Military Homebuyer Colorado Springs January 2014 | Page 15

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Five Mistakes That
Can Kill Your VA
Home Loan

EVEN WITH TODAY'S
SOPHISTICATED COMPUTER
TECHNOLOGY, MISTAKES
AND OVERSIGHTS CAN
STILL OCCUR—BUT MOST
PROBLEMS ARE PREVENTABLE

APPLICATION
ERRORS

CHANGE IN
EMPLOYMENT

CHANGE IN
CREDIT

BORROWER
DELAYS

Double-check your
loan paperwork.
Most mistakes are
caught early on
and can be easily
fixed, but you don't
want something
slipping through the
cracks. Underwriters
are sticklers for
accuracy. Income
that cannot be
verified, debt that
wasn't disclosed or
even minor errors
like family size can
turn into problems
later. Sometimes the
problem creates a
delay; sometimes
it's a deal breaker.

Keep your
employment
consistent
throughout the
loan process. If a
change is necessary,
be sure to talk to
your loan officer.
An underwriter may
consider income
from a new job to
be unreliable, so
it's important to
plan ahead. Even
a good career
move may trigger
a whole new set of
documentation and
verifications.

Before your
loan closes, the
underwriter will
re-verify your
credit to make sure
you didn't lease a
yacht, default on
your car loan or
do something else
that could affect
your approval. Even
little things can
throw up red flags.
Avoid credit checks
whenever possible
and resist the urge
to take out any new
debt until your loan
h