Before any buyer is to be taken seriously in a real estate transaction, they must first obtain a pre-approval letter from a lender.
The purpose of this letter is two fold. First, you as a prospective buyer are able to get an idea of what you are actually qualified to buy in the current market conditions. This allows, you the veteran, to search out the home that best suits your needs and your budget. Second, this shows a real estate agent that you are not only a serious prospective buyer but also qualified to purchase the home that you are viewing.
By working with a VA approved lender such as Flagship Financial Group, you ensure yourself the best possible service for the specifics of a VA loan, and it doesn’t matter if your are looking for a Florida VA loan or a Georgia VA loan. Veterans are entitled to a number of benefits through the VA that many run of the mill mortgage loan officers may not know about. Benefits of a VA loan include: no down payment, 100% financing, relaxed credit requirements, No monthly mortgage insurance, & the ability to refinance to a lower rate through a streamline refinance.
In order to get a pre-approval letter from a LowVARates.com approved lender a few things are required. Copies of your last two years W2 forms as well as a months worth of paystubs & copies of your ID’s (military or drivers license and Social Security card). Armed with this information a loan officer will be able to determine how much you could be approved for on your new home.
A pre-approval is not a guarantee of a loan, however, with it you will be better prepared to finance your new home through the VA.
