Hey everybody, it’s Jimmy Vercellino and today I’m going to talk with you a little bit about the VA loan steps for pre-approval.
So we’ve talked about pre-qualification now, now its time to get pre-approved. So let’s just say that I give you a copy of your certified prequal letter, in other words you’ve got a round in the chamber. You’re ready to go out there and make some things happen. You go out there, you identify your home. You submit an offer on the property with your real estate professional and now the offer gets accepted. Come on, bang. You know that’s what I’m talking about.
That’s a good thing. I hope you’ve got a smile on your face right now. We should celebrate that. The offer is accepted. Now it’s time to get the loan approved. You with me on that? So what you’re going to do is you’re going to send a copy of the purchase contract to your mortgage lender.
Mortgage lender is going to put his arms around the purchase contract and gather up all of the loan disclosure paperwork, and they’re going to send it to you to sign your life away. I mean, did I say life away? Okay. It feels like it. All right.
But you’re going to sign your signature on multiple documents to ensure that the loan begins the processing start where it starts to begin processing. And so what’s going to happen is when the mortgage lender gets all of that disclosure paperwork from you, okay, they’re going to gather it all up and they’re going to submit it to the underwriter who is responsible for reviewing the VA loan and approving it.
So they’re going to go thru it and they’re going to confirm everything that’s A- listed on the application by B- reviewing your pay stubs, your tax returns, your bank statements, et cetera. Okay, so as long as everything checks out and everything looks good to go, guess what? You will be approved for your mortgage loan, and that’s what we refer to as an approval. Okay, a pre-approval is when your loan has been under written or reviewed by an underwriter.
Now, there could be some things that the underwriter is going to request from you. You’re borrowing $400K or $500K, they might want to dot their I’s and cross their T’s, and that’s understandable. So they might ask you for an explanation for x, y, or z or an updated pay statement, or a pay stub. These are all things that will be issued once your conditional loan approval comes out. So once you get all of those documents back to your mortgage lender quickly, swiftly and efficiently, the loan originator is going to request the cleared to close.
That’s when the loan is now clear to close, they order the loan documents and you, as the Veteran, get to go in there and sign all those final docs I like to call that the final act.
The disclosure paperwork the dress rehearsal, right? And now you get to go in there do the fun part, sign everything. Take the photo at closing and get the keys to your home. Good to go? So that’s a little bit about the steps that need to be taken in order to get a VA loan approval and what to expect throughout the process.
My name is Jimmy Vercellino, for more questions we have answers and are always here to be a resource for you.