how to pre qualify for a va loan
DESCRIPTION
Va Loans for Vets provides and assists all veterans and active duty military with ALL of their VA Home Loan Financing Needs. Be a proud homeowner today. For more details call us at 480-351-5904 or visit our site http://www.valoansforvets.com/ VA Loans for Vets 7702 E. Doubletree Ranch Road, Suite 220 Scottsdale, AZ 85258 Phone: (480) 351-5904 Email: [email protected]TRANSCRIPT
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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 Vets7702 E. Doubletree Ranch Road, Suite 220Scottsdale, AZ 85258Phone: (480) 351-5904Email: [email protected]