If you are going to be applying for a VA mortgage, you will want to make sure that you avoid common mistakes which can cause delays in the process or result in other inconveniences along the road to homeownership. Following are some common mishaps to steer clear of.
VA Loan Tips in Florence, AL
- Trying to fund an ineligible property. While many properties can be financed with a VA mortgage, there are also some that cannot. Make sure that the home you want to buy is eligible for VA financing before you put an offer on it or attempt to apply for a loan.
- Not getting an inspection. During the loan process, the property you wish to buy will need to be appraised. Many homebuyers assume that this means that their home has also been inspected. But an inspection and an appraisal are not the same thing, and the appraisal is for the VA and not for you. So, on top of the appraisal, make sure that you also get an inspection. Otherwise you are guessing about the condition of the home.
- Not knowing what income counts on your application. If you are the qualifying veteran, active-duty service person or surviving spouse, your income counts on your VA mortgage application. Your spouse’s income also counts. But you cannot include income from any other person. In other words, if your unmarried girlfriend or boyfriend will be buying a home with you, unfortunately, her or his income will not count on your application.
- Applying without the required documentation. You will need to get the required paperwork from the VA ready when you apply for a VA mortgage. This means getting a hold of your Certificate of Eligibility (COE). You also will require your DD 214 or other applicable paperwork from the military (depending on your service status). If you don’t have these documents and need help obtaining them, you can ask your mortgage company to help you out. This is something we can discuss during your VA loan consultation in the Tri-Cities.
- Thinking you can’t get a VA loan if you aren’t retired military. Sometimes people assume that VA loans are only available to veterans. But even if you are still serving, you may be able to purchase a home with your VA benefits. The required paperwork is different, but that is something we can walk you through.
- Using your credit during escrow. While you can make use of credit while in escrow, it typically is not recommended. The reason why is because sometimes, it takes longer than 90 days to close from the date when your credit was checked. If that happens, a second credit check will be run. If any action you have taken has led to a drop in your credit score, that could end up putting the entire process on hold, as you may no longer be approved for a mortgage.
- Not working with a VA mortgage specialist in the Tri-Cities. If you work with a mortgage company which doesn’t focus on VA loans, you can expect to encounter more obstacles and bumps in the road as you work toward getting approved. But if you work with a company which frequently helps veterans and active duty service members to move into homes with zero down VA loans in the Tri-Cities area, you will be dealing with knowledgeable loan experts who can prevent hiccups in the process and smoothly navigate around obstacles.
We Can Help You Apply for a VA Loan in the Tri-Cities
American Pacific Mortgage are experts in the VA loan process and have helped veterans throughout the Tri-Cities region to buy or refinance homes smoothly and affordably. Ready to find out if you qualify? Apply now for a VA loan by calling (205) 495-0313. We look forward to meeting you during your consultation.