VA Home Loan Tips

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VA HOME LOANS
TIPS
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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.
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The application process for VA loans is slightly
different than for conventional loans.
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If you follow these tips, you will easily
navigate the application process
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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 drivers license or government ID.
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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.
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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.
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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.
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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.
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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.
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Our VA Loan Specialist helps veterans obtain the
loans they are entitled to.
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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.
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Be a proud homeowner today. For more details call
480-351-5904 or visit the site www.valoansforvets.
com
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VA Loans for Vets 7702 E. Doubletree Ranch Road,
Suite 220 Scottsdale, AZ 85258 Phone (480)
351-5904 Email jimmyv_at_fcbmtg.com