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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.
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.
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.
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.
Calls from Veterans United Home Loans will show on your phone as coming from the phone number 573-876-2600. If you would like to be removed from our call queue or have any other questions, dial +1-800-212-5200, and our Client Advocate team will provide immediate assistance.
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.
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.
Call 1-855-217-0772 to speak with a specialist about questions regarding the serving of your loan. Notices of error, formal complaints, requests for information or other qualified written requests may be sent to:
Veterans United Home Loans
Attn: Client Advocate
1400 Veterans United Dr.
Columbia, MO 65203
If your loan is serviced by Mr. Cooper or Cenlar on behalf of Veterans United Home Loans, you may send a Qualified Written Request to:
PO Box 619098
Dallas, TX 75261-9741
PO Box 77423
Ewing, NJ 08628
Individual loan specialist hours may vary, but we have representatives available 24/7 to answer any questions you may have. Feel free to call anytime at 1-800-844-5560.