Woman counting coinsIt is a common dream for veterans to own a home one day and take advantage of the many benefits that VA loans in St. Louis have to offer. Unlike common belief, it is not mandatory for a veteran to get a VA loan. There is a variety of steps and requirements that they need to achieve before getting approval.

While you might have followed all the requirements to the letter, a few last-minute mistakes might result in disqualification or disappointment. Here are three mistakes that you should avoid.

House hunting before approval

In the hype of the moment, most potential homeowners tend to go home hunting even before they get approval for a VA loan. In some situations, you might realize that the home you find is much more expensive than the loan amount that you qualify for. To avoid such tricky situations, seek loan approval first before proceeding to hunt for your dream home.

Quitting your job during the application process

In some cases, new and more lucrative job opportunities might show up just before the full approval of your loan. While it might seem inviting to switch to this job, it is wiser to put such jobs on hold. This is because changing jobs in between the application process will most likely result in a loan requalification since lenders will have to evaluate your ability to pay the loan under the new income.

Taking other loans

Lenders take into account your current financial situation and debt history. Therefore, taking huge loans such as auto loans during this process will result in lowering your chances for loan approval. Furthermore, this will dent your credit score making lenders see you as a less credible borrower.

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Landing great mortgage rates is all about proving to the lenders that you are a responsible borrower. It is sad to lose the benefits of VA loans in the last minutes towards approval due to the above errors. Use the above tips and get to have a smooth time applying for VA loans.