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Frequently Asked Questions
What is the difference between VA eligibility and loan approval?
An active member of the armed forces or a Veteran of the military may be eligible for
VA benefits. The Department of Veterans Affairs determines eligibility for the VA Loan
program. Loan approval is determined by a lender and primarily based on your income,
debts and credit history. It is possible to be eligible for a VA loan but not approved
for financing and vice versa.
Why is it important to get a Preapproval letter before shopping for a home?
Your Preapproval letter shows real estate agents and sellers that you’re a serious buyer.
It is customary for your Preapproval letter to be attached to any offer that you’re
submitting. Once issued, you’re able to customize your Preapproval letter to include
a specific dollar amount and the property address through
MyVeteransUnited.
Why do I have to provide more documents after I’ve been preapproved?
Once you’re under contract, it’s normal for Underwriters to ask your Loan Team for
additional documentation. Their job is to clearly report that the borrower and
home meet all VA guidelines. It is usually much more in-depth than your Preapproval.
When a task requires additional documentation or clarification, it we be updated on
your To-Do List within MyVeteransUnited.
What can I do to help my loan close on time?
It’s important to check MyVeteransUnited
regularly and complete all tasks as quickly as possible. Contact your Loan Officer right away
if you expect a change in your employer, hours worked or salary/hourly rate. Avoid taking on additional
debt such as opening a new credit card, purchasing a vehicle, or putting furniture on a payment plan
until after your home has closed.
What is the difference between closing costs and a down payment?
The money a buyer puts toward a down payment becomes instant equity (the portion of the
home’s value that you own) while closing costs cover fees and services for the work
performed by the lender, title agent, and to establish tax and insurance escrows.
The seller may cover some or all of these costs, or they become the responsibility
of the buyer. Your lender will estimate closing costs for you; however, exact numbers
are usually not determined until final loan approval, just before settlement.
What can I do if my appraisal comes in low?
A lender cannot finance a loan above what a real estate appraiser determines the value
to be. Often a seller will lower their sales price to match the appraised value but it
is possible to file an appeal with the VA in the event of a low appraisal. This method
does not commonly lead to a significant change of the original appraised value. As a
buyer, you also have the right to pay the difference beyond the appraisal value,
negotiate with the seller, or walk away from the property.
