How to Get Pre-Approved for a VA Home Loan

(Last Updated On: October 1, 2022)

Thinking of buying a home but not sure if you can qualify for a VA loan? You’re not alone. Many veterans and active-duty service members wonder how to get pre-approved for a VA home loan. Fortunately, the process is relatively straightforward and doesn’t take long to complete. Here’s what you need to know about getting pre-approved for a VA home loan.

What Is a Pre-Approval?

A pre-approval is a statement from a lender that says you qualify for a loan up to a certain amount based on your income, employment, credit history, and other factors. Getting pre-approved for a loan gives you an estimate of how much you can borrow and makes you more attractive to sellers since they know you’re able to obtain financing.

Pre-approvals are valid for a set period of time—usually between 60 and 90 days—after which you’ll need to reapply if you haven’t found a home yet. Keep in mind that being pre-approved does not guarantee that you will ultimately get approved for the loan. Once you’ve found a home and are ready to move forward with the loan process, the lender will conduct a more detailed review of your finances and approve or deny your application based on their findings.

How to Get Pre-Approved for a VA Home Loan

The first step in getting pre-approved for a VA home loan is ensuring that you’re eligible for benefits. To be eligible, you must have served on active duty for at least 90 days during wartime or 181 days during peacetime (or less if you were discharged early due to service-related disabilities). You also must have been discharged under honorable conditions. Certain spouses of veterans who died while on active duty or as the result of service-related injuries may also be eligible.

If you’re unsure whether or not you qualify, the best way to find out is by visiting your local VA regional office or contacting them by phone at 1-800-827-1000. Once you’ve established that you’re eligible, the next step is to obtain your Certificate of Eligibility (COE). The COE is issued by the VA and establishes your entitlement to benefits. You can apply online using the eBenefits portal, by mail using the Veterans Online Application (VONAPP) form, or in person at your local regional office.

If you prefer, you can also ask your lender to request the COE on your behalf. Once you’ve received your COE, it’s time to start shopping around for lenders who offer VA loans and compare their rates and terms. Keep in mind that all lenders are NOT created equal; some may offer lower interest rates or fees than others, so it pays to shop around until you find one that best suits your needs. When comparing lenders, make sure they’re licensed by the Department of Veterans Affairs (VA) and accredited by Veterans Affairs Lenders (VA loans), which ensures they have experience lending to veterans and Beltline Rdactive duty personnel.” Conclusion: Applying for a VA home loan may seem daunting at first, but if you follow these simple steps then obtaining financing will be within reach in no time. Start by establishing your eligibility and then obtaining your Certificate of Eligibility from the VA. Next, compare lenders side by side until you find one that offers competitive interest rates and fees. And finally, make sure they’re licensed by the Department of Veterans Affairs and accredited by VALoans so that they have experience lending specifically to veterans.”

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