The steps you need to take to secure your VA loan help guide, Private lenders tips, Online finance advice
The Steps you need To Take to Secure your VA Loan
6 Sep 2021
If you’re a veteran, then you should know what a VA loan is. This article will go over the steps involved to close your loan and make your home purchase a reality affordably.
What A VA Loan Is
A VA loan is a unique loan program issued through private lenders, assured by the Department of Veteran Affairs. This allows veterans or surviving spouses to make home purchases with little financial capital on hand, even with a lower credit score.
The Steps Involved
The first step involved with getting your loan is to get your Certificate of Eligibility to prove your VA status. Your lender can do this for you once you’ve provided information, or you could already have it. The COE enables you to take on several benefits, such as a VA loan.
You will need to supply your lender with documentation before being provisionally accepted for a mortgage. Work with them further to find a house or go through a realtor. The search process could take a while, so prepare to be doing it as soon as possible.
Importance Of Working With A VA Lender
A VA lender should be your main focus point when looking for a new home as a veteran. They will have the tools required to make your home purchase a reality. They know the steps involved and can speak to the Department of Veteran Affairs on your behalf to gather your information.
You will still need to provide specific information to your lender, such as financial information. That will include any pay stubs or slips you have, as well as bank statements and general employer information. This is so they can gauge your credit score as well as affordability. As you will not be required to pay any down payment with a VA loan, you will only need to focus on the monthly repayments that you make.
You must find the right lender to suit your needs. Hero Loan is one such mortgage provider who can answer your question of how do I get a VA loan? They can explain your eligibility and what you will need to do, although they will do most of the hard work on your behalf.
How To Qualify As A Veteran
There are a few steps involved with qualifying as a veteran. You will have needed to work for a set amount of time in the military, before being honorable discharged. If you are a part of the forces, and you find yourself in an active combat situation, then you only need one day to qualify.
In general, you will need to work 180 days during peacetime with active service before qualifying, in any sort of military. This will include the air force, army, navy, and marine corps. The Reserves and National Guard can also be considered; however, you will need to have served for a set number of years beforehand.
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