VA home loan applicants Texas: Having your own home is an integral part of the American dream! A white picket fence, kids playing in the front yard, barbecue smoke filling the air, all this sounds like perfection for the potential homeowner in America. And this is especially true for veterans and currently serving personnel of the armed forces.
However, these brave men and women often find themselves financially unable to land the home of their dreams in cities such as Dallas, Houston, San Antonio, Austin, etc. That where the Veteran Affairs loan programs come in – 100% financing, low fix interest rates, and flexible closing costs. All of this makes VA a wonderful home financing option. Those buyers in search of higher loan amounts can review the VA Jumbo loan guide here.
A new applicant with no previous mortgage experience can get confused by the financial terminology. This detailed list of tips will help you, as a novice, get through the process easily and comfortably.
For both the first time homebuyer and the experienced one, here are some tips on how to reap the benefits of all their hard labor and service with a VA loan.
- Start the loan process without a Certificate Of Eligibility
The process of VA loans does not require a COE to start, as this is usually provided by the lenders within a certain time period. If you still feel like you need proofs of benefits, there are several quick ways of getting a COE, the quickest being the eBenefits Portal of the VA. You can also just ask us for assistance before you apply, just call ph: 800-743-7556
- Examine your credit report
This is an extremely important step because a large number of denials are due to errors or discrepancies in credit reports. These errors could be anything, from Unknown accounts to reporting mistakes. It’s always a good idea to know what is going on with your credit before applying.
- Don’t waste money on getting a good credit score
Lenders usually see a different credit score than the applicants, so it’s best to let them pull out your credit score.
- Employment gaps may be a problem
Lenders usually prefer a continuous employment of at least 2 years in an applicant. In case of a gap, be sure you have a good reason or supporting documentation.
- It is a lifetime benefit
VA home loans are not one-time benefits specifically for first-time homeowners. It is even possible to secure more than one VA loan in a lifetime, so it is likely you still have entitlement remaining.
- Pre-approval is helpful but it does not guarantee the loan
A pre-approval will help show home sellers exactly how much you can afford. But remember it does not guarantee you will receive the loan. There are many steps once you have written a contract to purchase a home. Appraisal, home inspection, etc, etc.
- Stay within budget
Just because you have received pre-approval of $300,000 doesn’t mean you should spend all of it on a new property. It is important to keep in mind other costs such as insurance, repairs, etc.
- Tax returns of self-employed veterans
Veterans in Texas, who are self-employed, will need to provide up to 2 years of tax returns in order to complete their income documents. As self-employment sometimes pays a set amount consistently, lenders will need to see tax returns as proof of a consistent income.
- Find a VA specialized agent
VA loans are somewhat different from conventional loans. Learn more about how to apply here. Therefore, it is important to find an agent who specializes in VA specific loan programs. We are proud to assist VA home buyers across the nation, please contact us by submitting the Info Request Form on the this page or call ph: 800-743-7556
Be sure to browse the site and read some helpful VA purchase FAQ’s here.
Serving buyers across the nation including Texas: Houston, San Antonio, Dallas, Austin, Fort Worth, El Paso, Arlington, Corpus Christi, Plano, Laredo, Lubbock, Garland, Irving, Amarillo, Brownsville, Galveston