The VA Loan became known in 1944 through the original Servicemen’s Readjustment Act also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment. This feature was designed to provide housing and assistance for veterans and their families, and the dream of home ownership became a reality for millions of veterans. The GI Bill contributed more than any other program in history to the welfare of veterans and their families, and to the growth of the nation’s economy.
Expert Partners Agree
MJW Financial helped us remortgage our house for a lower interest rate. I chose MJW because they had an A rating which they definitely lived up to. First of all, they were kind and respectful, next they were always “Johnny on the spot” getting the process started right away, keeping the paper process going and always being there with an answer whenever I had a question. They were always available and approachable for questions, never made me feel bad for asking questions. I really was glad I went to them and if I had it to do over again, I would make the same choice. I totally recommend them. I give them an A+ rating.
- Hugh - Home Purchase
STEPS TO SECURING A VA MORTGAGE LOAN
Below is a brief summary of the mortgage loan process. Please note, this process is not concrete and certain steps of the process may change based on individual situations.Pre-Qualification:
- Borrower puts offer on potential home
- Accepted purchase contract is sent to MJW by borrower and/or real estate agent
- Simultaneously, borrower contacts insurance agent to get initial quote for new home purchase. Borrower provides MJW with contact information for insurance.
- MJW discusses rates with borrower
- Initial disclosures – which include information previously sent plus additional information requested by loan officer
Loan Process Begins:
The VA Loan became known in 1944 through the original Servicemen’s Readjustment Act also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment. This feature was designed to provide housing and assistance for veterans and their families, and the dream of home ownership became a reality for millions of veterans. The GI Bill contributed more than any other program in history to the welfare of veterans and their families, and to the growth of the nation’s economy.
Underwriting Process:
- MJW discusses rates with borrower
- Initial disclosures – which include information previously sent plus additional information requested by loan officer
Additional Requests By Underwriter:
- Borrower puts offer on potential home
- Accepted purchase contract is sent to MJW by borrower and/or real estate agent
- Simultaneously, borrower contacts insurance agent to get initial quote for new home purchase. Borrower provides MJW with contact information for insurance.
- MJW discusses rates with borrower
- Initial disclosures – which include information previously sent plus additional information requested by loan officer
Clear To Close Issued:
- Borrower puts offer on potential home
- Accepted purchase contract is sent to MJW by borrower and/or real estate agent
- MJW discusses rates with borrower
- Initial disclosures – which include information previously sent plus additional information requested by loan officer
INCOME AND ASSET DOCUMENTS FOR PRE-QUALIFICATION
Do NOT black out or cross out any information on documents or they will not be accepted by underwriting. Additionally, please make sure all submissions via email are in .pdf format.Pay Stubs
Bank Statements
W-2 And Federal Tax Returns
Photo ID
