For more than 23 years, we have been specializing in the 100% VA financing in Kennedale, Texas area! We will teach you how to qualify for your VA mortgage loan benefits in this article.
1: Verify eligibility for a 100% VA Loan through your Certificate of eligibility (COE).
The first step to obtaining a VA loan is to verify your eligibility. 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 by visiting this website: http://www2.va.gov/directory/guide/state.asp?STATE=TX To be eligible, you must be an honorably discharged Vet, or are active duty or reserves currently.
Ordering your COE: To get your COE fast, your VA lender can help you order it. This is usually the easiest way. It can also be ordered through the Veterans Administration 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 for 100% VA financing in Kennedale, Texas area.
You will now apply for your VA mortgage loan. Either by phone or in person, plan to meet with your VA Mortgage Lender for 20-30 minutes. 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.
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.
Step 3: Credit Check.
You will undergo a credit check as part of the application. Although Kennedale, TX VA Mortgage Loans are lenient, you must have at least OK 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. You must wait for 2 years after the discharge date of a bankruptcy before applying for a new home loan. Foreclosure guidelines are the same; you must wait for 2 years after the sheriff sale date (date the bank sold the home to a new owner).
Step 4: Under contract/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. This is the step where an underwriter actually reviews your file and determines that you are approved and can receive the funding. If your VA loan officer did their job well, you should not have a problem in underwriting.
#5: Closing your VA Home Loan.
The final step is to close on your VA 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 100% VA financing in Kennedale, Texas area for over 23 years and would be happy to answer any questions you may have. It doesn't cost a penny to call!