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Steps to Owning a Venice, 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 Venice, 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 Venice, 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 Venice 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 Venice 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 Venice, 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 Venice, 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 Venice home.

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    Venice (/ˈvɛnɪs/, VEN-iss; Italian: Venezia [veˈnɛttsja] (listen); Venetian: Venesia, Venexia [veˈnɛsja]) is a city in northeastern Italy and the capital of the Veneto region. It is situated on a group of 118 small islands[3] that are separated by canals and linked by over 400 bridges.[3][4] The islands are located in the shallow Venetian Lagoon, an enclosed bay that lies between the mouths of the Po and the Piave rivers (more exactly between the Brenta and the Sile). In 2018, 260,897 people resided in the Comune di Venezia, of whom around 55,000 live in the historical city of Venice (centro storico). Together with Padua and Treviso, the city is included in the Padua-Treviso-Venice Metropolitan Area (PATREVE), which is considered a statistical metropolitan area, with a total population of 2.6 million.[5]

    The name is derived from the ancient Veneti people who inhabited the region by the 10th century BC.[6][7] The city was historically the capital of the Republic of Venice. The 697–1797 Republic of Venice was a major financial and maritime power during the Middle Ages and Renaissance, and a staging area for the Crusades and the Battle of Lepanto, as well as an important center of commerce (especially silk, grain, and spice) and art in the 13th century up to the end of the 17th century. The city-state of Venice is considered to have been the first real international financial center, emerging in the 9th century and reaching its greatest prominence in the 14th century.[8] This made Venice a wealthy city throughout most of its history.[9] After the Napoleonic Wars and the Congress of Vienna, the Republic was annexed by the Austrian Empire, until it became part of the Kingdom of Italy in 1866, following a referendum held as a result of the Third Italian War of Independence.