VA Mortgage Process Step #1
Welcome to the first step
in the VA mortgage process!
Welcome to the first step in the VA mortgage process!
The first step in the VA mortgage process is the documentation stage, where we review your income, assets, employment history, and other compensating factors to determine your ability to repay a mortgage loan.
This is also an opportunity for you to examine the overall financial impact that a new mortgage will have on your total monthly budget, so that you can choose a loan amount and mortgage program that you are most comfortable with.
Our goal is to obtain a speedy approval. The more thorough you are in preparing your paperwork, the faster we can move together on getting your loan approved and funded.
Mortgage Loan Process
Step 1: Documentation
Step 2: Appraisal
Step 3: Underwriting
Step 4: Conditional Approval
Step 5: Clear To Close
Step 6: Closing
Please feel free to contact us at any time if you have any questions about your loan status or next steps in the process.
We believe communication is the key to a smooth mortgage process and we will will hold your hand from the start all the way to closing.
While there are a number of factors outside of your control that can delay or prevent a home loan from closing, the following list will help you stay on the right path.
- Keep your records in good order
- Keep your financial records close at hand
- Be aware that we need to verify income documents
- Save bank statements
- Save paystubs
- Apply for new credit
- Change jobs during the process
- Make undocumented bank deposits
- Payoff debt, charge offs of collections without notification
- Hesitate to reach out and ask questions
While you are in the process of getting a new VA mortgage, keep your financial status as stable as possible until the loan is funded and recorded. Any number of minor changes could easily raise a red flag or cause a negative impact on a credit score, and we want to do everything we can to avoid a denied loan.
A few documents we’ll likely need to review include:
Income / Assets:
- W2’s – from the last two years
- 1040 federal tax returns – from the last two years
- Two recent pay stubs
- Two recent bank statements – all pages
- Self-Employed: K1 / 1099 / Profit and Loss YTD
- Current and previous addresses for the previous 2 years
- Leasing: name and phone number of landlord(s)
- Investor: copy of lease agreements on rental properties
- Copy of your driver’s license or state-issued ID for all borrowers
- VA Certificate of Eligibility (COE)
There may also be required documents we may need to review depending on your specific scenario.