For Veteran and military homebuyers, this journey doesn’t look much different than the process for other types of home loans. The big differences come in more when you look at the advantages VA loans offer, from $0 down payment and no mortgage insurance to flexible credit guidelines and the industry’s lowest average interest ratesrates.
You’ll go through a private lender, like a bank or mortgage company, to get this loan. We’ll guarantee part of the loan against loss, which will allow your lender to give you better loan terms, like the option to pay no down payment.
How VA Home Loan Approval Work ?
When seeking a mortgage, it’s important for you and your lender to know you’re well-qualified financially, but there’s an extra step when it comes to VA loans.
VA Home Loan Pre-Approval Requirements
- Served 181 days during peacetime (active duty)
- Served 90 days during war time (active duty)
- Served 6 years in the Reserves or National Guard or 90 days under Title 32 duty, at least 30 of which are continuous
- Survived a spouse who was killed in the line of duty
Steps to Get Approval for VA Home Loan
- Gather your financial documents.
- Choose a VA lender.
- Fill out an application.
- Get your COE.
- Speak to a VA loan officer.
- Receive your VA loan preapproval letter.
You should also include the preapproval letter in any offers you submit. This can give sellers more confidence in your offers — not to mention your ability to purchase their home quickly and without issue.