Applying For a VA Loan? Keep These Documents Ready to Speed up the Process  

Most people find the home loan approval process very tedious as it requires a lot of time and effort from their side, and like all other borrowers, veterans applying for VA mortgage face the same issue, too . While the option to hire a VA mortgage consultant to help you with the process is always there, it’s advisable to keep the necessary documents ready beforehand, to speed up the process at your end. Let’s take a look at the documents that applicants must keep ready even before they apply for a home loan.

1. Credit Report
One of the documents you’d need when applying for a VA mortgage home loan is your credit report. You’re entitled to receive a free copy of this report every year. If, however, you have exhausted this option, you’ll need to pay a nominal service charge to the provider. Before submitting the credit report, check the details carefully and dispute any erroneous entry. Scan the report for outstanding payments, and pay them immediately. The credit report reflects your ability to honor payments and is one of the most important things the provider will consider when deciding on whether to approve your case.

2. Pay Stubs
The lender would require your pay stubs from the past couple of months. If, however, your salary varies on a monthly basis you’d need to provide additional documents. The provider would also want to have a look at your bank statement to ensure you have enough assets and are in a financial position to afford a mortgage.

3. Outstanding Debt Bills
Debt-to-income ratio is one of the most important factors the provider will consider when processing your case. DTI is calculated by dividing your total monthly outstandings by your gross monthly income and is one of the parameters on which your ability to repay debts is measured. The provider, to calculate this ratio would need medical bills, student loan statements, childcare bills, and documents related to income tax prepayment plans.

4. Other Documents
Some other documents you’d need to deposit when applying for a VA mortgage home loan are- your employment records (W2 statements),and paperwork related to bankruptcy filing (if you have filed one). Though not necessary, obtaining a Certificate of Eligibility can help you determine the types of VA loans you’re eligible for. Talk to your lender when applying for a VA loan who can help you apply online to get this certificate.

Summing up
To speed up the process, you must keep these documents handy when applying for a VA mortgage home loan. Check VA home loan rates in Texas when choosing your lender. Last but not the least, before signing on the dotted lines, use a VA loan estimator to estimate your monthly mortgage payments.