Things in life are not always the easiest to obtain. Knowing everything you should before you apply for a VA home loan may seem like a daunting task in itself. Patience is the key. The advice below can help you in your search.
#1 Step when you Apply for a VA Home Loan
The most crucial step when you apply for a VA home loan is getting prequalified. This step determines if you meet all of the qualifications to get fully approved for a VA mortgage loan. It also allows you to get an idea of how much your payments will be and what you can afford. Once you find out this information, it will be a lot easier to see what your monthly payments should be and how much house you can qualify for. From there you can narrow your home search down to areas that meet your criteria. This will save you loads of time as it will keep you from looking at homes that might be out of your price range.
Take a Load off
Pay off your debts before you apply for a VA home loan. In some cases, high consumer debt can actually affect your mortgage loan approval. Carrying some debt is helpful as it shows that you are responsible consumer. Too high of credit balances though is not a good thing. So be sure your debts are in order.
Give yourself Some Credit
Before you try to get a mortgage, consider your credit score. Are you doing everything to assure your credit score is where it should be? Credit standards are more strict than they were years ago. Although VA loans are the most lenient, having a poor credit can cause an underwriter to become more hesitant when reviewing a file. Conversely, higher credit score milestones can actually benefit you. Often times a higher credit score will yield credit score bonuses the bank can offer to help offset other costs involved with your mortgage transaction. So do everything you can to take care of your credit and your credit will take care of you.
Save Some if you want One
When using your VA eligibility to buy a home under the VA county loan limit, of course you won't need a down payment. However there are costs involved with any mortgage transaction. As you know in browsing VAloanlending.com, there are ways to keep from paying these costs out of pocket. It is still a good idea to have money in reserves. Before you apply, ask if it is necessary to show reserves for the approval. This way you can be prepared.
Realize you need to Organize
Get your documents together before seeking a lender. Have available all your documents carefully collected and arranged when you apply for a VA home loan. Most lenders will require a standard set of documents pertaining to income and employment. These documents include prior 2 years of tax returns, 1 month of pay stubs, and the last 2 months of bank statements. The whole process will run more quickly and more smoothly when you have these documents ready. Having all your financial paperwork in order will make the process easier. The lender is going to want to go over all this information, so keep it nearby.
Buying a new property with a VA home loan is an important step in a veteran's life, and it is essential that you completely understand the process. This will take time, energy and knowledge. That is where the advice here comes in handy. Use it to ensure you understand the VA mortgage lending process.
How it works:
1 Fill out the form to the right
2 Get a no obligation quote
3 Apply and close within 20-30 days
4 No hassles / No Gimmicks
The information you provide for your VAloanlending.com Mortgage inquiry WILL NOT be sold to other third parties, related or unrelated to the mortgage or real estate industry.
What you will get
1 Low VA Rates
2 ZERO ORIGINATION FEES
3 Direct Lender contact - NO BROKERS
4 24/7 contact with your VA Specialist
5 Non-stop loan progress updates
6 Quicker closing
What you will not get
1 ORIGINATION FEES
2 High rates
3 Brokers or non-bank institutions
Get answers to more of your questions about VA loans