Getting Your Ducks In A Row For Va Requirements Just May Get You That Loan

By Author: Jamie Hanson
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It's not hard to get a loan from the Veterans Administration if you adhere to the VA requirements. Since it's a government office they like their I's to be dotted in their T's to be crossed. So it pays to get all your paperwork together before you even go to the office.

To get all your paperwork, that is, if you don't have it, you can go to your local Veterans Administration regional office. They'll have all the information you need except for your private credit information. The first thing you need is to be an eligible veterans or surviving family member of an eligible veteran.

You also need to have a good credit rating, especially in today's housing market. A good credit score is the most important VA requirement. Although, they have been known to make exceptions, especially in today's economy.

If you're applying for a home loan then you must be occupying that house to get a loan, even a refinance loan. Also, you need a good enough income to make mortgage payments for the loan you're applying for. Getting a home loan through the VA is much easier than through a bank. The interest rate alone is worth ...
... the hassle of going through all the red tape of a government office.

Although, a good credit rating and all the correct paperwork won't guarantee you a loan but it does help. They will check your credit record for any outstanding defaults. Defaults are mortgage payments, credit card payments, car payment or any education loans that are late. There are occasions when they will make an exception such as if it was the mortgage companies fault you were late on the mortgage or if you were late on a car payment and the car finance company was at fault. But again you must have the paperwork to prove it. You can get the paperwork you need by contacting the companies in questions.
A loan from the Veterans Administration isn't actually their loan. You have to search out loan entities to secure the loan. The VA just backs you up. When you get a loan through the Veterans Administration it guarantees you'll repay the loan. The VA is like a co-signer. Once you meet VA requirements, you're almost qualified for a VA loan. You then contact private lenders such as loan and saving associations, mortgage companies, and banks.
With the VA backs you for a loan they have been known to lower some of the fees associated with loans. The total costs involved with a loan depend on the qualifications and if you meet the VA requirements. They may reduce the total cost up to 25% of the total cost of your loan. Again, it depends on the type of loan and whether you have met all the VA requirements for that loan.

To get a loan from the Veterans Administration you need to have all your paperwork handy. Even if one small item is missing they won't process the application until all VA requirements are met.

Writer is an expert writer about Qualifying for a VA Loan and a leader in providing information and assistance to Veterans as they go through the process of obtaining a VA home loan whether it be a purchase or refinance loan. I hope this information about VA Loans was helpful