The Ocean State has a great partner in VA Loans Center that forwards and facilitates documents by ex-servicemen to the Department of Veterans Affairs for processing. This is why you will find your VA loan Rhode Island application such a walk in the park. To make it even more accessible, we can carry out the process in the following four steps:
#1: Find a Home
The initial step that every prospective homeowner must pass through is that of finding a residence that meets personal expectations and passes environmental stipulations of the government. If still in the dark about where to place such premises, we recommend you visit our site to locate real estate agents. You can also view home listings and select one that meets your financial situation.
#2: Forward Your COE
The Certificate of Eligibility is the first and final say. It states the following information regarding the military service:
- That you have served for three months non-stop on a war zone. Alternatively, you have served the nation during a war reconstruction period for 181 days consecutively.
- Your Discharge letter features no dishonorable act during your military tenure.
You will also use the COE as the document that attaches your name to the mortgage at closing. As such, it serves as the authoritative guaranty form of your VA loan RI.
#3: Establish FICO score and Appraisal Details
This is one of the critical stages where you need a loan specialist to guide you. Ascertaining your credit score is just a matter of contacting the three agencies that keep citizens’ information. We will combine the various entries of the triple agencies and come up with a sum. This will form the credit report that will go together with COE for assessment during the early stage of VA loan Rhode Island.
We will help you to find an appraiser who will attach value to the new home that you have selected. It is essential that the value does not surpass guaranty limits. It should also be a reflection of your financial status already captured in the credit report.
#4: Close the Mortgage
VA Loans Center will be your partner when the time comes to close the VA loan RI. We will explain to you the import of what you are about to sign.
- You will state the institution through which you will be remitting installments.
- You will append your signature to the various forms, including COE that reflect your side of the bargain as the principal party in the mortgage.
- The finer details may include the payment plan.
Want to Refinance?
After closing, veterans soon find that they need to refinance their Adjustable Rate Mortgage plan into a longer term or a lower rate than before. We will be there to assist in this endeavor.
Whether you need to streamline using Interest Rate Reduction Refinance Loan (IRRRL) or you decide on another product, your VA loan Rhode Island will be such an easy effort!
The only remaining gesture is to contact us today. We will do everything to help you secure the VA loan.