Once you have all your documentation and information ready, you can begin the process. Generally, this will begin with a simple form through which the lender will pre-qualify you based on your credit score.Visit site: http://www.locatefreequotes.net/apply-va-loan-online/
How Can You Apply for a VA Loan Online?
Applying for a VA loan is one of the best ways to acquire a home. VA loans are written
with extremely favorable terms and make it very easy for veterans to get into the homes
that they deserve. Even better, the loan application process can usually be completed
entirely online – yes, you can apply for a VA Loan online.
There are many lenders available that offer VA loans. To be able to apply for a VA loan
online, you may want to focus on banks that you are familiar with and federal credit
unions that you’ve done business with before. There are also national online lenders who
will compete to give you the best rates on your mortgage loan.
When you apply for loans, your credit report will only be hit once. It’s in your best interest
to apply for as many loans as possible within a short amount of time; this will give you the
most favorable terms. In practice, applying for a VA loan online is generally as easy as
filling out an online form with each lender. There are also third-party aggregate services
that will take your information and send them to dozens of lenders at a time.
How Should You Prepare for Your VA Loan?
Before you start applying for your VA Loan online, you should pull your credit report from
one of the three major reporting bureaus: Equifax, Experian, or TransUnion. Look over
your credit report for any errors and correct them before you apply; your credit score has
quite a lot to do with how lenders see you.
As far as technology goes, you should have digital copies of all your documentation
(discussed below). You also should be able to digitally fax documents if needed, as many
lenders operate only with fax machines.
Proof of your service. To apply for a VA home loan, you will need to have either:
served for 80 consecutive days of active service during wartime, served 181 days
of active service during peace time, served 6 years or more in the National
Guard or Reserves, or been a spouse of a service member whose death was a
result of their service.
Documentation of your current income. Your current income will be used to
determine how large of a loan you qualify for. You should have your income
documented thoroughly over the past year. If you have pay stubs, the last three to
six months of pay stubs should be sufficient. If your income is irregular, you will
need to document it more thoroughly and have a history of deposits.
The last three years of your tax returns. Often, your last three years of tax returns
may be requested. This is to identify the amount of money that you have made on
an annual basis over the last three years. Don’t worry if you weren’t making as
much money back then; the lenders generally just want to see that you’ve been
Once you have all your documentation and information ready, you can begin the process.
Generally, this will begin with a simple form through which the lender will pre-qualify you
based on your credit score. After that, the lender will ask for a packet with the above
information, to give them a more specific idea of your borrowing capabilities.