VA LOAN CAPTAIN BLOG & Learning Center

Last Minute Checks

By: Grant Moon 08/21/14 12:22 pm

Applying for a VA home loan means you’re about to provide your loan officer with some very sensitive information. Things that you probably don’t even share with your BFF much less your neighbor. You’re going to show the loan officer how much money you make, how much you take home every paycheck and how much you made the past two years. You’re also allowing the loan officer to carefully review your credit history. If you have children or dependents, the loan officer will ask how many you have and their ages. That’s some sensitive stuff. So you think you’ve provided all that’s needed. Yes, there may be some other items an underwriter may want to clear up but you’ve done pretty much all you can do. But did you know the lender does some other things you may not know about?

One thing you may or may not have noticed is the 4506-T form you signed at application. This gives the lender permission to contact the IRS directly and compare the income on the application and your W2 forms with what has been filed with the IRS. In most cases this isn’t an issue because they match. Sometimes they don’t however and the borrower needs to document the discrepancy.

Lenders will also do some last minute checking on you just before they issue your loan funds. What sort of checking? You can sign your closing papers and you think it’s just about over but some lenders will contact your lender for a last minute employment check, making sure you’re still working. Some lenders will also do a last minute credit check to see whether or not you’ve opened up any new credit accounts. This might seem a bit sneaky but lenders do have your permission to make such queries, they just might not make them in the manner you might expect.

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