VA Mortgage Loan

A VA Mortgage Loan is a loan that is insured by the federal government that offers long-term financing to eligible U.S. Servicemen. It also allows veterans to qualify for loans without having to put any money down and does not require them to have Private Mortgage Insurance (PMI). As of today, the Department of Veterans Affairs has helped over 20 million Veterans and their families achieve homeownership through their program.

VA Home Loans typically don’t require applicants to meet a minimum credit score, but this may vary depending on different lenders. In some cases, they require you to have at least a 620 credit score or higher. In addition, you must show that you have sufficient income to repay the loan and do not have excessive debt.

VA Loans can be applied to:

Purchasing a home or a condominium unit in a VA-approved project
Making energy-efficient improvements to a home or by installing energy-related features

Eligibility Requirements for VA Mortgage Loans

Aside from having decent credit and a favorable debt-to-income ratio, there are a few other requirements necessary when applying for a VA Mortgage Loan. It is important to have a Certificate of Eligibility (COE), which you can apply for online by going to:

https://www.ebenefits.va.gov/ebenefits/about/feature?feature=cert-of-eligibility-home-loan

The requirements to obtain a Certificate of Eligibility for Service members and Veterans, spouses, and other eligible beneficiaries are listed on the http://www.benefits.va.gov/ website.

Home Buying Process for VA Mortgage Loans

Step 1

To start the process, you will need to provide me with the following information:

Name
Current address
- Rent or own?
- How many years you have lived at the property?
- Will need at least two years of history
If you own your property
- Purchase price
- Year purchased
- How much you paid
- How much you owe
Contact phone number
Date of birth
Social security number
Name of the company you work for
Title
Years of experience (Need at least two years of history)
How you are paid? (Hourly, salary, bonus, commission)
Financial Reserves
- Checking Account
- Savings Account
- Money Market Account
- Mutual Funds
- IRA
- 401k
Do you own any other property? If so, please provide the following:
- Primary residence
- Second home
- Investment property

Step 2

Next, I would need your permission to pull and review your credit report. We will go over your credit report in detail before proceeding to the next step.

Also, during this call I will explore the different scenarios regarding down payment, monthly payments, and the term of the loan. There are also closing costs, prepaid items, and other inspections that we will discuss as well. I will make sure to explain everything thoroughly so you can understand the full extent of the process and are comfortable moving forward.

Step 3

Once I complete filling out the necessary paperwork, I will send a pre-qualification letter to you and/or your realtor to make an offer on the home you are looking to purchase.

Required Documents for Purchasing a Home

Please make copies of the following items:

W-2s for the last two years
One month most recent pay stubs
Two months most recent bank statements (All pages included)
Color copy of driver’s license
Copy of social security card, or valid passport
Most recent statements for other reserves

Please make copies of the following if you own any property:

Current mortgage statement
Current tax bill
Current homeowner’s policy (Declarations pages)
Flood insurance policy (If applicable)
Self-Employed and/or Ownership of Investment Properties: Full Tax Returns for 2 years

Inspections

Home inspection
Termite certification (Veteran cannot pay for Termite Certification)
Survey (If applicable)
Appraisal

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