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VA Loan Pre-Approval Process

★ VA LOAN PRE-APPROVALA PROCESS STEP ONE: FILL OUT THE VA FORMS STEP TWO: FILE FORM 26-1880 COMPLETE Form 26-1880 TO RECEIVE Certificate of Eligibility 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. You will need to complete Form 26-1880 in order to receive your Certificate of Eligibility (COE). Make sure to double check your 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 social security Statement). FORM 26-1880 CERTIFICATE OF ELIGIBILITY CREDIT SCORE VA LOAN DOCUMENTS THAT VERIFY WAGES &EMPLOYMENT STEP THREE:LOCATE INCOME DOCUMENTATION TAXRETURNS PAYCHECK STUBS 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. W2 TAXDOCUMENTS RETIREMENT STATEMENTS DISABILITY DOCUMENTATION STEP FOUR: CREDIT REVIEW STEP FIVE: DETERMINE YOUR TOTALBENEFITS THE MINIMUM VA LOAN CREDIT SCORE ALLOWED IS 620 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. (SUBJECT TO CHANGE) ACHIEVING THE MINIMUM CREDIT SCORE DOESNOT GUARANTEE APPROVAL ONE DETERMINING FACTOR WILL BE BASED ON BRANCH & LENGTH OF TIME IN MILITARY 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. CREDIT REPORT ITEMS THAT COULD JEOPARDIZE THE VA LOAN PRE-APPROVAL PROCESS: LIENS X FORECLOSURES 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. X SLOW PAYMENTS X FORECLOSURES X BANKRUPTCIES FOR MORE USEFUL REAL ESTATE INFO CHECK OUT: www.sellingwarnerrobins.com ©ANITA CLARK REALTOR Source: http://sellingwarnerrobins.com/2014/02/va-loan-preapproval-process/

VA Loan Pre-Approval Process

shared by anitaclark on Feb 25
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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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