Lees Summit VA Home Loans
First, you need to verify eligibility through your Certificate of eligibility (COE).
Obtaining a VA loan is easy. The first step 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 VA either by mail or online. You will need a copy of your DD214 if you are an honorably discharged Vet.
Second, obtain pre-approval with a Lees Summit VA Home Loans
Next, you must apply for the VA loan. The application will take 20-30 minutes with your VA lender either over the phone or in person. The application will have such information as Income information, employment history, income information, address history, assets, and questions such as whether or not you have had a bankruptcy or foreclosure. You can get pre-approved online through our safe and secure website!
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.
Third, we will do a credit check.
You will undergo a credit check as part of the application. Lees Summit VA Home Loans are lenient, but you must have at least decent credit in order to qualify for a VA loan. Derogatory federal debt such as student loans or taxes is unacceptable. A bankruptcy in the past doesn't necessarily disqualify you, but you must wait for 2 years after the discharge date before applying. 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).
Fourth, we will place the loan under contract and submit the file 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. If your VA loan officer did their job well, you should not have a problem in underwriting.
Fifth, We will close your VA Loan.
The final step is to close on your VA loan! At this point in the process you will receive a settlement statement which will break down all of the fees 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 can't come up with the funds, and your lender can help you with these options.
We specialize in Lees Summit VA Loans and would be happy to answer any questions you have. We would be honored to help you!
For more information call Darren Copeland, Darren is a Senior Mortgage Banker call his team at (816)268-4025 visit Midwest VA Loans and we will get your VA loan closed for your new home!