VA Mortgage
May 2, 20172 min
To process your VA home mortgage loan quickly, it’s important that we have an accurate representation of financial obligations other than your VA home mortgage loan so we can determine if you qualify for a new VA mortgage loan or a VA mortgage refinance.
Each time someone requests your credit report, an inquiry is noted.
The most frequent reason this occurs is in connection with a VA home mortgage loan application for credit, VA home mortgage loan, VA mortgage refinance, VA cash out refinance, etc.
During the loan application process, we continually monitor your credit activity and may pull a new credit report before closing.
New accounts and inquiries can impact your VA home mortgage loan approval as they may represent a change in your VA home mortgage loan.
You must qualify for any new accounts each time someone requests your credit report and will be asked to provide a written letter of explanation connected with additional credit inquiries incurred during your VA home mortgage loan application.
To do so, the best VA mortgage lenders require you to provide accurate information related to your VA mortgage loan about your financial obligations.
What we need you to do:
1. Review the inquiries listed below that appeared on your credit report at the time you submitted your loan application. If any inquiries resulted in a new account, debt, payment obligation, etc., please complete the information requested below. Provide a billing statement indicating the balanced owed and monthly payment to expedite your loan process.
2. Review the Liabilities Section of your Uniform Residential Loan Application. If you have an account that is not listed on your loan application, you must disclose it to us on this disclosure by completing the requested information below AND provide documentation from the creditor showing the monthly payment and outstanding balance. Remember, any additional debts or obligations disclosed on this disclosure or undisclosed, can impact your loan approval.
*Acct Type: Mortgage, Loan, Line of Credit (HELOC), Credit Card, etc
By signing the disclosure, you certify the liabilities section on your VA mortgage loan application and additional information regarding your inquiries is accurate and complete. Your failure to do so may result in civil liability or criminal penalties.
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