The route to homeownership may sometimes cause would-be homebuyers to experience a wide range of emotions, from exhilaration to worry and everything in between. As the homebuying process progresses and you enter into contract, keep in mind that the process is not complete and that there is still work to be done before you can celebrate.
Although uncommon, some homebuyers may lose focus once they are under contract. This might cause delays in the financing procedure or possibly result in losing the opportunity to acquire a loan. Your Home Loan Specialist will advise you on crucial things to remember once you’re under contract.
We will analyze your credit inquiries, bank statements, and pay stubs to see whether you have any debts that were not stated on the application. From the moment you apply for the loan until you close, we recommend that you do not apply for any additional loans, including co-signing on a note, purchasing or leasing a car, or refinancing prior notes, without first visiting your loan officer.
Even if your loan is still scheduled to close, it may be delayed as we gather more documents and verify all of your information. If the additional loan raises your debt burden, you run the danger of altering your debt-to-income ratio and therefore losing your chance to buy the property you want.
While this information may cause some concern, if you stay on schedule and follow the advice of your Home Loan Specialist, you should have nothing to worry about. If you have any questions concerning these potential issues, please do not hesitate to contact your personal VA Loan representative.
The path to homeownership is one of life’s most satisfying achievements. In our last part, we discussed all of the processes involved in the VA Loan procedure.
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