Eligibility should always be checked before counting on using a VA loan, as eligibility may depend
on length of service or duty status for specific home loan benefits. A VA loan is
desirable because it provides favorable terms such as:
• No down payment (but sales price can’t exceed the appraised value)
• VA rules limit the amount you can be charged for closing costs
• Closing costs may be paid by the seller
• There is no monthly mortgage insurance payment
It is important to note that Veterans may reuse the benefit, and don’t have to be
a first time buyer.
VA loan borrowers may also qualify with credit blemishes or
lower credit scores.
VA loans are even available to qualifying spouses of veterans,. Not all banks and mortgage lenders
offer VA insured loans, so they may not even tell you about them. Be sure to ask
any potential lender if they are licensed and approved to do VA loans.
In order to get you pre-approved for your max loan amount, I will need the following items from you. This is a free process and I will give you a copy of your credit report for free!
MORTGAGE PRE-APPROVAL CHECKLIST
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· Most recent 30 days of pay stub(s)
· W-2s and 1099's if applicable for most recent two years
· 1040 tax returns for last two years
· Most recent 60 days bank statements all pages
· Most recent 401(k)/retirement statement if applicable
·
Once I get the information above, I can usually get you pre-approved in one to two days, and get your loan closed in 30-45 days after you get an accepted offer on a home. Your first house payment usually starts 30-60 days after you close.
Your loan pre-approval is usually good for 120 days.
I don't need originals, copies are fine. You can fax or email me the above documents, or meet me face-to-face if you wish to make copies and go over your options.
Let me know your questions.
Thanks and look forward to helping you.
Joel Lobb
Mortgage Loan OfficerIndividual NMLS ID #57916
American Mortgage Solutions, Inc.
Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com
