Prequalification helps lenders achieve three main goals:
A mortgage pre-qualification can be useful as an estimate of how much you can afford to spend on your home, but a pre-approval is much more valuable because this means the lender has actually checked your credit and verified your documentation to approve a specific loan amount.
How long does it take to get preapproved for a VA home loan?
Generally, you should allow 30-45 days for your closing from the time a complete file has been submitted to Processing.
With a VA mortgage, the VA requires that their appraisers be given 10 days to complete the report.
Getting Pre-Approved for a VA Home Loan.
With this program qualified veterans can get a mortgage loan through a VA-approved lender. Some qualified veterans can obtain this loan with no down payment, low closing costs, fewer fees or a lower monthly payment than if they went to a traditional lender.
How do I qualify for a VA loan with bad credit?
In most areas, the FICO Credit Score must be a least 620. However, there are VA loans for some borrowers who have no credit score or even a score less than 620. If you are without credit, qualification is determined based on past payment history of rent, car insurance and other regular monthly expenses.
How do I use my VA home loan?
Eligibility Requirements for VA Home Loans.
Get a Certificate of Eligibility.
Find a Home and Sign a Purchase Agreement.
Apply for your VA Loan.
Then the Closing.
The Veterans Administration does not have a minimum required credit score for a VA loan.
However, lenders set their limits on credit scores. Many lenders will require a 620 credit score for VA, but some are able to go down to 580.
You do not have to pay mortgage insurance with VA loans either.
Buying a home is a multi-step process, and everyone’s journey is different. Most VA loans close in 40 to 50 days, which is standard for the mortgage industry regardless of the type of financing.
Contact us today for your VA Loan and VA home loan pre approval.