VA LOAN CAPTAIN BLOG & Learning Center

What Happens When Your Offer is Accepted?

By: Grant Moon 06/29/13 09:24 pm

What Happens When Your Offer is Accepted?

You’ve done the fun part, shopping for your home. Some time ago, when you began your quest to buy a home using your VA home loan benefit, you first received your preapproval from a VA-authorized lender. You documented your loan application with things such as pay check stubs, bank statements and income tax returns.

You decided how much you wanted to borrow and the approximately sales price of your future home and started shopping. Depending upon your own requirements, local inventory and real estate market, you may have found a home in a matter of weeks or you could have taken much longer, with the average home buyer taking four months to find a home. But now you’re offer is accepted. What can you expect?

The first consideration is to make sure nothing changes regarding your personal finances, income or bank accounts. When you complete a VA loan application, your preapproval is based upon the information on the application and if anything significant changes, your loan approval might be in jeopardy.

One of the most important things to keep the same is your monthly obligations. Don’t go buy a new car or finance other purchases after you’ve received your loan approval. Unless your application shows a new employer on the horizon with a specific start date, don’t change employers. Keep a solid eye on your bank statements and avoid any casual deposits that don’t match up with your regular income. If a rogue deposit shows up on one of your bank statements, be prepared to document the source of the deposit, regardless how small the deposit actually is.

VA lenders are approved using your income, debt obligations and credit report. When your loan is approved and your contract is accepted, keep it steady as she goes. No changes, no surprises. That way, you won’t experience any surprises on your loan approval, either.


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