Timeline of Events
Steps to Owning a Cowden, 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 Cowden, 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 Cowden, 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 Cowden 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 Cowden 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 Cowden, 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 Cowden, 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 Cowden home.
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Cowden (/kaʊˈdɛn/) is a small village and civil parish in the Sevenoaks District of Kent, England. The parish is located on the northern slopes of the Weald, south-west of Tonbridge. The old High Street has Grade II listed cottages and village houses, and there is an inn called The Fountain. At the 2011 Census the population of the village was 818.[1]
The Romans built the London to Lewes Way across what is now the garden of Waystrode Manor. The first owners of the manor received it from King John in 1208.[citation needed]