Omar Michel San Diego VA Mortgage Loan Officer Clarifies VA Loan Requirements

Omar Michel, San Diego VA Mortgage Loan Officer says, “A VA loan is a mortgage loan guaranteed by the Department of Veterans Affairs for eligible Veterans. Just a clarification, the VA does not loan the money, the bank loans the Veteran the money, and the VA guarantees a portion of it. The VA is not a bank.”

There are a few things Veterans can do before they apply for a VA Loan.

Gather the list of documents that will be required.  That would include income documentation such as paystubs, LES (the military Leave and Earning Statement), pension statements, VA Disability award letter, social security award letter, tax returns, W2’s or 1099’s etc.  Also gather all of your asset documentation such as bank statements.

There is more on this “list” and your mortgage loan officer will give you their specific items. You want to give this to your loan officer beforehand so your consultation is focused on your options and not waiting for them to finish their “number crunching” in front of you.

Avoid making large purchases such as a car or electronics (i.e. things that add more debt to your credit and will raise your monthly payments).

Avoid making large deposits into your bank accounts outside of payroll or benefits and avoid transferring money between accounts.

Do not let preconceived notions or common myths stop you from claiming your rights as a Veteran.

The most common myths are these: You can use the VA loan only once. Your VA loan expires. The VA loan limit is $417K. The VA loan is only for first time buyers. You foreclosed on a VA loan and are no longer eligible.

These are all myths, untruths. And there are more out there.

Do not be bashful in questioning your loan officer with any doubts you may have about getting your VA loan.

Selection of the mortgage loan officer that will handle your application is far more important that interest rate.  Shop around for a loan officer, not the interest rate.  Find someone you trust will handle your loan carefully and will be available when you need them.  Make sure the loan officer has a track record in the field they claim to be an expert. Ask them about some of the pitfalls they have run into and how they overcame them.

A mortgage is not a commodity, it is a financial instrument. Avoid loan officers promising certain rates. It’s more than just the interest rate. It’s about your life plan. Ask yourself: Where will my kids go to school? How long will they go there? Will I have more kids? How long before I get PCS’d outside of San Diego? These are all different variations of ‘How long will I live here?’

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