VA HOME LOANS
TIPS
Of the many mortgage options that are available to homebuyers, the VA guaranteed loan program offers affordable home loans for veterans and active duty service people who are considering purchasing a home.
The application process for VA loans is slightly different than for conventional loans.
If you follow these tips, you will easily navigate the application process:
1
Apply for Your Certificate of Eligibility
A Certificate of Eligibility is required to document your service in the military. Veterans or active duty military can file a DD-214 or DD 26-1880
1
Apply for Your Certificate of Eligibility
Other service members may be required to use other types of forms to acquire the Certificate of Eligibility.
2
Make Sure Your Credit Record Is Clean
The Veterans Administration does not provide the money for home loans. Instead, they guarantee payment to lenders in case you cannot pay off the loan.
2
Make Sure Your Credit Record Is Clean
To ensure that you have the ability to pay the loan, lenders will require a copy of your credit record. Generally, a rating of 620 or better is required for approval of a VA loan.
2
Make Sure Your Credit Record Is Clean
If you have had problems in the past, make arrangements to pay off any past debts. This action will help to raise your credit rating for approval.
3
If You Have Credit Problems, Wait The Appropriate Amount of Time
A bankruptcy or foreclosure does not disqualify you from getting approval for a VA home loan. A bankruptcy can deduct as much as 240 points from your credit rating.
3
If You Have Credit Problems, Wait The Appropriate Amount of Time
The VA guaranteed loan program requires that you wait 2 years after a Chapter 7 bankruptcy before being eligible for a loan.
3
If You Have Credit Problems, Wait The Appropriate Amount of Time If you filed a Chapter 13 bankruptcy, you will only have to wait one year before applying for a loan. If you have gone into foreclosure on a previous home, you may be eligible for a VA loan after a 2-year waiting period.
4
Submit All Required Documentation in a Timely Manner
A number of documents are needed to complete the loan process. These should be provided as quickly as possible:
Your basic information, such as name, address and phone number. You must provide previous addresses for the past two years, dates of birth, years of education completed, social security numbers and ID, such as driver’s license or government ID.
Your employment information or tax forms from two previous years if you are self-employed are also required.
Pensions or retirement letters may also be needed.
Information on other assets, such as bank accounts, stocks or other holdings should be provided.
The sale contract on the property and appraisal information is also required for a loan application.
5 Research A Number of Lenders As with a conventional loan, you should contact a number of lenders to learn their rates for a home loan.
6 Calculate Points and Interest Rates Carefully Some lenders may offer better rates, payment of “points� or other special offers that can make a significant difference in the overall cost of your loan.
These tips can help you to acquire your VA guaranteed loan at the best price and in the fastest amount of time, so that you and your family can enjoy the benefits of home ownership.
Our VA Loan Specialist helps veterans obtain the loans they are entitled to.
He served in the United States Marine Corps, and now devotes himself to the Veteran home buyer in the Phoenix area, fulfilling a passion of his while at the same time helping others achieve home ownership.
Be a proud homeowner today. For more details call 480-351-5904 or visit the site www.valoansforvets.com
VA Loans for Vets 7702 E. Doubletree Ranch Road, Suite 220 Scottsdale, AZ 85258 Phone: (480) 351-5904 Email: jimmyv@fcbmtg.com