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Specialize VA Loans- An Overview of the VA Loan Process If you are considering a VA loan, the first step is to verify your eligibility with the Veterans Affairs Administration. It is also important to do some research upfront and find a lending institution that specializes in VA loans. You will find many institutions that issue VA loans. But, it is vital to find a lending institution that specializes in these types of loan. A VA loan has a unique set of paperwork requirements and follows different rules and regulations than traditional loans. Working with a VA loan specialist will make this process much easier for you.
Once you have decided on a lending institution that specializes in VA loans, you will need to find out the maximum loan amount for which you will be approved for. Different lending institutions may ask you many different kinds of questions. However, there are certain things you can have prepared in advance that will save you a lot of time with your lending institution. It is important to have a copy of your Completed Request For A Certificate Of Eligibility (VA Form 25-1880 and a copy of your Completed Certificate of Release or Discharge From Active Duty (DD Form 214). In addition to these military documents, you should also have a copy of your W2 forms for the two previous years. If you are currently self-employed, you will need to supply your tax forms for the past three years. It is also important to find out what your current credit score is before meeting with the lending institution that specializes in VA loans. It is a good idea to check with all three of the main credit bureaus, which are Equifax, Experian and TransUnion. You are entitled to one free report from each of these agencies every year. If you are currently renting an apartment or home, you will need to provide your landlord’s information and usually a year of rent receipts. You will also be required to present your bank statements for the past three to six months and additional income such as stocks, mutual funds, money market accounts and 401k information. Your institution that specializes in VA loans will also require a valid driver’s license and your Government issued social security card. The helpful thing about being pre-qualified is that you now know the dollar amount of the loan you will be approved for which will make it easy for house shopping. When you find the home of your dreams, you will work with the seller to create a terms of sale contract. Once the contract has been signed, a VA appraiser will determine the home’s value and draw up a Certificate of Reasonable Value (CRV). The total amount of your loan cannot be higher than the amount of the Certificate of Reasonable Value. Once your loan application has been submitted, you will need to wait for your loan to be approved. And then you can plan your housewarming party.
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