How to Pre - Qualify

For a VA Loan

The VA Guaranteed Home Loan

Program has helped acquire home

loans for veterans for over 70 years.

The program has maintained its

popularity, because it offers a number

of benefits for military veterans and

active duty service people.

The process of applying for a VA home loan is

slightly different than that of a conventional

mortgage, but applicants can expedite the

process by pre-qualifying for a loan amount.

What Is Pre-Qualification?

Pre-qualification is a process in which your

loan qualification information is taken in

advance of the purchase of a home, in order

to determine if you meet initial requirements

for the lender and how much you can afford.

Although it does not guarantee that you will

get a home loan from a lender, it means

that you are qualified and are highly likely

to be approved for the mortgage.

Benefits of Pre-Qualification

Being pre-qualified for a home loan

offers prospective buyers a number

of benefits, such as:

The price range you can afford is

determined – This feature can save time

by allowing you to only look at homes

within your price range.

Being pre-qualified makes you a more

desirable buyer – Sellers who have multiple

offers often accept the offers of buyers they

know have already been approved.

Removes uncertainty for buyers – Knowing

you are pre-qualified for a loan can ease the

stress of finding and buying a home.

Pre-qualification allows you to negotiate

better terms – The certainty of having

approval for a loan can allow you to negotiate

small issues with confidence.

Pre-qualification can help to streamline

the closing process – It reduces the

likelihood of “surprises” that can delay the

closing on the sale.

How To Get Pre-Qualified for A VA Loan

Applicants for a home loan through the VA

program will be asked to provide a

number of documents for pre-qualification:

Provide information about your military

service - A Certificate of Eligibility is

required to apply for a VA guaranteed

home loan.

This document can be acquired by filling

out the appropriate form.

However, you can start the process of pre-

qualification before you receive the

Certificate. In many cases, the lender will

help you to file for the required document.

Credit information - The lending institution

may ask permission to look at your credit

score.

If there any problems with your credit

record, they may suggest that you resolve

past debts or correct information, in order

to receive pre-approval.

Employment information – The lender will

ask to see proof of your current

employment and previous employment.

Generally, lenders prefer to see two years

of consistent employment.

However, gaps in your employment record

do not necessarily disqualify you for a loan.

Bank statements or investment statements

– The lender will also want to know about

your financial health in regard to how

much money you have saved and any

investments you may hold.

This information would also include any

real estate on which you hold the deed.

Divorce and spouse/child support documents

– Lenders generally also want information on

divorce decrees and any support payments

you are required to pay that could affect your

ability to repay the loan.

Pre-qualification for a VA home loan can

be an advantage that can help

homebuyers get the best house for their

needs at a price that is affordable.

Consider getting pre-qualified when you

begin to hunt for your new home.

Our VA Loan Specialist helps veterans

obtain the loans they are entitled to.

He served in the United States Marine Corps,

and now devotes himself to the Veteran home

buyer in the Phoenix area, fulfilling a passion

of his while at the same time helping others

achieve home ownership.

Be a proud homeowner today.

For more details call 480-351-5904

or visit the site

http://www.valoansforvets.com/

VA Loans for Vets

7702 E. Doubletree Ranch Road, Suite 220

Scottsdale, AZ 85258

Phone: (480) 351-5904

Email: jimmyv@fcbmtg.com