For over 23 years, we have been VA Home Loans in San Antonio Texas and 100% VA Loan specialists! Learn how to qualify for your VA home loan benefits in this article.
Step 1: Verify VA Mortgage loan eligibility by obtaining your Certificate of eligibility (COE).
Obtaining a VA mortgage loan is easy. The first step 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.
You can call or visit the Texas Regional VA Locations Office. To be eligible, you must be an honorably discharged Vet, or are active duty or reserves currently.
How do you order your COE? To get your COE fast, your VA lender can help you order it. This is usually the easiest way. You can also order the COE through the VA either by mail or online. If you are an honorably discharged Vet, you will need a copy of your DD214.
2: Seek pre-approval through a San Antonio TX VA Loans specialist.
You will now apply for your VA mortgage loan. This involves a 20-30 minute appointment with your VA lender either over the phone or in person. 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.
You will also need to provide 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. It would be best to be prepared with these items for your initial meeting.
#3: Credit is checked.
Checking credit is an essential part of your application. You must have acceptable credit in order to qualify for Denver Colorado 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. 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).
4: You are under contract/ loan file goes to underwriting.
One it is determined that you are 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. You should not have a problem in underwriting and will be approved quickly if your VA loan officer did their job correctly.
5: Your VA Loan closes.
The final step is to close on your VA mortgage loan! At this point you will receive a closing 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 home 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.
It is critical that you work with a local lender who understands the unique aspects of VA Mortgage Loans. We have specialized in VA Home Loans in San Antonio Texas and 100% VA Mortgage Loans for more than 23 years and would be happy to answer any questions you may have. It doesn't cost a penny to call! Call Joy Bates at 817-860-3232, email Joy: joybates@leader1.com, or visit our VA website at http://sanantoniohomemortgageloan.com.
We would be honored to help you!
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