veteran home loans

VA Loans

How to Get Pre Approved for a VA Home Loan

How to Get Pre Approved for a Veteran Home Loan with the VA

While a loan approval is never guaranteed, getting a preapproval on your veteran home loan tells agents and sellers alike that you are one step away from homeownership. The stakeholders can then also see the correct financial picture. That brings confidence in the whole process. You begin to be taken far more seriously. So let’s look at how to get preapproved for a veteran home loan!


Preparing for Pre Approval for Veteran Home Loans

Basically, your financial information is going to be verified. Then, a decision will come based on that information. This documentation required includes:

  • A government-issued photo ID
  • Most recent pay stubs
  • W-2s and federal tax returns from the past two years
  • Childcare cost statement, a divorce decree, etc.


Typically, an automated system is employed to arrive at the preapproval status. If that does not work in your case, manual underwriting would be required. It’s important to note that several other factors are also considered.


Your Credit Score

You need at least a credit score of 620 to begin to qualify. While there is no number set in stone, 620 is the standard number that is used across the industry. However, a low score does not automatically preclude you from preapproval for a veteran home loan.


Income Number/Employment

While the perfect borrower would have at least two years of full-time employment that is stable, there are no set standards. Essentially, lenders want to determine the reliability of your source of income, if it will continue, and if there would be sufficient money left over to pay your mortgage. If you are self-employed, get ready to be vetted more thoroughly.


The Debt Number & Debt to Income Ratio

Of course, debt is expected to be seen in your application. In fact, having some allows you to show how good you are at paying it off regularly. However, your debt to income ratio cannot be super high. Those with debt to income ratios of no more than 41 percent are ideal in VA’s book.


Get Your Pre Approval

Our loan experts at Mortgage Solutions Financial work closely with veteran home loans and can answer your questions regarding the process of pre-approval. Contact us today to discuss your financial situation and start your pre-approval process so you can start shopping for your dream home.