We have been specializing in Littleton Colorado VA Loans and 100% VA Loans for over 12 years!
Learn how to qualify for your VA home loan benefits in this article.
1: Verify eligibility for a 100% VA Loan through your Certificate of eligibility (COE).
Verifying your eligibility is the first step to obtaining a VA loan. First, order your Certificate of Eligibility (COE) through VA which will also confirm how much you have available for eligibility.
You can call or visit the Colorado Regional VA Office by visiting this website: http://www.benefits.va.gov/denver/
If you were honorably discharged, or are currently active duty or reserves, then you are eligible. How do you order your COE? The easiest way is that your VA lender can help you get your COE fast, usually the same day you request it. You can also order the COE through the VA either by mail or online. You will need a copy of your DD214 if you are an honorably discharged Vet.
2: Obtain pre-approval with a Littleton Colorado VA Loans specialist.
Next, you must apply for the VA home loan. This involves a 20-30 minute appointment with your VA lender either over the phone or in person. The application will have such information as employment history, income information, address history, assets, and questions such as whether or not you have had a bankruptcy or foreclosure.
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: Credit is checked
You will undergo a credit check as part of the application. Littleton CO VA Loans are lenient, but you must have at least decent credit in order to qualify for a VA loan. Minimum credit score is 620, and derogatory federal debt such as student loans or taxes is unacceptable. If you have had a bankruptcy in the past, you must wait for 2 years after the discharge date before applying. If you had a foreclosure, the waiting period is 2 years after the sheriff sale date.
4: Going under contract/your file submitted to underwriting.
The next step is that your file will be submitted to underwriting for the official approval (a person will underwriter your file). The pre-approval step is where your loan officer will review your documentation. The underwriting phase is the official VA loan approval. You should not have a problem in underwriting and will be approved quickly if your VA loan officer did their job correctly.
5: Close on your VA mortgage loan.
The final step is to close on your VA Home 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 Mortgage 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 don't have money available for this, and your lender can help you with these options.
It is critical that you work with a local lender who understands the unique aspects of VA Mortgage Loans. We have specialized in Littleton CO VA Loans and 100% VA Mortgage Loans for over 12 years and would be happy to answer any questions you may have. It doesn't cost a penny to call!
Call RJ Baxter at 303-670-0137, or visit our va website at http://www.ecoloradovaloan.com. We would be honored to help you!
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