Veteran Loans in Wichita Falls, TX

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Mortgage and Lending NMLS # 243437

For over 20 years, we have been specializing in  Veteran Loansin Wichita Falls, TX!  We will teach you how to qualify for yourVA HOME LOAN benefits in this article. 

 

 1: VERIFY eligibility through your Certificate of eligibility (COE). 

 

 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. 

 

 Step 2: APPLY FOR pre-approval with a  Veteran Loansin Wichita Falls, TX specialist. 

 

 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 

 

Vet Loans in Houston Texas 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. 

 

 WeSPECIALIZE in  Veteran Loansin Wichita Falls, TX and would be happy to answer any questions you have. Standing by to serve you! 

Posted by

The Legacy Group of CrossCountry Mortgage

Chad and Joy Bates NMLS #243437

817-860-3232

Email Us 

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1205 West Abram St. 

Arlington, TX 76013

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