VA Loan Pre-Approval Process

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The VA Loan Pre-Approval Process can be easily achieved in five easy steps, making it significantly easier for veterans of our armed services to acquire a home for a very affordable cost.

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VA Loan Pre-Approval Process

  1. 1. VA LOAN PRE-APPROVAL PROCESS Stepone: fill out the va forms Veterans and their families can simply complete as much of the application as possible, asking their banking loan officer to help them fill in the blanks with the remaining unanswered questions. Always make sure to ask for a banking official who has extensive knowledge and experience with the VA Loan Program. STEPTWO: FILE FORM 26-1880 You will need to complete Form 26-1880 in order to receive your Certificate of Eligibility (COE). Make sure to double check your social security number on this form which will be used to obtain your VA Loan Credit Score. Veterans will need to verify their service via their DD Form 214 and active duty military will need to provide proof of active service (ID card or Leave and Earning Statement). Form 26-1880 COMPLETE TO RECEIVE Certificate of Eligibility FORM 26-1880 Certificateof eligibility va loan creditscore stepthree:locate income documentation The agency in charge of reviewing your application during the VA Loan Preapproval Process will want to make sure that you have the ability to repay your loan by verifying your wages and personal employment. Also, taken into consideration is whether the veteran will have the necessary available cash each month to cover basic household needs, called the Residual Income Requirement. documentsThatVERIFY wages&EMPLOYMENT taxreturns pAYCHECKSTUBS w2taxdocuments disabilitydocumentation retirementStatements StepFour:Credit Review Once you have successfully completed all of the necessary paperwork and have passed the preapproval credit review, the next step will be to determine how much money you are allowed to borrow for the purchase of your new home. Step five:determineyourtotalbenefits THEMINIMUM vA loan credit score ALLOWED is (subject to change) AchievingTHEMINIMUM creditscore doesnot guaranteeapproval
  2. 2. This may be the most intimidating process, obtaining your credit review. After your forms are complete, your bank’s loan officer will ask for your permission to run a credit report. Liens credit report items that could jeopardize theva loan pre-approval process: creditscore doesnot guaranteeapproval Slow Payments foreclosures foreclosures Bankruptcies A document will be issued, acting as a type of preapproval letter that will come in handy when dealing with real estate agents and mortgage writers. ONE DETERMINING FACTOR will be based on branch & lENGTH OFTIME IN MILITARY useful real estateinfoFormore checkout: www.sellingwarnerrobins.com Anita Clark Realtor Source: http://sellingwarnerrobins.com/2014/02/va-loan-preapproval-process/

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