Formal Loan Application
Once Erin has helped the buyer put a home under contract, the buyers will need to make formal loan application with their loan officer. Official loan paperwork will be signed; the loan officer will discuss items regarding locking interest rates, collect the appraisal fee, any required attendance of a home buyer seminar, etc. The lender can also assist you with obtaining your required VA Eligibility Certificate.
If not previously provided at pre approval, buyers will be required to turn in W-2's, tax returns, LES's, pay stubs, bank statements, etc. Buyers can expect their credit to be checked and subsequent bank statements to be requested more than once prior to final loan approval. That is why it is extremely important not to incur additional debt, pay bills on time and keep a balanced checking account.
Getting a home mortgage approved isn't just between the buyer and the loan officer. The loan processors, appraiser, closing attorney/title company, insurance company, surveyor and buyer's agent work together to ensure all necessary loan and contractual conditions are met.