We have been specializing in 100% Financing on Rockwall Texas VA Loans and 100% VA Loans for more than 23 years! We will teach you how to qualify for your VA mortgage loan benefits in this article.
#1: Obtain your Certificate of eligibility (COE) to verify VA Loan eligibility.
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 Texas Regional VA Locations Office. If you are an honorably discharged Vet, or are active duty or reserves currently, then you are likely eligible.
You might be asking, how do I order my COE? The easiest way is that your VA lender can help you get your COE fast, usually the same day you request it. It can also be ordered through the Veterans Administration either by mail or online. Honorably discharged Vets will need a copy of their DD214.
#2: Obtain pre-approval with a Rockwall Texas VA Loans specialist.
Next, you must apply for the VA home 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.
Your lender will also request some supporting documentation at this point to verify the information on the application. 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.
Checking credit is an essential part of your application. Rockwall TX VA Loans are lenient, but you must have at least decent credit in order to qualify for a VA loan. The minimum credit score is 620, and you cannot have any derogatory federal debt such as student loans or taxes. You must wait for 2 years after the discharge date of a bankruptcy before applying for a new home loan. 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. The underwriter will actually review your file and determine that you are approved for the VA mortgage loan. If your VA loan officer did their job well, you should not have a problem in underwriting.
5: Your VA Loan closes.
The final step is to close on your VA mortgage 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. 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. 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.
It is critical that you work with a local lender who understands the unique aspects of VA Loans. Our specialty is 100% Financing on Rockwall Texas VA Loans and 100% VA Loans and we would be happy to answer any questions you have. Call Joy Bates at 817-860-3232, email Joy: email@example.com, or visit our website at http://legacyfinancial.com.
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