Here are four keys you must have and know for VA loan approval
Key #1— VA Entitlement
You must, first and foremost, must be eligible for a VA home loan. This means you must have satisfied the service requirements and have enough “entitlement” available to be considered for a VA loan. Entitlement is a word used to refer to the amount the VA will guarantee for a particular veteran borrower. “Full” entitlement is usually enough for a VA home loan of $424,100 (or even more in high-cost counties).
Key #2 — Property Eligibility
The lender’s handbook states that VA home loan benefits are to be used mainly for owner-occupied properties. The VA lists single-family homes, VA-approved condos, townhouses and multi-family homes (up to four units per borrower) as properties generally eligible for VA financing.
Key #3— Owner Occupancy
By law, VA borrowers must occupy the homes they finance. VA borrowers must verify that they will occupy their homes within a reasonable time. For most, this means within 60 days after closing. Borrowers who are deployed away from home may receive an extension of up to 12 months. A spouse is the only relative that can satisfy the occupancy requirement in a VA-eligible borrower’s stead.
Key #4 — Income & Credit
VA-eligible borrowers must qualify for the loans they obtain. Veterans (and co-borrowers, if joint) must have ready and ample income and satisfactory credit. Our minimum credit score is a 580.
While other qualification requirements may apply, when the four basic loan approval requirements are met, the applicant(s) will usually qualify for their VA loan. Loan amounts can vary based on each VA-eligible borrower’s entitlement and ability to pay.
Stories from other buyers who worked with Mike and his team for home purchase.
For more stories like these please visit https://www.faulknermortgage.com/testimonials or you can GOOGLE search and just type in “Michael Faulkner American Pacific Mortgage”.
Mike was AMAZING!
Working with Mike was smooth and timely. I was on a tight timeline for a loan, and Mike pulled it off. I was a candidate with a few hurdles, and he was direct, to the point, and very good with follow-up. I felt “in the know” the whole process and there were no surprises. I am looking forward to working with him again!
– Saad S.
Michael made the loan process very easy
Michael made the loan process very easy. He explained things to us every step of the way. Any complications Michael took care of immediately. This guy knows his stuff and cares about his clients.
– Doug L.
I was never left to feel as if I should know the mortgage or home buying process.
As a first time home buyer I was very unsure of the process and did not know what to expect. I literally had my lender Mike with AP Mortgage pick up my loan during the middle of what was almost a horrible transaction as I was going through another lender first who had me set up to have a first and a second mortgage on my first home!! Mike assured me I did not need to have two mortgages and proceeded to close on my home with the original close date. I was amazed at how hands on he was. I got calls returned promptly and he kept me informed step by step of what was happening. The key to this successful deal was Mike taking the time in explaining everything to me. I was never left to feel as if I should know the mortgage or home buying process. I greatly appreciate the time he took in closing my house and I totally know without a doubt he went the extra mile to get me my home with all of its many exceptions. I would definitely refer Mike to my family and friends and can honestly say they will not only get the home they want but they will have someone who treats them like a real person and not just another loan application in the bucket sort of speak. Thanks Mike for helping my husband and I purchase our first home. We now have a sense of security and can provide an amazing home for our two boys to grow up in.
– Indeara R
It is so important to go with someone you have thoroughly researched.
Michael was phenomenal on all levels of professionalism, expertise, and customer service. He came highly recommended from a friend who had a nightmare come true with a previous lender. She was blown away by Michael and his team and had renewed faith that there are great professionals out there. That being said, it is so important to go with someone you have thoroughly researched and you know is experienced and knowledgeable in what they are doing. Back to Michael- we went through the pre-approval process with him before we even started looking. I highly recommend this. We knew what we could be approved for before we got our hearts set on anything. We decided to go with a new build, and Michael was so instrumental in getting us the lowest interest rate over the 6 months while we waited for our house to be built. Rates went down and we locked 120 days out. He watched the market closely and was truly so interested in educating us about every choice we made, making us aware of benefits and disadvantages of everything. When you are making one of the biggest decisions of your life, you want a panel of experts on your team. A good realtor, and a good lender are key to this. Don’t let your arm be twisted if your builder offers incentives with a certain lender, go with the best, and you will likely get incentives regardless. Don’t make this decision lightly, and put Michael through the test, he will pass with flying colors!
– Amanda P.
Michael is probably the best I’ve ever met when it comes to follow up and communication.
Michael and American Pacific are a true class act and absolute professionals to work with. You will never not know where you stand with your loan or what is needed to finalize your sale/purchase. Michael is probably the best I’ve ever met when it comes to follow up and communication. Our most recent transaction w/ Michael went through several transformations… originally beginning as a simple investment property loan, then morphing into a property search for a family member… and ultimately ending with us purchasing a new primary residence. Through all the changes and time involved with altering the transaction…Michael continued to be as responsive and helpful as he was on day 1. I’ve known many brokers who were super responsive until the first hiccup and then suddenly realize that there might be work involved and instantly turn to terrible communicators. Michael and the team at AP are certainly a cut above those outfits and I highly recommend them to ANYONE and EVERYONE. Skip the headaches and heartaches that tend to accompany your mortgage and speak to Michael Faulkner at American Pacific and you will be happy you did. I know my family certainly was.
– Matt H.
ABOUT MICHAEL FAULKNER
Michael got into the mortgage industry in 2004 with the primary goals of effectively communicating with home buyers and helping them navigate the intricate process of obtaining a home loan. His customer-centric, educational approach was set in stone early in his career as he began to hear from so many consumers about the overall lack of customer service throughout the industry.
Michael made it his mission to solve home buyers’ biggest complaints. He strives to be an effective communicator, provide education, and explain the “why” behind the loan products and rates. If the consumer is educated, then they can make good decisions about their loan product when buying their dream home. Delivering this home loan experience is what makes him passionate about doing loans.
Michael is a mortgage educator before he is a mortgage advisor.
MY MESSAGE TO YOU
There’s a lot that goes into purchasing a home, beginning with getting underwritten approved for a loan, finding a realtor, ramping up with the house hunting and contingencies, and then ending with new keys. Beyond the walls of that new home is a future, a place to live, maybe work, and certainly play. Beyond the walls is a family with many hopes and dreams. I see you and your future first before I think about anything else. So let’s get to know each other first. It is important we do it the right way.
“Your Home Loan Experience”
FREQUENTLY ASKED QUESTIONS
SHOULD I GET A PRE-APPROVAL?
YES! This will give you a specific dollar amount in terms of what you qualify for. You also will be able to roughly calculate what your monthly mortgage payment would be, and it gives you purchase power when you are putting in an offer against other buyers. We will make sure you get UNDERWRITTEN PRE-APPROVED, not just pre-qualified. Underwritten pre-approval typically requires a full application (your credit is run and it is recommended that you send in all of your income documents). It holds a lot more weight than a pre-qualification because a pre-qualification isn’t based on actual documentation. When you get underwritten pre-approved, it is a pretty safe bet that you will close.
WHAT GOES INTO A LOAN APPLICATION?
A loan application typically analyzes your income, expenses and credit. Documentation you may need to provide during this process includes: proof of income, recent pay stubs, employment history and tax documents. This is all to determine whether you would be considered a risky borrower. It can be a tedious process, but with the right help, it may be seamless. Later in the loan process, an underwriter, or the person reviewing your documents, may request additional information.
WILL MY CREDIT BE PULLED IF I COMPLETE THIS LOAN APPLICATION?
Yes. If you are not wanting your credit pulled then please call me at 480-656-5751.