San Diego VA Loan Process 101

San Diego VA Loan ProcessThe San Diego VA Loan process is somewhat various than for traditional loans. Of the numerous home loan choices that are offered to property buyers, the VA guaranteed loan program provides inexpensive mortgage for veterans and active duty service individuals who are thinking about acquiring a house.

If you follow these pointers, you will easily navigate the VA Loan Process:

1 – Apply for Your Certificate of Eligibility

A Certificate of Eligibility is required to record your service in the armed force. Veterans or active service armed force can submit a DD-214 or DD 26-1880. Other service members may be needed to make use of other kinds of forms to obtain the Certificate of Eligibility.

2- Make Sure Your Credit Record Is Clean


The Veterans Administration does not provide the money for home mortgage. Rather, they guarantee payment to lenders in case you can not settle the loan. To make sure that you have the ability to pay the loan, loan providers will require a copy of your credit record. Typically, a rating of 620 or better is needed for approval of a VA loan. If you have had issues in the past, make plans to settle any previous financial obligations. This action will help to raise your credit score for approval.

3- If You Have Credit Problems, Wait The Appropriate Amount of Time

A bankruptcy or repossession does not disqualify you from getting approval for a VA home mortgage. A bankruptcy can deduct as much as 240 points from your credit score. The VA ensured loan program requires that you wait 2 years after a Chapter 7 bankruptcy. This is prior to being qualified for a loan. If you filed a Chapter 13 bankruptcy, you will only need to wait one year before looking for a loan. If you have actually entered into foreclosure on a previous house, you may be qualified for a VA loan process after a 2-year waiting period.

4- Submit All Required Documentation in a Timely Manner

A variety of documents are had to complete the loan procedure. These need to be provided as rapidly as possible:

  • Your basic info, such as name, address and telephone number.
  • You need to provide:
  1. Previous addresses for the past two years
  2. Dates of birth, years of education completed,
  3. Social security numbers and ID. Such as motorist’s license or federal government ID
  • Your employment info or tax return from two previous years if you are self-employed are also required.
  • Pensions or retirement aware letters may also be needed.
  • Information on other assets, such as checking account, stocks or other holdings need to be offered.
  • The sale contract on the home and appraisal info is also needed for a loan application.

5- Research A Number of Lenders

As with a traditional loan, you must get in touch with a number of lenders. This is to learn their rates for a home loan. Some loan providers might offer much better rates, payment of “points”. While other special offers that can make a substantial difference in the total expense of your loan.

6- Calculate Points and Interest Rates Carefully

Getting the best offer also needs effort on your part, in the sense that you ought to do the math on trading off “points” for a lower interest

These tips can help you to get your VA guaranteed loan at the best price. And in the fastest amount of time, so that you and your family can delight in the advantages of own a home.