get pre-approved for a va loan- irrrl.org

Get Pre-Approvedfor a VA Loan

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The first step to start a VA Home Loan is a pre-approval from a VA approved lender. To be ableto obtain a pre-approval and to get pre-qualified, you will need to fill out the VA loanapplication with a VA approved lender and beready to produce any relevant information theymay need from you, such as your Certificate ofEligibility also known as COE. You can find VAapproved lender in any of the 50 states bysearching the VA website.



VA Loan Pre-Approval Process

Before taking the plunge and submitting a pre-approval request determine the loan amount youwish to borrow. To avoid going too far outside yourbudget, or over paying consider getting two letters,one for the maximum amount the lender is willing toloan, and one for the exact price you want to offer ona specific house. This can help avoid the seller tryingto get more money out of you, if they know whatyour maximum loan amount is. Almost all approvedVA lenders will be more than happy to help provideyou with both pre-approval letters.



Denied by the Seller

Rejections, whether it’s a boyfriend or girlfriend, or ahouse you fell in love with, it’s never an easy thing. If aseller rejects your VA pre-approval it could mean theseller’s broker has refused to work with VA loans. Don’ttake it too hard, it’s most likely not the seller’s faulteither. Unlike a traditional loan when you use a VA loan,at closing they will receive the funds that are required bythe real estate contract, but the VA loan guidelines do notallow broker fees to come from the buyer, so it’s possiblethat the broker refuses to work with VA loans. Also, keepin mind that the appraisal must match or exceed the saleprice of the home, so you could be rejected if you offeredtoo little as well.



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C L I C K H E R E



Justin McHood is Americas MortgageCommentator and has been providing

Mortgage commentary for over 10 years.

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get pre-approved for a va loan- irrrl.org

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