The VA loan program is an amazing reward for those who have successfully completed military service for their country. If you are eligible for such a loan, you will likely have an easier time getting a mortgage when compared to a traditional lender, as some of the typical requirements are a bit relaxed thanks to the government backing.
But that does not mean approval is guaranteed. You still need to have your paperwork in order and do your research before you apply. To that end, here are some tips to help ensure that you will be approved for VA loan financing.
Get Your Certificate of Eligibility and Your Credit in Order
Most mortgage seekers know to check their credit report and make sure it's accurate before they begin the process of seeking out a loan. You should do this as well, but there's another document you'll want to check up on as well and that is the VA Certificate of Eligibility. This document provides proof that you are eligible and may also declare the amount you are entitled to. You can still contact a lender without the certificate ready to go, but you'll want to start the process of obtaining it as soon as possible in case there are any paperwork snafus to deal with.
Show Continuity
Most VA lenders understand that you may not have had a traditional civilian's job recently because of your military service. But an especially large gap on your job history with nothing to show for it may still be concerning. If you have not managed to get a job in more than a year or two since being discharged, be prepared to explain your situation. If you are experiencing PTSD or other issues that be traced back to your time in the service, bring medical documentation to explain the gap in your work history. Your lender will want to see you are at least attempting to lead a stable life before approving your loan.
Check Your History on the eBenefits Portal
The VA provides an online site that allows veterans to check up on their history and also obtain medical records you can use when you apply for the loan. This is the same site you will also visit to apply for a certificate of eligibility for the loan. Check your paperwork or benefits history before proceeding.
Contact a VA loan financing company today for more information.
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