<\/span>4) Documentation<\/span><\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Just because you are a veteran doesn\u2019t mean that you don\u2019t have to qualify based on other parameters. <\/p>

Lenders would still want to check your assets and income to ensure that the loan is going to be repaid in the form of affordable monthly payments. <\/p>

For military information along with DD 214 and COE, the lender would also need a statement of service from your commanding officer for active-duty personnel.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

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For income documentation, the lender would need your W2 forms for the last two years and the latest pay-stubs for the last one month if you are employed.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

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If you are self-employed, the lender would need your tax returns for the previous two years. If you are unemployed, you would need to provide award letters from the income source like social security, VA, or any other source of income.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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<\/span>5) CREDIT<\/span><\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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VA helps borrowers with low credit scores compared to a conventional mortgage. VA does not have any minimum credit score requirements. However, it ultimately depends on the lender that you are working with.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>

We would suggest checking with multiple lenders and brokers if you have a credit score below 620. There is a chance that one of the lenders may help you qualify for the VA home loan In Texas.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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<\/span>6) Closing Costs<\/span><\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Every loan program has a closing cost associated with it. Even though VA loans have zero down payment requirements, there are still closing costs tied to them. <\/p>

Closing costs include property taxes, homeowner\u2019s insurance, title fees, lender fees, etc.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

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According to VA guidelines, a lender cannot charge more than one percent of the loan amount in fees. A buyer can always ask the seller to contribute towards seller concession in such a case to lower the closing cost by a substantial amount.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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<\/span>7) Entitlement<\/span><\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Many veterans who have purchased a VA home before, think that they cannot buy another VA home and that they have already used their entitlement. Once you sell your home, your full entitlement is restored.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

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There are three types of entitlements in a VA loan: A basic entitlement, second-tier entitlement, and full entitlement. <\/p>

A qualified veteran could borrow four times of the full entitlement based on the area and location of the property. So based on this, an eligible veteran can also have more than one home with a VA loan program.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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<\/span>8) Appraisals<\/span><\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The VA appraisal process is one of the most competitive methods that is designed to protect veterans. The appraisals for VA loans also works in the same way as any other conventional loans.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>

However, the process for the VA home loan program maybe a little more stringent compared to other loan programs because of a hundred percent financing.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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<\/span>9) Refinancing a VA Loan<\/span><\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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We discussed purchases with the VA loan program. But can you refinance a VA loan? The answer is yes, you can! <\/p>

You can refinance your VA home loan just like any other conventional loan. You can also do a cash-out refinance with VA loans if required.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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<\/span>Conclusion<\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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VA home loan program could be one of the most competitive loan programs out there. It gives the best of the benefits to the veterans with a good home buying experience. <\/p>

Knowing the VA loan program may help you to be prepared for buying or refinancing your home.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

About VA Home Loan Program If you are thinking of buying a home, a VA home loan can make it happen. A VA home loan is a loan that is eligible for veterans, active duty service… Continue Reading 9 Things You Need to Know About VA Home Loan Program In Texas<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":2035,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[36],"tags":[281,280,47,53,277,282,283,278,279],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.compareclosing.com\/blog\/wp-content\/uploads\/2020\/12\/9-Things-You-Need-to-Know-About-VA-Home-Loan-Program-In-Texas.jpg","_links":{"self":[{"href":"https:\/\/www.compareclosing.com\/blog\/wp-json\/wp\/v2\/posts\/2032"}],"collection":[{"href":"https:\/\/www.compareclosing.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.compareclosing.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.compareclosing.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.compareclosing.com\/blog\/wp-json\/wp\/v2\/comments?post=2032"}],"version-history":[{"count":32,"href":"https:\/\/www.compareclosing.com\/blog\/wp-json\/wp\/v2\/posts\/2032\/revisions"}],"predecessor-version":[{"id":2412,"href":"https:\/\/www.compareclosing.com\/blog\/wp-json\/wp\/v2\/posts\/2032\/revisions\/2412"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.compareclosing.com\/blog\/wp-json\/wp\/v2\/media\/2035"}],"wp:attachment":[{"href":"https:\/\/www.compareclosing.com\/blog\/wp-json\/wp\/v2\/media?parent=2032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.compareclosing.com\/blog\/wp-json\/wp\/v2\/categories?post=2032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.compareclosing.com\/blog\/wp-json\/wp\/v2\/tags?post=2032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}