For over 20 years, we have been Rockwall Texas VA Loans specialists! We will teach you how to qualify for your VA home loan benefits in this article.
# 1: Verify eligibility by obtaining your Certificate of eligibility.
The first step to obtaining a VA loan is to verify your eligibility. This is done by ordering your Certificate of Eligibility (COE) through 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? The easiest way is that your lender can help you get your COE fast, usually the same day you request it. You can also order your certificate of eligibility through the VA either by mail or online. Honorably discharged Vets will need a copy of their DD214.
# 2: Seek pre-approval through a Rockwall Texas VA Loans specialist.
The next step is to apply for the VA loan. Either by phone or in person, plan to meet with your VA Lender for 20-30 minutes. 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. Typical documentation will include 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.
# 3: Undergo credit check
Checking credit is an essential part of your application. You must have acceptable credit in order to qualify for Rockwall Texas VA Loans, although qualification is are lenient. The minimum credit score is 620, and you cannot have any derogatory federal debt such as student loans or taxes. If you have had a bankruptcy in the past, you must wait for 2 years after the discharge date before applying. The same goes for a foreclosure, you must 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 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 the VA loan officer did their job well, your loan will be approved in underwriting.
#5: Closing 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. 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 Rockwall Texas VA Loans for over 20 years and would be happy to answer any questions you may have. 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 on obtaining your VA home loan. She can be reached via email: firstname.lastname@example.org or telephone: 817-860-3232.
If you like to request a quote, log onto our website: http://legacyfinancial.com.