How To Pre-Qualify For A VA Loan

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How to Pre - Qualify For a VA Loan
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The VA Guaranteed Home Loan Program has helped
acquire home loans for veterans for over 70 years.
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The program has maintained its popularity,
because it offers a number of benefits for
military veterans and active duty service people.
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The process of applying for a VA home loan is
slightly different than that of a conventional
mortgage, but applicants can expedite the process
by pre-qualifying for a loan amount.
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What Is Pre-Qualification?
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Pre-qualification is a process in which your loan
qualification information is taken in advance of
the purchase of a home, in order to determine if
you meet initial requirements for the lender and
how much you can afford.
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Although it does not guarantee that you will get
a home loan from a lender, it means that you are
qualified and are highly likely to be approved
for the mortgage.
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Benefits of Pre-Qualification
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Being pre-qualified for a home loan offers
prospective buyers a number of benefits, such as
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The price range you can afford is determined
This feature can save time by allowing you to
only look at homes within your price range.
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Being pre-qualified makes you a more desirable
buyer Sellers who have multiple offers often
accept the offers of buyers they know have
already been approved.
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Removes uncertainty for buyers Knowing you are
pre-qualified for a loan can ease the stress of
finding and buying a home.
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Pre-qualification allows you to negotiate better
terms The certainty of having approval for a
loan can allow you to negotiate small issues with
confidence.
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Pre-qualification can help to streamline the
closing process It reduces the likelihood of
surprises that can delay the closing on the
sale.
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How To Get Pre-Qualified for A VA Loan
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Applicants for a home loan through the VA program
will be asked to provide a number of documents
for pre-qualification
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Provide information about your military service -
A Certificate of Eligibility is required to apply
for a VA guaranteed home loan.
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This document can be acquired by filling out the
appropriate form.
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However, you can start the process of
pre-qualification before you receive the
Certificate. In many cases, the lender will help
you to file for the required document.
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Credit information - The lending institution may
ask permission to look at your credit score.
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If there any problems with your credit record,
they may suggest that you resolve past debts or
correct information, in order to receive
pre-approval.
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Employment information The lender will ask to
see proof of your current employment and previous
employment. Generally, lenders prefer to see two
years of consistent employment.
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However, gaps in your employment record do not
necessarily disqualify you for a loan.
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Bank statements or investment statements The
lender will also want to know about your
financial health in regard to how much money you
have saved and any investments you may hold.
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This information would also include any real
estate on which you hold the deed.
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Divorce and spouse/child support documents
Lenders generally also want information on
divorce decrees and any support payments you are
required to pay that could affect your ability to
repay the loan.
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Pre-qualification for a VA home loan can be an
advantage that can help homebuyers get the best
house for their needs at a price that is
affordable.
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Consider getting pre-qualified when you begin to
hunt for your new home.
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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.
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For more details call 480-351-5904 or visit the
site http//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