Keller Texas Vet Loans l Vet Loans in Keller TX l Keller VA Loans

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Mortgage and Lending NMLS # 243437

We have been Keller Texas Vet Loans specialists for more than 20 years! In this article, learn how to qualify for your vet loan. 

 

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

 

 The first step to obtaining a Vet loan is to verify your eligibility. You must order your Certificate of Eligibility (COE) through the VA which will also confirm the amount of your eligibility. If you were honorably discharged, or are currently active duty or reserves, then you are eligible. 

 

 How do you order your COE? Your lender can help you get your COE fast, usually the same day you request it. It can also be ordered through the Vet loan 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 Keller Texas Vet 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. 

 

 Your lender will also request some supporting documentation at this point to verify the information on the application. 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. Be prepared with these items for your initial meeting. 

 

3.  Credit Check. 

 

 Checking credit is an essential part of your application. Although Keller Texas Vet Loans are pretty lenient, you must have at least OK credit in order to qualify for a VA loan. You cannot have any derogatory federal debt such as taxes or student loans.  The minimum credit score is 620.  You must wait for 2 years after the discharge date of a bankruptcy before applying for a new home loan. 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). 

 

 4.  Going under contract/your file submitted to underwriting. 

 

 Once it is determined that you qualify for the loan, the next step is that your file will be submitted to underwriting for the official approval. The underwriter will actually review your file and determine that you are approved for the VA loan. If the VA loan officer did their job well, your loan will be approved in underwriting. 

 

 5.  Closing your Vet loan. 

 

 The final step is to close on your Vet 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 Vet loans.  However, don't forget there are Vet closing costs involved in every transaction. So bottom line, don't confuse no down payment with meaning nothing is due at closing!  You should be prepared in advance for this by your lender, and should know going in to your transaction how much will be 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. 

 

 Our specialty is Keller Texas Vet Loans. We would be honored to help you! 

Call Joy Bates, our team's Senior Mortgage Banker at 817-860-3232 or log onto http://legacyfinancial.com.

Posted by

The Legacy Group of CrossCountry Mortgage

Chad and Joy Bates NMLS #243437

817-860-3232

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1205 West Abram St. 

Arlington, TX 76013

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