Completing Your Pre-Approval Packet

Once you have consulted with a VA Home Loan Specialist regarding the best option for your specific VA Loan needs, you will be asked to complete a Pre-Approval Packet before any work can begin on your home loan. This Pre-Approval Packet is also known as a RESPA (Real Estate Settlement Procedures Act) Packet. RESPA is a consumer protection act that prevents consumers from being unfairly charged with unnecessary costs associated with real estate settlement services, such as referral fees, kickbacks, etc.

See our complete List of Pre-Approval Packet Pages with Instructions.

RESPA not only protects consumers by requiring that information be disclosed to them, but also by prohibiting certain practices of providers that can increase the settlement service cost. An example of such a cost may be an attempt by the provider to charge the consumer for a service that was not actually provided.

Returning Your Pre-Approval Packet

It is imperative that borrowers complete the Pre-Approval Packet and return it as quickly as possible so that your VA Loan Officer can begin working on your VA Home Loan. Without proper completion and return of your Pre-Approval Packet, your VA Home Loan cannot be approved. If you have questions about the Pre-Approval Packet, contact a VA Mortgage Center.com Loan Specialists for assistance at 800-405-6682.

Inside your Pre-Approval Packet, you will find a comprehensive list of everything you will need to provide to us in order to begin your VA Loan. In order to obtain a loan, we will need to verify employment, your assets, or any rental history that you may have. Some of the basic things that we will need provided are:

• A copy of your picture I.D. as well as your Social Security Card
• A copy of your most recent pay stubs showing 30 days of income
• A copy of your VA awards letter
• A copy of your most recent W-2's
• Employment information

Once we have received this, along with some other basic information, the loan process can begin and you can start looking for your future home.

More on RESPA

RESPA can further protect consumers by requiring that certain information be disclosed to consumers at particular points in time. This includes information such as specified costs associated with the settlement, relationships between other providers associated with the settlement service, etc.

The Real Estate Settlement Procedures Act (also referred to as "RESPA") was passed by Congress in 1974. The RESPA Act was created to protect consumers from lenders and realtors that engage in illegal relationships (such as providing an under-the-table payment for referrals), which ultimately drives the price of the house up. RESPA prohibits any illegal relationships between lenders, insurance companies, or realtors in order to keep the housing market prices fair to all consumers. A RESPA is required to provide a good faith estimate on what the total cost of the loan will be to the lender upfront and will also tell the consumer where the fees are going.

In order for our experienced lenders to begin working on your VA Loan, all potential borrowers must fill out and sign the Pre-Approval Packet that has been sent to them. Once we receive the signed and completed Pre-Approval Packet, your VA Loan Specialist will begin the process of issuing your VA Loan.