If you are planning on using a VA loan to purchase a property, they very first thing you should do before you begin to spend your valuable time driving around town looking for houses is to get fully approved for a VA loan. There are a lot of details involved when you apply VA loan. You want to make sure you have gone through the process and submitted all your documentation to the lender so you are 100% sure you qualify for a VA loan before you start searching and making offers.
Here is a review of the process for getting a full pre-approval for a VA loan:
- Have an up front conversation with your VA loan officer over the phone where they will take a loan application and review your information
- Have a credit check run
- Have your VA loan officer run your VA certificate of eligibility check
- Send your last 30 days paycheck stubs, last 2 years W-2’s and bank statements where you have your savings to your VA loan officer
The above information is generally enough for you VA loan officer to do a thorough pre-approval for you to know that you can get a VA loan. This will give you peace of mind when you are searching for a home that you have gone through this process and you exactly what purchase price you can qualify for, and you will know once you get an offer accepted your loan will close.
Again, getting a full pre-approval is a critical step because there are really a ton of details that need to be factored in. The loan officer needs to:
- Fully review your exact month income and your exact monthly debt + new housing payment and see if it fits the VA guidelines to qualify
- Items such as collections on your credit or judgments will have to be analyzed
- If you have child support, those payments will have to be factored in to your qualifying ratios
- VA has a special residual income calculation that has to fit the guidelines
- Even if your spouse is not going on the VA loan, in community property states such as California, your spouse’s debt payments (car loans, student loans, credit card payments, other mortgages) will have to be factored in
So those are just some of the items the VA loan officer must look at. Many items can pop up and possibly deny the VA loan, so make sure your get pre-approved for your VA loan! A full pre-approval can be done in less than an hour by an experienced VA loan officer!
Again VA is a great loan right now because…..
- 100% financing
- VA loan interest rates are at historic lows
- VA loan limits in many California counties (and other states) can go up to $900,000+ for 100% financing
- You can get a second VA loan if you have already had one in the past, as long as you have sold or refinanced the property that had the VA loan
Give me a call (858-922-7899) or email (homeloan8@gmail.com) if you have any questions or want to apply for a VA loan.
Warmest Regards,
Rob Chomentowski
Sr. Loan Officer (and VA specialist)
858-922-7899
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