VA Application, Qualification, and Approval - FAQ's
Follow the links below to find the information you are searching for regarding how to apply for VA Loans, as well as VA Home Loan qualifications and the approval process.
- What kind of information will I need to know to complete the application?
- Is my information completely confidential?
- How long will it take to fill out an application over the phone?
- How long does it take to get pre-approved for a VA Loan?
- If I get pre-approved through you, do I take that approval to my bank to get my VA Loan?
- Who should I contact once my loan is in process?
- What is the difference between being pre-qualified and being pre-approved?
- How do I know how much I qualify for?
- Does the pre-qualification package obligate me to anything?
- How hard would it be for me to get pre-approved for more than I originally asked for?
- How soon should I apply for a VA Loan if I do not yet have a house in mind?
- How far in advance should I get pre-approved?
- Was your question not answered?
What kind of information will I need to know to complete the application?
You will need to know both personal and financial information. You will be asked for most of the following information, and possibly some more detailed questions as well:
- Employment history for two years and current income including base salary
- Commissions or bonuses
- Any alimony or child support that you would like to be considered, dividends, etc.
- Asset information including retirements funds, savings, CDs, etc.
- Personal information such as your Social Security number, birthday, current address, and address history for the past 2 years
- For information about VA Loan Eligibility, check out VA Loan Eligibility FAQ's.
Is my information completely confidential?
Yes, your information is secure and confidential. It is not shared with any parties that are not involved in your specific loan and the closing process.
How long will it take to fill out an application over the phone?
You should allow at least 15 - 25 minutes for a phone application, although it may not take that long. If you have to stop in the middle of the application, just call your loan officer back when you have sufficient time, and you can complete it then. To get started on your application now, contact a VA Loan Specialist.
How long does it take to get pre-approved for a VA Loan?
It can take less than an hour for a VA Specialist to get you qualified for your VA Loan. Your VA Loan Specialist has to take the application, check your credit, and calculate your debt-to-income ratio (what you pay out per month vs. your monthly income). After completing this process, you will be called back and informed if you are pre-approved and for how much.
If I get pre-approved through you, do I take that approval to my bank to get my VA Loan?
No, we are a one-stop VA Loan bank. We approve you and go through the entire process with you, from the application to closing.
Who should I contact Once my loan is in process?
Once your loan is in process, you will still be in contact with you loan officer up until the day of closing. He or she will be your primary contact through the entire process.
What is the difference between being pre-qualified and being pre-approved?
Being pre-qualified means you are qualified based on the information you presented on your application. Being pre-approved means you are approved based on supporting documentation, such as pay stubs, W2s, and bank statements.
How do I know how much I qualify for?
Qualification is based on many factors. Assuming your credit is sufficient to qualify you, your income will be examined. Normally, with good credit, your debt-to-income ratio (what you earn a month versus what you pay out per month, including your new house payment) cannot exceed 50%. To calculate your debt-to-income ratio, divide your monthly debt obligations by your total monthly earnings and multiply the result by 100. The best way to find out your exact debt-to-income ratio is to call a VA Loan Specialist and have him or her crunch the numbers for you.
Does the pre-qualification package obligate me to anything?
No, you are not obligated to anything until the day of closing when you sign the documents and take the key.
How hard would it be for me to get pre-approved for more than I originally asked for?
That depends on your income, assets, and credit history. Normally, your loan officer will get you approved for what you ask, and there is generally a cushion in case you want to get approved for a higher amount. If this comes up, call your officer immediately and he or she can tell you on the phone whether or not you will be approved for the higher amount.
How soon should I apply for a VA Loan if I do not yet have a house in mind?
You can get pre-qualified at any time for your VA Mortgage, even without a property or house in mind. Many times this is the best way to go because it allows you to look for a new home with the knowledge of how much you can afford. Additionally, you will be able to foresee any potential problems before you have a contract.
How far in advance should I get pre-approved?
We recommend getting pre-approved as early as possible once you start looking into buying a home. The pre-approval lets you know you are qualified for a loan and gives you plenty of time to settle any disputes found on your credit report and anything else that could hold up the process. The earlier you complete these tasks, the smoother the process will be once you find a home.
VA Loan Specialists
If you have questions, or if you want to determine if a Veteran Home Loan is actually the best financial decision for you, you may get advice from a VA Mortgage Specialist online or call 800-405-6682.
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