Contract Guidelines
VA Loan Contract Guidelines
In becoming a homeowner, prospective purchasers frequently experience the full spectrum of feelings, from exhilaration to worry and everything in between. Even if you are under contract and the home-buying process is progressing, it’s vital to keep in mind that work is still to be done before you can celebrate.
What to Avoid:
Even though it’s uncommon, some homebuyers can become disoriented after signing a contract. It may cause delays in the financing procedure or cause the chance of obtaining a loan to be lost. When you are under contract, your home loan specialist will provide instructions on crucial maintenance tasks. Veterans United will examine your credit reports, bank records, and pay stubs to determine whether you have debts that weren’t revealed on the application. We encourage you not to apply for any additional debts between the time you apply for the loan and the time you close, including co-signing on a note, purchasing or leasing a vehicle, and refinancing other notes, without first speaking with your loan officer.
While Under Contract:
Avoid taking on additional debt, such as acquiring a car.
Consider delaying job changes
Avoid switching banks or moving your money around.
Pay your bills on time and ensure you're not late with your mortgage.
Pay attention to credit card limits.
While we try to verify all of your information, your loan may still be complete, but your closing may be postponed while we receive further evidence. Your danger of changing your debt-to-income ratio and thereby losing the opportunity to buy the home of your choice grows if the additional debt raises your debt burden.
While some people may find this information unsettling, if you stay on course and heed the advice of your home loan specialist, you shouldn’t have too many concerns. Please do not hesitate to contact your specialized VA Loan professional if you have any queries concerning these potential snags.
One of the most fulfilling life milestones is the road to homeownership. In our following segment, we’ll go over every stage of the VA Loan procedure.