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TERMINOLOGY
VA loans are loans that are provided for military members. The approval process is usually not as rigorous for a VA loan as it is for other types of loans, like conventional mortgages. A VA mortgage loan can be guaranteed with no down payment for up to more than $350,000. They do not have private mortgage insurance, or PMI.
Tip #1: Getting Pre-Approved
You will need to get pre-approved for your VA loan to know what your maximum loan amount will be because it will make searching for a home in the right price easy. Be sure to have the items the lender will request ready. The items will be DD214, picture identification, social security card, one month of paystubs and two years of W2 statements.
Tip #2: Checking Your Credit
If you have not made any late payments in the past year, the VA considers this a satisfactory demonstration of your willingness to repay your debts. Also, if you have never had any credit, you can show proof of your willingness to repay by providing copies of utility bills, cable bills, or any record of payments that you have made in a timely manner. Have your credit report issues resolved for your lender when you apply to make the process move faster.
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