The VA Loan Process

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Homeownership Is Easier Than You Think!

Whether you’re a first time homebuyer looking for a mortgage or you’re relocating and looking for a new home, we've got you covered. VeteransLoans.com can get you prequalified in no time!

01.

Application

Start your inquiry on our site or give us a call to complete your initial application, including a credit check to accurately quote rates and fees.

02.

Prepare Your Documents

You will need to execute a set of initial disclosures and send in documentation surrounding your income and assets. The type of documentation will depend on your individual situation.

03.

Submit Files to Underwriter

Once all the required documents have been collected your file will be submitted to underwriting. The underwriter’s job is to verify your finances by looking at all your debts, income, credit, and more.

04.

Appraisal

Before a mortgage can be completed, the home must be appraised by an unbiased professional. This an effort to make sure the value of your collateral is adequately represented in the transaction.

05.

Underwriting Conditions

Your underwriter will issue a series of conditions for you to meet before approving your loan. You will submit these requests back to the underwriter prior to final approval.

06.

Closing

Cleared to close! All that’s left is to sign a series of documents, in the presence of a notary or attorney, depending on your state.


Amanda, US Army, Oregon

Documents needed during VA loan prequalification:

VA loans are approved much like other loans. Income, assets, and credit will all be examined. During prequalification the common items listed below will be required.

  • A clear copy of your driver’s license and Social Security Card
  • A copy of your DD214 or Reserve/Guard points statement
  • Recent 30-day paystubs
  • Past 2-years w-2’s or tax returns
  • 60 days bank statements
  • Purchase contract, if applicable
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What to Avoid While Under Contract

Making Large Deposits

Documents are required to show where funds for earnest money deposits and down payments come from, even if you are using gift funds. Avoid large cash deposits, without a clear paper trail.

Deferring Payments

Deferred payments, even 6 months down the road, can show on your credit report as debt. This can affect your debt-to-income ratio and possibly your credit score.

Quitting or Changing Jobs

Keeping your job and income steady can help your loan process go smoother. If you do make a change, it could result in additional loan conditions, or possibly a denial.

Missing Payments

Keep on top of your bills and don’t miss any bill payment. A late payment could result in additional loan conditions, or possibly a denial.

Making Major Purchases

New purchases, or debts, on things such as a car, boat, or furniture could affect your credit score.

Opening/Closing Credit Lines

Avoid opening new lines of credit, closing lines of credit, or co-signing on loans, as these things can all affect your credit.


Continue Learning

Head over to our resource pages for additional insights and information on the VA home loan.
VA Eligibility

Visit the Eligibility page for additional information on basic VA loan eligibility, credit and income requirements and information on your Certificate of Eligibility (COE).

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About Us

Learn more about who we are and what we are about by visiting our company page. We are VA loan experts focused on one thing, our customers.


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Get Started

Ready to purchase a home or start your refinance? It only takes minutes to check and see what you qualify for. Get a free personalized quote from a trusted VA Lender.

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How can we help?

You have questions. We have answers.

1 (888) 232-1428
info@veteransloans.com
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