- The Veterans Administration (VA) Home Loan is a benefit that is available to more than 22 million veterans and 2 million active duty service members to help them achieve the dream of homeownership.
- In 2018, $161 billion was loaned to veterans and their families through the program.
- In the same year, the average loan amount was $264,197 and 610,513 loans were guaranteed.
Congratulations! You’ve found a home to buy and have applied for a mortgage! You’re undoubtedly excited about the opportunity to decorate your new home, but before you make any large purchases, move your money around, or make any big-time life changes, consult your loan officer – someone who will be able to tell you how your decisions will impact your home loan.
Below is a list of Things You Shouldn’t Do After Applying for a Mortgage. Some may seem obvious, but some may not.
1. Don’t Change Jobs or the Way You Are Paid at Your Job. Your loan officer must be able to track the source and amount of your annual income. If possible, you’ll want to avoid changing from salary to commission or becoming self-employed during this time as well.
2. Don’t Deposit Cash into Your Bank Accounts. Lenders need to source your money, and cash is not really traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.
3. Don’t Make Any Large Purchases Like a New Car or Furniture for Your New Home. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher debt to income ratios…higher ratios make for riskier loans…and sometimes qualified borrowers no longer qualify.
4. Don’t Co-Sign Other Loans for Anyone. When you co-sign, you are obligated. As we mentioned, with that obligation comes higher ratios as well. Even if you swear you will not be the one making the payments, your lender will have to count the payments against you.
5. Don’t Change Bank Accounts. Remember, lenders need to source and track assets. That task is significantly easier when there is consistency among your accounts. Before you even transfer any money, talk to your loan officer.
6. Don’t Apply for New Credit. It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO® score will be affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.
7. Don’t Close Any Credit Accounts. Many clients erroneously believe that having less available credit makes them less risky and more likely to be approved. Wrong. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both of those determinants in your score.
Any blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. The best advice is to fully disclose and discuss your plans with your loan officer before you do anything financial in nature. They are there to guide you through the process.
Welcome to this nicely-updated, super clean, 2 bedroom, 2 bathroom, 1123 square foot Bel Air model home in the newest part of Leisure Village (55+) community. This home is light and bright with an open floorplan and is ready for you to move right in. The kitchen has plenty of room for your table and has direct access to the patio, just perfect for entertaining. The living room is quite spacious with vaulted ceiling. There is also a formal dining room. This home has been recently painted inside and out, has newer carpeting, wood-like flooring, smooth ceilings, dual-pane beveled windows, mirrored closets and much more. You will enjoy relaxing on this open brick patio with vinyl fence which has a lovely view overlooking a lush greenbelt. The one-car garage has direct access and epoxy-painted floor. Leisure Village residents enjoy 18 hole-par 3 golf, fitness center, tennis, pool, spa, ceramics – wood and lapidary shops, lawn chess, horseshoes, bocci ball, sewing room, library, billiards, Wii bowling, table tennis, wine-tasting and a ton of other activities. This is the one you’ve been waiting for. Welcome Home!