We have been specialists in Veterans Loans Haltom City for more than 20 years! We will teach you how to qualify for your VA home loan benefits in this article.
The first thing you want to do is obtain your Certificate of eligibility.
The first step to obtaining a Veterans 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. To be eligible, you must be an honorably discharged Vet, or are active duty or reserves currently.
You might be asking, how do I go about ordering my COE? Well your lender can help you get your COE fast, most of the time the same day that you request it. You can also order it through the VA either by mail or online. You will need a copy of your DD214 if you are an honorably discharged Vet.
The second thing that you want to do is apply for pre-approval with a Veterans Loans Haltom City specialist.
You will now apply for your Veterans loan. This involves a 20-30 minute appointment with your VA lender either over the phone or in person. The application contains such information as address history, employment history, income information, assets, 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.
The third thing you want to do is have your credit checked.
You will undergo a credit check as part of the application. Because Veterans Loans Haltom City can be lenient , you must have at least decent credit (mininimum score of 620) in order to qualify for a Veterans loan. You must not have any derogatory federal debt such as student loans or texas. You have to wait 2 years after the discharge date of a bankruptcy before applying for your 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).
The fourth thing that you want to do is to get the contract under contract and submit it to underwriting.
Once it is determined that you qualify for the loan, the next order of business is to submit your file to underwriting for to be approved. The underwriter will actually review your file and determine that you are approved for the Veterans loan. If your VA loan officer did their job well, you should not have a problem in underwriting.
The fifth thing you want to do is close on your Veterans 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. There is no down payment requirement for VA loans. However, don't forget there are VA 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. There are ways to finance the closing costs if you don't have money available for this, and your lender can help you with these options.
We have been specialists in Veterans Loans Haltom City for over 22 years and would be happy to assist you with your questions. It doesn't cost a penny to call! We are here to help you!
Our Senior Mortgage Banker, Joy Bates, is standing by to assist you. Please give her a call at 817-860-3232 or visit http://legacyfinancial.com for more information.
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