Timeline of Events
Steps to Owning a Bureau Junction, IL Home with a VA Loan

STEP 1: Pre-Qualify

It’s important to pre-qualify because it helps you know how much of a home you can afford. This is a step that no borrower should skip. It can help you narrow down your search for a home by eliminating the homes you can’t afford, saving you both time and money. Our Bureau Junction, Illinois VA mortgage team can help you prequalify. We will ask you questions about your credit history and income and can even run a quick credit check (with your permission). We will also help you get together the documents that show that you qualify for a VA loan in Bureau Junction, IL. Pre-qualifying doesn’t guarantee approval, but it gives you a good idea of what you can borrow if you are approved. It can also help you identify potential problems with your application and reduce unpleasant surprises.

STEP 2: GET PREAPPROVED

A pre-approval is like pre-qualification, but it takes the process a step further. Pre-approval verifies certain things about your finances. Pay stubs, employment history, tax returns, proof of real estate holdings, and bank and investment statements will be required for this step of the loan process.

  • Bank/investment statements
  • Employment history
  • Pay stubs
  • Proof of real estate holdings
  • Tax returns/W2s

Once all your documentation has been verified, you will receive a pre-approval letter. It will show that you’ve started the process of applying for a Bureau Junction VA loan and will tell how much of a loan you can afford.

STEP 3: FIND A HOME AND MAKE AN OFFER

At this point, it’s time to begin your search for a Bureau Junction home. You should work with a realtor to find a property that’s right for you and within your price range. Once you find the home that’s right for you, you’re ready to make an offer and work on negotiating a contract with the seller. It is essential that your real estate agent is familiar with VA loans in Bureau Junction, IL  and can help you with the contract so that it works to your advantage. Once you’re under contract for a home, your loan officer will order an appraisal for the property. The VA assigns an appraiser to complete the job. Homes have to be move-in ready (with any problems fixed) before the loan closes. The VA has strict guidelines about the condition of homes purchased with a VA loan in Bureau Junction, IL.

STEP 4: UNDERWRITING AND CLOSING At this point, the loan underwriter will verify your financial information and make sure that all the paperwork meets the VA’s guidelines for its loans. Once the loan is approved, you’ll set a closing date to sign the necessary paperwork and move in to your new Bureau Junction home.

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    Bureau Junction, usually called Bureau, is a village in Bureau County, Illinois, United States. The population was 322 at the 2010 census.[3] The village name is shown as both “Bureau Junction”[4] and “Bureau” on federal maps,[5] and is commonly called “Bureau”, including by phone companies[6] and the United States Post Office.[7] It is part of the Ottawa–Streator Micropolitan Statistical Area. Bureau Junction was the point where the Rock Island Line railroad’s branch line to Peoria split. Track west and south of Bureau is operated by Iowa Interstate, while tracks east to Chicago were formerly operated by CSX but are currently leased to Iowa Interstate.

    The village is named for Michel or Pierre Bureau. Their original surname was probably Belleau, but local aboriginals may have had difficulty pronouncing the “l” sound. One or both of the brothers ran a trading post near where Big Bureau Creek empties into the Illinois River from 1776 until 1780 or 1790.[8][9] A man named Buero, of mixed French and Native American descent, and possibly a descendant of one of the earlier Bureau brothers, was operating in this area as a fur trader in 1821.[10]