Arvada CO VA Loans

For over 12 years, we have been specializing in Arvada CO VA Loans! In this article, learn how to qualify for your va loan.

#1: Obtain your Certificate of eligibility.

Verifying your eligibility is the first step to obtaining a VA loan. You must order your Certificate of Eligibility (COE) through the VA which will also confirm the amount of your eligibility. If you are an honorably discharged Vet, or are active duty or reserves currently, then you are likely eligible. How do you order your COE? To get your COE fast, your lender can help you order it. This is usually the easiest way. 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.

#2: Obtain pre-approval with a Arvada CO VA Loans specialist.

The next step is to apply for the VA loan. The application will take 20-30 minutes 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. In order to verify the information on the application, your lender will also request some supporting documentation at this point. Be prepared to provide your most recent 2 months bank statements, past 2 years W2s and tax returns, and your most recent 30 days paystubs. It would be best to be prepared with these items for your initial meeting.

3: Undergo credit check Part of the application is a credit check.

You must have acceptable credit in order to qualify for Arvada CO VA Loans, although qualification is are lenient. Minimum credit score is 620, and derogatory federal debt such as student loans or taxes is unacceptable. You must wait for 2 years after the discharge date of a bankruptcy before applying for a new home loan. The same goes for a foreclosure, 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.

Once you are under contract, or in the case of a VA refinance, are determined to be 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 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! 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 have specialized in Arvada CO VA Loans for over 12 years and would be happy to answer any questions you may have. It doesn't cost a penny to call! We would be honored to help you!

Google+