Obtaining aVA LOAN is easy. The first step is to verify your eligibility. This is done by ordering yourCERTIFICATE of Eligibility (COE) through VA which will also confirm the amount of your eligibility. If you are an honorably discharged Vet, or areACTIVE duty or reserves currently, then you are likely eligible.
How do you order your COE? Your lender can help you get your COE fast, usually the same day you request it. You can also order the COE through the Vet loan either by mail or online. You will need a copy of your DD214 if you are an honorably discharged Vet.
Next, you must apply for the Vet 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 areADDRESS HISTORY, income information, assets, employment history, and specific questions like whether or not you have had a bankruptcy.
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 andTAX RETURNS, and your most recent 2 months bank statements. Bringing these items to your initial meeting will help the process go faster.
3: UndergoCREDIT CHECK
CHECKING CREDIT is an essential part of your application. Although Veteran Loansin Wichita Falls, TX are lenient, you must have at least OK credit in order to qualify for a Vet loan. You cannot have any derogatory federal debt such as taxes or student loans. The minimumCREDIT SCORE is 620. 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: You are under contract/ loan file goes to underwriting.
The next step is that your file will be submitted to underwriting for the official approval (a person will underwriter your file). This is the step where an underwriter actually reviews your file and determines that you are approved and can receive the funding. If theVA LOAN officer did their job well,YOUR LOAN will be approved in underwriting.
5: Your VA Loan closes.
The final step is to close on your Vet 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. Although there is noDOWN PAYMENT requirement for Vet loans, don't forget there are VA closing costs involved in every transaction. You should be prepared in advance for this by your lender, but nonetheless, don't confuse no down payment with meaning nothing is 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.