Your journey towards a new home starts with the VA Loan application process. Keep reading this page to find out what you need to know and what we can do for you.
Are you ready to apply for your VA home loan? We’re standing by to help! We can assist you with your VA loan application by phone at 877-347-2760, via email, click-to-chat, or you can fill out our online VA home loan pre-application form by clicking the button below:
You can also click here to find out online if you meet the eligibility requirements for a VA Loan.
Why Choose Us For the VA Loan Application Process?
VAMortgage.com is a division of 1st Mariner Bank, headquartered in Baltimore, MD. We’re not a government agency, but rather a qualified mortgage lender in all 50 states, specializing in serving your VA home loan needs.
Our VA loan specialists are skilled professionals with extensive knowledge of the Veterans Administration loan options and benefits. They are extremely efficient when processing a VA loan application and they have years of experience in meeting the mortgage needs of military service members and their families.
VAMortgage.com will process, underwrite, close, and fund your loan.
We understand that buying a new home is probably the largest financial investment you will ever make, and we want to ensure that your VA Mortgage experience is comfortable, convenient, and informative.
Want to see what the people who have worked with us have to say about their experience? View some of our customer testimonials to learn more about our service.
Important Financial Documents
In order to make your VA loan application process as fast and convenient as possible, we’ll need to obtain certain important financial documents from you.
It’s a good idea to make sure you have up-to-date copies of the following information before you start your VA home loan application process:
- Current copies of your W2 statements for the past two years, so that we can confirm your gross household income.
- Copies of your pay stubs for the past two months.
- Any statements that document other assets, such as current bank statements, savings accounts, stocks or bonds, and any other forms of income or assets such as alimony or trust funds.
- If you are self-employed, you will need copies of the most recent two years of consecutive tax returns.
Critical Refinancing Documents
When filling out a loan application for a VA refinance mortgage, you’ll need to provide a current mortgage statement, a copy of your most recent settlement statement, a copy of your note, and, if possible, the lender’s policy of your title insurance.
Naturally, it’s critical that such documents be accurate and as current as possible. Having your critical documents in good order will help us finalize your VA loan as quickly as possible.
Your Debt-to-Income Ratio
- There are two ratios that lenders use when evaluating your VA Home Loan application. The first is the Housing Expense Ratio. This uses the total of the principal amount as well as the interest rate on your mortgage, plus real estate taxes, and home owner’s insurance, as well as mortgage insurance (if necessary).
- This becomes your Total Housing Debt, and it should never be higher than 30% of your total gross monthly income. If your gross income is, let’s say, $5,000 per month, then your total housing debt should be no higher than $1,500.
- When discussing your VA loan application, the second ratio taken into consideration is your Debt-to-Income. First, you need to add up all recurring monthly debt, including credit card payments, loans, alimony etc. Then you need to add your monthly recurring debt to your total housing debt. The total of these should not exceed 40% of your gross monthly income.
- Using our example from above, if your gross monthly income is roughly $5,000, the total of your housing debt plus your recurring monthly debt should not exceed $2,000.
We recommend purchasing a home warranty. The last thing that home buyers want to worry about is what could possibly break or malfunction in their new home after they purchase it.
That’s why it’s a good idea to get a home protection plan, or home warranty, to cover such items as:
- Air conditioning
- Dishwashers and other appliances
- The furnace and water heater
- Garbage disposal and inside plumbing stoppages
- Ceiling fans
- Electrical systems
- Telephone wiring
Outdoor items such as sprinklers and pools are usually not covered, and not all warranties cover every appliance. Home warranties usually range between $250 and $400, depending upon coverage, and policies are usually prepaid for a year in advance, at which time they can be renewed.
A good home warranty is a wise investment because it protects you against the expense of unexpected home repairs that may arise in the first few years of home ownership.
While participating in a VA home loan application process, it is recommended, but not required, to get a thorough, professional home inspection (by your own inspector) that will alert you to any improvements or repairs that need to be done to the property you intend to purchase.
In the worst-case scenario, you’ll be alerted to any major defects that might cause you to change your mind about buying the house. A thorough home inspection is a complete visual examination and report on the condition of all major systems in a home. Every inspection should include an evaluation of at least the following items:
- Plumbing and electrical systems
- Doors, ceilings, walls and floors
- Roof, heating and air conditioning systems
At the same time, the home should be checked for any hazardous materials concerns, such as asbestos, and the inspector should also check for proper insulation and ventilation.
Having said that, it’s also important to approach the inspection process with realistic expectations. You can’t expect a 30-year-old home to be as pristine as a brand new one, but it is fair to take any serious faults into account as part of your price negotiation.
The ultimate goal is that you be made aware of any work that may need to be done once you own the house.
When submitting a VA loan application, you should be thinking about title insurance. It is extremely important because it is your guarantee that you hold clear title to your home and property at the time of purchase.
Title insurance protects you against loss arising from any problems connected to the title to your property. Something to keep in mind while submitting a VA home loan application is that all mortgage lenders require title insurance for the amount of the loan. For added security, buyers can protect their equity in the property by adding an owner’s title policy for the full value of the home, usually at a small additional cost.
One thing to remember: if you refinance your home, you will most likely be required to purchase a new title insurance policy, because the original policy terminates when you pay off the mortgage.
Home Owner’s Insurance
Another thought you should consider when submitting a VA loan application is the purchasing of homeowner’s insurance. Buying homeowner’s insurance is like anything else: doing your homework before you buy will always pay dividends. Choosing the right kind of homeowner’s insurance from the right company is vital.
Here are some tips to help you in the process:
- Look beyond the advertising. Just because a company has the advertising budget for big mailings with flashy brochures, doesn’t mean it’s the best. Always do your homework, and don’t buy from the first company you see.
- Check your state’s website because they generally provide good information on what your home owner’s insurance will cover in terms of local weather conditions, state codes and zoning issues. Also, many states list consumer complaints against particular companies from local residents.
- Make sure the coverage is appropriate for you by comparing the company’s areas of focus with the needs of your particular home and geographic area.
- Familiarize yourself with the claims process. It may turn out that making a repair yourself will be less expensive than an increase in your premium if you file a claim.
- Finally, get a home inspection by a certified professional, and make sure that any potential problems he or she discovers are covered by your policy – before you commit.
Ready to submit a VA loan application?
If you have any questions about our VA home loan application or anything else you feel we can help you with, please don’t hesitate to give us a call at 877-347-2760.
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