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/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 Vets
7702 E. Doubletree Ranch Road, Suite 220
Scottsdale, AZ 85258
Phone: (480) 351-5904
Email: [email protected]