Applying for a VA home loan seems like a chore? Don’t forget these two vital steps while you are at it.
Acquiring your dream abode through a VA loan is a daunting task. From getting through documentation to finding the right lender, there are multiple things to consider. It is understandable that you may feel stuck or clueless during the process.
Everyone will walk you through the basics of VA home loan credit score 550 in Chicago, IL; however, nobody will tell you about two valuable things. In this article, we explore what you should do when going through the loan process.
Pre-qualifying Loan Value
There is a difference between getting pre-approved and pre-qualified, as you know. Pre-qualifying is quite important whereas many borrowers leave it as an option only. But why is it necessary? Through pre-qualifying, eligible VA buyers are likely to save time and avoid unpleasant surprises later.
In order to pre-qualify for the mortgage amount, you can have a little chat with the loan officer. Give a full picture of your financial situation including employment, credit score, income, and other factors. Moreover, pre-qualifying also shows the areas you must improve.
The pre-qualification letter is only indicative of the price range you might be qualified for. However, it does not mean you are definitely going to be guaranteed the amount.
Preparing for a VA Appraisal
Did you know a signed purchase document is necessary for making a decision? When the lender receives the contract, a VA appraisal will be ordered. Remember, any type of appraisal does not work out. Only certified VA appraisers can assess the home according to the VA standards. One of the primary tasks of a VA appraiser is to check whether you are paying the right value.
VA appraisers also ensure that the home caters to VA minimum property requirements. You might have heard of horror stories about the VA appraisal process, but the reality is a lot different – the VA stipulates 10 days to appraisers for completion under any circumstances. Your appraisal will be done by the time you finish the paperwork. Only if your property is eligible and the lender verifies it, then you can get a stamp of approval during the underwriting process.
In the end, owning a home through a VA home loan in Chicago, IL is likely to come off easily. All you have to do is work with a professional lender and know your way through. When looking for a pro loan officer, contact Clear Lending.