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VA Mortgage Loans - Start to Finish: The VA Home Loan Process



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I'm Genovese to love guaranteed rate

mortgage today I'm going to talk to you

about what it's like to get a VA loan so

VA loans are what I've been doing since

I started my career over 12 years ago

and what I always hear is I've never

done this before what do I do

so first we're going to talk about the

documents that you should gather before

you talk to your lender and then we're

going to talk about what the process is

like and what to expect and some

pitfalls and hurdles okay so the first

thing is you're going to want to gather

your pay statements your w-2s and your

bank statements okay just have those

ready if you have them all online that's

fantastic

I do everything now online and over the

phone because of Technology the last

thing I want is for you to have to take

a day off of work so that you hang out

with me that would be super boring for

you um so yeah everything is taken

online so pay statements w2 and base

statements okay now when you talk to a

lender or you fill out an online app

they're going to be asking questions

such as you know are you paying a salary

are you paid hourly how are you paid and

you're going to want to know that

information so have that information

ready to go now when I'm qualifying

someone I'm always going to be pulling

credit the reason I pull credit is I

need to see the whole picture and then

ultimately I'm gonna have to run it

through what's called desktop

underwriting what that is is it's

automated underwriting and what I'm

looking for is an approved eligible and

I can't run it through desktop and

writing without running credit and

importing the credit report now if you

get your credit score from something

like Credit Karma it's not always

accurate so you just need to know that

when the lender pulls your credit it

could be very different than some of

those online company is giving you

credit scores okay so we do the

application we run credit I'm gonna ask

for your documents I run it through the

desktop underwriter because I'm looking

for that approve eligible that's the

pre-qualification process right there

now if you served a long time ago

we may need your dd-214 we have a way to

electronically pull your eligibility

however if you served a long time ago

odds are you're not in those records so

then we do have to use the dd-214 to

give more information so that they can

get us your records and Certificate of

Eligibility you don't have to give us

your Certificate of Eligibility in 99%

of the cases because we can get it

online okay so that's important I know a

lot of people are like well I want to

apply for a VA loan but I don't have my

Certificate of Eligibility yet and I'm

like well just let's do some basic

information my processor can pull it in

five minutes because that's literally

how long it takes okay so we get you

pre-qualified and we talk about what

your numbers are anyone who you speak

with should always be going over your

payment insurance rates are important

and it's worth talking about a lot of

people assume that if you're getting a

VA mortgage the interest rate is the

same no matter what lender you talk to

wrong wrong VA loans have the biggest

price differences based on what lender

you talked to I did a comparison shock

which I've talked about in other videos

the lowest lender was at four point one

to five the highest lender was at five

point six to five it was the exact same

loan so you really want to know where

the rates are and where you're being

quoted and I've had a couple veterans

call me recently where they're like well

they're telling me the rates this and

I've literally shown them rate sheets

where I'm like yeah they're making

$40,000 off of you it's ridiculous so

rate is important but you want to

understand your monthly payment and make

sure that your monthly payment included

includes property taxes and insurance

okay then you start shopping with a

realtor now there are certain states

where the house has additional

requirement so for instance in

California

if you're doing a VA loan the house will

need a pest report and clear section one

section one

like dry rot so it means all those items

would have to be cleared prior to close

now some states do not require a pest

report it is state-by-state but it's

important to know if the state you're in

requires a pest report because if it

does the house that you're looking at

needs to be a pretty darn good condition

because if you're looking at a house

like we see those in California all the

time and someone will be like when the

pest reports $40,000 well the sellers

probably not gonna pay $40,000 prior to

closed so the odds of you getting that

house are zero so you really want to be

aware of that and if you're working with

a realtor that doesn't work with

mytrends often you want to make sure

they know - okay another misconception

about VA loans is that all the closing

costs are in the loan that's not

accurate the VA does not pay all your

closing costs so you need to definitely

budget and think about that and you

should be talking about that with your

lender okay um once your contract

meaning that you've selected the house

the lender already has your documents if

they don't have your documents they're

going to get it VA loans do not take 45

days to close they don't even have to

take 30 days I have one right now that

we're going to close in under 15 days a

lot of it depends on what's going on

with the VA and their appraisers so with

a VA loan we have to order the appraisal

through VA sounds like it's gonna take

forever

right not necessarily so the one I'm

talking about we order the appraisal

through VA and the appraiser went out

the next day which was super quick but

we do see it often so that's what's

happened you don't really praise all the

lender orders it through VA um some

things that people trip up on VA is one

of the only loans that includes

childcare expenses so if I'm working

with a veteran I'm always gonna ask

your monthly childcare you know cost

because that's going to come into your

debt-to-income soba lender qualifies you

and they're not asking that question and

you've got childcare expense like day

care a thousand dollars a month that

could bite you towards the end so you

want to make sure they're looking for

that um beyond that you know it's like a

normal loan it goes to and riding the

under diner looks at all the documents

based on the information that we have

compares them to make sure they make

sense and then they issue their approval

so it's not super complicated at all to

be totally honest and frank but that's

the overview of how you do to be a loan

once Android approves it we order leung

docs you sign the loan dogs and then you

close so if you ever have questions or

you need a VA loan please give me a call

thanks for watching