Fort Worth TX Vet Loans, Vet Loans Fort Worth Texas
We have been specializing in Fort Worth TX Vet Loans for over 20 years! Learn how to qualify for your Vet home loan benefits in this article.
1: Verify eligibility through your Certificate of eligibility (COE).
The first step to obtaining Fort Worth TX Vet Loans to verify your eligibility. This is done by ordering your Certificate of Eligibility (COE) through VA which will also confirm the amount of your eligibility. If you are an honorably discharged Vet, or are active duty or reserves currently, then you are likely eligible.
How do you order your COE? Your lender can help you get your COE fast, usually the same day you request it. You can also order the COE through the VA either by mail or online. Honorably discharged Vets will need a copy of their DD214.
#2: Obtain pre-approval with a Fort Worth TX Vet Loans specialist.
The next step is to apply for the VA loan. Either by phone or in person, plan to meet with your Vet Lender for 20-30 minutes. Things you will need to know for the application are address history, income information, assets, employment history, and specific questions like whether or not you have had a bankruptcy.
You will also need to provide some supporting documentation at this point to verify the information on the application. Be prepared to provide your most recent 2 months bank statements, past 2 years W2s and tax returns, and your most recent 30 days paystubs. It would be best to be prepared with these items for your initial meeting.
3: Undergo credit check
You will undergo a credit check as part of the application. Although Vet Loans Fort Worth Texas are lenient, you must have at least OK credit in order to qualify for a Vet loan. You cannot have any derogatory federal debt such as taxes or student loans. The minimum credit score is 620. You must wait for 2 years after the discharge date of a bankruptcy before applying for a new home loan. The same goes for a foreclosure, you must wait for 2 years after the sheriff sale date (date the bank sold the home to a new owner).
Step 4: Under contract/file submitted to underwriting.
Once you are under contract, or in the case of a Vet refinance, are determined to be qualified for the loan, the next step is that your file will be submitted to underwriting for the official approval. The underwriter will actually review your file and determine that you are approved for the Vet loan. If the Vet loan officer did their job well, your loan will be approved in underwriting.
Step 5: Close on your VA loan.
The final step is to close on your Vet loan! At this point in the process you will receive a settlement statement which will break down all of the fees and also all of the credits, and give you a summary of the bottom line due at closing. There is no down payment requirement for Vet loans. However, don't forget there are Vet closing costs involved in every transaction. So bottom line, don't confuse no down payment with meaning nothing is due at closing! You should be prepared in advance for this by your lender, and should know going in to your transaction how much will be due at closing. There are ways to finance the closing costs if you can't come up with the funds, and your lender can help you with these options.
We have specialized in Vet Loans Fort Worth Texas for over 20 years and would be happy to answer any questions you may have. It doesn't cost a penny to call! We are here to help you!
1: Verify eligibility through your Certificate of eligibility (COE).
The first step to obtaining Fort Worth TX Vet Loans to verify your eligibility. This is done by ordering your Certificate of Eligibility (COE) through VA which will also confirm the amount of your eligibility. If you are an honorably discharged Vet, or are active duty or reserves currently, then you are likely eligible.
How do you order your COE? Your lender can help you get your COE fast, usually the same day you request it. You can also order the COE through the VA either by mail or online. Honorably discharged Vets will need a copy of their DD214.
#2: Obtain pre-approval with a Fort Worth TX Vet Loans specialist.
The next step is to apply for the VA loan. Either by phone or in person, plan to meet with your Vet Lender for 20-30 minutes. Things you will need to know for the application are address history, income information, assets, employment history, and specific questions like whether or not you have had a bankruptcy.
You will also need to provide some supporting documentation at this point to verify the information on the application. Be prepared to provide your most recent 2 months bank statements, past 2 years W2s and tax returns, and your most recent 30 days paystubs. It would be best to be prepared with these items for your initial meeting.
3: Undergo credit check
You will undergo a credit check as part of the application. Although Vet Loans Fort Worth Texas are lenient, you must have at least OK credit in order to qualify for a Vet loan. You cannot have any derogatory federal debt such as taxes or student loans. The minimum credit score is 620. You must wait for 2 years after the discharge date of a bankruptcy before applying for a new home loan. The same goes for a foreclosure, you must wait for 2 years after the sheriff sale date (date the bank sold the home to a new owner).
Step 4: Under contract/file submitted to underwriting.
Once you are under contract, or in the case of a Vet refinance, are determined to be qualified for the loan, the next step is that your file will be submitted to underwriting for the official approval. The underwriter will actually review your file and determine that you are approved for the Vet loan. If the Vet loan officer did their job well, your loan will be approved in underwriting.
Step 5: Close on your VA loan.
The final step is to close on your Vet loan! At this point in the process you will receive a settlement statement which will break down all of the fees and also all of the credits, and give you a summary of the bottom line due at closing. There is no down payment requirement for Vet loans. However, don't forget there are Vet closing costs involved in every transaction. So bottom line, don't confuse no down payment with meaning nothing is due at closing! You should be prepared in advance for this by your lender, and should know going in to your transaction how much will be due at closing. There are ways to finance the closing costs if you can't come up with the funds, and your lender can help you with these options.
We have specialized in Vet Loans Fort Worth Texas for over 20 years and would be happy to answer any questions you may have. It doesn't cost a penny to call! We are here to help you!