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Written by Chris Birk Updated on November 01, 2023

VA Loan Contract Guidelines

The journey to homeownership can oftentimes cause would-be homebuyers to run the gamut of emotions — from excitement to nervousness and everything in between. As the homebuying process transitions and you are under contract, it is important to remember the process is not over and there is still work to be done before celebrating.

What to Avoid:

Although rare, some homebuyers can lose focus once they are under contract. This can result in some delays to the financing process or even result in losing the opportunity to secure a loan. Your Home Loan Specialist will instruct you on important things to maintain once you are under contract.

Veterans United will review your credit inquiries, bank statements and pay stubs to determine if you have debts that were not disclosed on the application. From the time you apply for the loan to the time you close, we advise you do not apply for any new debts – including co-signing on a note, buying or leasing a vehicle and refinancing other notes – without consulting your loan officer.

While Under Contract:

  • Avoid taking on new debt, such as buying a car
  • Consider putting off job changes
  • Don't move money around or change banks
  • Keep on top of your bills and don't miss a mortgage payment
  • Be mindful of credit card limits

Even though your loan may still close, your closing could be delayed while additional documentation is obtained as we work to verify all your information. If the new debt increases your debt load, there is an increased risk of changing your debt to income ratio and effectively ending your chance to purchase the home you have selected.

While this information may cause some trepidation, if you stay on track and follow the guidance of your Home Loan Specialist, you have little to worry about. If you have any questions about these possible hiccups, please do not hesitate to contact your dedicated VA Loan specialist.

The journey to homeownership is one of the most rewarding milestones in life. Review all the steps in the VA Loan process in our next section.