How Do I Get Pre-Qualified for a VA Home Loan?
The Veterans Administration created a loan program specifically for veterans to give those who served our country the ability to purchase a home with no down payment and lower credit score requirements than conventional mortgage options. To be pre-qualified for a VA mortgage, the veteran must complete certain paperwork with a VA approved lender.
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Things You'll Need
- Certificate of eligibility
- Discharge papers (if applicable)
- Bank statements
- Pay stubs
- Tax returns
Instructions
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Fill out a Uniform Residential Loan Application with a VA approved lender. You will be required to provide your full legal name, Social Security number, date of birth, and two years residence and employment history.
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Provide the lender with two months bank statements (all pages), two months pay stubs, two years tax returns, your certificate of eligibility, and discharge papers (if applicable). Other documentation may apply, depending upon your financial situation. This can include, but is not limited to, divorce decrees, retirement accounts, and Social Security payment information.
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Allow the lender to process your paperwork and check your credit by signing a Borrower's Authorization and Certification form, provided to you by the lender.
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Wait for the lender to process your paperwork and tell you what loan amount you will be pre-qualified for with the Veteran's Administration. The lender should be able to pre-qualify you within a 24- to 48- business hour period.
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Tips & Warnings
Provide your lender with as much information during the application process as possible. This will allow the lender to process your application completely and give you the most accurate answer to your pre-qualification status.
A pre-qualification does not mean that you will automatically be able to close the mortgage at the end of the process. Any other variable in the process could impede closing, including the property itself or the seller, if you are purchasing a property.
References
Resources
- Photo Credit Tomb of the Unknown Soldier, Arlington National Cemetery USA image by p_gangler from Fotolia.com
