiors.  Everybody wins!  Good Luck.

Mar 22, 2013 09:54 AM #3
Rainmaker
78,184
Shawna Green
Keller Williams Realty-Fayetteville - Fayetteville, NC
The key to your real estate needs!

Dan, thanks for commenting.  I have not tried the ombudsman, however I have contacted the Army housing office and they will not allow anything other than putting out business cards.  Have a great day!

 

Mar 22, 2013 10:00 AM #4
Rainmaker
94,295
Dan Mincher, CCIM
The Vollman Company, Inc. - Sacramento, CA
Sacramento Commercial Real Estate
The path in may well be through a supportive VA office. Get them to be the point and you can appear to be part of the program.
Mar 23, 2013 02:06 AM #5
Rainer
284,418
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Shawna -- great presentation of why they need to talk to loan officer (hopefully a licensed mortgage loan officer who know VA loans) and what to have on hand.  Regarding the bank statements -- it is helpful if they just bring in the full statements - and not make copies (for some reason they seem to want to leave out the blank pages, but the lenders need all sequenced pages - as in 1 of 5 - need all 5).

Hope you have a good weekend!

Mar 23, 2013 06:19 AM #6
Rainmaker
78,184
Shawna Green
Keller Williams Realty-Fayetteville - Fayetteville, NC
The key to your real estate needs!

Dan, thanks I will check into that...hadn't thought about hitting that avenue!

Steven, thanks!  You are right, they need the full statements...its a pain but it must be done.

Mar 23, 2013 09:41 AM #7
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Rainmaker
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Shawna Green

The key to your real estate needs!
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