The process of buying your home can be stressful, but it can also be a very exciting time. Once you have completed the application process, it is important to remember that there are guidelines that you will need to maintain in order to complete the VA loan. The Paper work does not end with the signing of an application.
You will need to make sure that you follow through with the aspects of your loan and stay on track. Failure to do so can result in you delaying or even losing your financing. Pay special attention to the instructions your mortgage specialist gives you, as these will help ensure that all of the guidelines are met, and you are not at risk of losing your VA loan.
Special attention is paid to your credit, statements, and your paystubs to ensure that all debts have been revealed and disclosed during the application process. VA Loan Ranger strongly urges you to avoid taking on new debts, such as cars, co-signs or refinancing other notes without involving your mortgage specialist prior.
Things To Avoid:
● New Debt, such as a car, boat etc.
● Transitioning between jobs
● Changing banks or moving around money
● Delinquency of bills and mortgage payments
● Excessive credit card limits
Keep in mind that your close date could be delayed if further documentation is needed to confirm all your personal information. Adding new debt to your outgoing expenses could greatly hinder your ability to afford the financing you have selected for your home. When this happens, you run the risk of losing the opportunity to purchase the home you want.