Getting a VA Loan: What Do I Need to Do?

A loan has been approvedHaving a car is great, but owning your own home is a sound investment. So you’ve got your eyes on one of these, but the only way you can afford one is to get a loan. If you’re a veteran, a VA Loan in Missouri can help you get the car or house you’ve always wanted to have.

Who Can Apply?

If you’re a member of the US military, a retired veteran, a military reserve or a National Guard member, you are eligible to apply. If you are a spouse of any of those mentioned who died doing their duty, you are also eligible to apply for a VA Loan.

What Do You Need to Prepare?

There are several things you can do to prepare for a VA Loan application. First, check your credit report. Make sure that your credit record is clean and that you have a credible status as a borrower. This affects how much you could borrow for your VA loan.
You should also prepare your Certificate of Eligibility (COE). Contact the Department of Veteran’s Affairs for your Certificate. You could also ask lenders such as Top Flite Financial, Inc. to assist you in getting your COE.
There are other documents you need to prepare, such as your recent tax returns, paycheck slips or stubs, and other employment documents.

What Are the Advantages of a VA Loan?

A VA Loan usually does not require a down payment. If you pay down payment, you only need to pay only 3.5 % of the total loan.
A VA Loan also offers lower than the average interest rates, so it is easier for many borrowers.
For those who want to own a car or a house but need to take out a loan, you should consider getting a VA Loan if you are a member of the military or the armed forces.