Wednesday, March 21, 2012

VA Loan Processing Tips

It does not matter if you are thinking about a VA loan or a FHA loan you should do some simple research before you ever apply.  You may be thinking about a VA loan but depending on your situation, a FHA or USDA loan may be a better option.  I hope this post will help you better prepare so you can decide which loan is best for you.

These are the things you need to do first so you can consider your options:
  • Your credit history and your credit score, ...  Pull your credit from all three repositories
  • Do research on the guidelines for all types of loans.  These two links will get your started:  VA credit guidelines and FHA credit guidelines.  Don't worry, they don't sell anything and they don't do mortgages.  They will also help you find answers to your questions if you send them an email.  They don't share or use your info.
  • Calculate your DTI
  • Determine how much money you have for a down payment.
  • Do your research, research, research, and research again.  You should understand the guidelines as well as your average loan officer.
  • Get your documentation together.  There will be so much needed your will be sick of it!
The three best loans on the market today are: VA, FHA, and USDA (USDA has two types).  If you have the patience to watch this video it will help you see the major areas of consideration.  You still have to do your research afterwards.  You can't get out of it.

Most loans now take anywhere from two to three months to close.  There are some things you can do ahead of time to help your underwriting process go smoother.  This is a short video and it has good information.  In fact, many loan officers miss this stuff.  Don't you, ... be prepared.

Going through the loan process can break your heart if you don't understand the guidelines before you apply.  I have people sending me questions and input all the time and it just breaks my heart.  If you don't believe me go to:  Good grief, how long does it take .  This will scare the britches off of you.  Read the comments.

Hope this helps.  If you still have questions just send us an email.

1 comment:

  1. Can you advise me on a lender that has pulled a fast one on us one week before closing? We have to find $12000 or our mortgage will be switched to a FHA at $200 a month more, which we don't have, all because he says another appraisal was done and our property has gone down $12000, even though house and land is going up. This stinks of something here. Don't know who to turn to.