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 the qualification and approval process.
- What kind of information will I need to know for 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 the loan?
- Once my loan is in process who should I contact?
- 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?
- I was wondering how hard it would 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 have a house in mind yet?
- How far in advance should I get pre-approved?
- Was your question not answered?
What kind of information will I need to know for the application?
You will need to know both personal and financial information. You will be asked most of the following information and possibly some more detailed questions:
- 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, savings, CDs, etc.
- Personal information such as your SSN, birthday, current address and 2 years address history.
- 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 sometimes it can be less. If it is necessary for you 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 loan. They have 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 the loan?
No, we are a one stop VA loan bank. We approve you and go through the entire process with you from application time until closing.
Once my loan is in process who should I contact?
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 is being qualified based on the information you presented on the application. Being pre-approved is being 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 be qualified, they will first look at your income. Normally with good credit your debt to income ratio (what you make a month versus what you pay out in liabilities per month, including your new house payment) can not exceed 50%. You can take what you earn and divide by that by two to figure the amount you have for all your liabilities including your new house payment. The best way to find out 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.
I was wondering how hard it would 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 have a house in mind yet?
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 so you can foresee any problems or catches before you have a contract. This will make the process as smooth as possible.
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 will allow you to know you are qualified for a loan and gives you plenty of time to settle any disputes found on your credit report or know about anything that could hold up the process. The earlier you complete these tasks, the smoother it will be once you find a home.
VA LOAN SPECIALIST
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.
Get Started With Your VA Loan Request
Take the first step toward your VA loan by getting in touch with a VA specialist.
