Financing A Home
The VA Loan Program- How it Works -The Department of Veteran’s Affair (VA) is a department of the Federal Government. The VA administers a guarantee program to help eligible veterans acquire a home for themselves and their immediate families with no down payment. The veteran must occupy the home as his/her primary residence. The VA does not loan money for home purchases. The VA “guarantees” that the lender does not lose money if the borrower defaults on the loan.
In order to obtain a “VA loan” you must first obtain a Certificate of Eligibility, Cynthia Warner, Academy Mortgage, can assist you I this process. A V-A certificate does not qualify you for a loan. Obtaining a mortgage need not be an intimidating process. Follow the steps outlined here in will start you on the way.
Prepare before arrival. Excess debt prevents more people from buying a house than an any other single factor. The second most frequent concern is credit.
- Make all payments on time starting now.
- Obtain a copy of your credit report.
- Get current on late payments.
- If you have “charge offs” or numerous late payments contact a loan officer for advice.
- If there are errors on your credit report, (it happens) contact the credit bureau.
A large chunk of time required in the home purchase process is the application for and the processing of your loan. You can speed up the process by being pre-approved for your mortgage before you depart your current duty station. Further, any issues involving credit or debt can be resolved at this time. Prequalification A mortgage banker, based on data you provide, i.e., monthly income and debts will determine the amount of mortgage you can afford. To accomplish prequalification, contact Cynthia at cynthia.warner@AcademyMortgage.com. Once the information has been reviewed, the loan officer will notify you precisely how much you can borrow.
Preapproval There is one shortcoming to prequalification- it does not address the credit issue. Preapproval takes care of this. You will actually be approved for your loan before you arrive at Fort Jackson/Columbia and before you have selected a home. As important as buying a home is, you have the peace of mind knowing your loan will likely be approved before you start the process. You can contact the following mortgage company to initiate the prequalification or preapproval process
Toll Free: 866-288-5910
- Get preapproved. It tells you how much you can borrow and provides a tremendous
advantage during the home negotiating process
- Obtain a copy of your credit history.
- Obtain your VA Certificate
- Check locally for rates. Generally, local rates are lower than national rates.