It is good news for service members that they can own property with the least hassle. An eligible service member has access to VA home loan benefit, which comes with many advantages. Some of them include $0 in down mortgage payment, insurance by the government, and lenient consideration when it comes to credit scores.
Also, entitlement to this loan can be restored once you have met your payment obligations. As you have seen, qualifying for the VA loan is pretty easy. However, you can make the process much faster using the following tips.
- Have your eligibility certifications ready and waiting
Before a private lender qualifies you for the VA loan, there must be proof of eligibility. In most cases, that information is usually available on an online portal where the lenders and service members can access it. However, if it is not available, the borrower might be forced to get it via mail.
The process might take weeks, which might, in turn, slow down the loan qualification process. If you want the process to take a shorter time, have your Certificate of Eligibility ready before you approach the lender.
- Have your documents ready
The earlier you submit the required documents for qualification, the faster the qualification will be. On top of the Certificate of Eligibility, other documents are required. These are a pension award letter, VA disability award letter, pay stubs, and two years of IRS, to mention a few. If you have plans of requesting this loan, be proactive, and find out the documentation the lender will need.
It is also important to note that different lenders may request various documents. Having everything ready will ward of delays and have your loan approved in a good time.
- Be prepared to provide proof of situations that can cause a change in the terms
The terms for the qualification of VA loans might change in different circumstances; a good example is in the case of a lingering separation or even a promotion. Your lender may not be able to factor this in your application unless you provide proof. Providing proof, which is usually in the form of documentation, will make the process faster.
- Evaluate your credit report before submitting it
As much as VA lenders are lenient when it comes to credit scores, it still has a crucial role to play in your loan approval. Get a copy of your credit report and assess it for the possibility of errors that may interfere with your score. Have that corrected before you present it for the loan prequalification?
Being prepared plays a significant role in the speedy qualification of your VA loan. Contact your potential lenders and get information on the documents required. If you are required to show up to the lenders’ premises to answer relevant questions, do so as soon as possible. The sooner you get most of these things done with, the sooner you will become a property owner.