The U.S. Veteran Home Loan program has been helping military and service members become homeowners since 1944. Through this government-backed program, qualifying members of the Armed Forces can gain access to exclusive amenities like discounted interest rates, no down payment costs, and reduced fees to make homeownership more affordable.
To obtain access to this program and the associated benefits, you must first fill out an application. This can, for some, be an intimidating process. To help you feel more comfortable, we’ve shared the most common VA loan application errors so you know what mistakes to avoid.
Top Veteran Home Loan Application Mistakes
Completing your VA home loan application correctly is important because you want to make sure that your lender is getting all the right information. The details you provide on your application will help your lender determine your creditworthiness and loan eligibility. It’s critical that you fill out the application in its entirety and answer all questions to the best of your ability.
That being said, it can be helpful to know which mistakes are most common so you know what to avoid. Here are the top VA loan application errors:
Not Getting Pre-Qualified
Before you proceed any further with the homebuying process, you’ll want to apply for pre-qualification. Getting pre-qualified can help you save a lot of time and hassle in the long run. It helps you and your lender determine that you are a good fit for one another and that the VA loan program is the right option for you. Once you’ve been pre-qualified, you can move on to the next step in the process.
Errors about Personal Details
Even simple mistakes like providing the wrong birthday, social security number, or family size can create issues. Double-check your application and make sure that all your personal details are correct.
Unverifiable Income
Your lender needs to be able to verify all sources of income. It’s important that you document all income. If there’s no paper trail or way to verify a particular source of income, you may not be able to use it to qualify for the loan.
Undisclosed Debt
Be honest and upfront about your debt. Purposefully not reporting debt could be considered fraud. This includes all forms of debt such as child support, alimony, car loans, and credit cards. If your lender finds undisclosed debt during the underwriting process, your loan may not go through.
Get Help from an Expert
When in doubt about your Veteran home loan application, it’s best to reach out for help. Our experts will be more than happy to walk you through the process and answer any questions you may have.
