Military gear

How To Get a VA Mortgage Preapproval

TLDR

What You Need To Know

  • A Department of Veterans Affairs (VA) loan preapproval may take as little as one business day depending on the VA mortgage lender
  • You get preapproved by filling out an application and providing information about your income, assets and credit history
  • VA loans have no limits. Lenders set limits for VA loan preapproval based on the information you provide to your loan officer

Contents

See what mortgage you qualify for

NMLS #3030

*See what you qualify for

We teamed up with Rocket Mortgage to help you get house-hunting sooner! Answer a few questions to get your commitment-free, personalized rate 💸

Get Started by selecting an option below

What kind of loan are you interested in?

What to expect

Tell us what you need and a representative from Rocket Mortgage will give you a call. You’ll have support at every step.

What kind of property do you want to purchase? What kind of property do you own?

Why we’re asking

Rocket Mortgage® can provide a more accurate rate estimate if they know what kind of property you’re interested in.

NMLS #3030
How do you use your property? How would you use this property?

Why we’re asking

Having a little more information upfront helps Rocket Mortgage® provide a personalized rate faster.

NMLS #3030
When are you planning to buy?

Still House Hunting?

Hope you find your dream home soon! In the meantime, it’s never too early to know your rate.

NMLS #3030
Are you a first-time home buyer?

It’s all good:

Whether it’s your first – or second property – Rocket Mortgage® can provide you with a rate estimate.

NMLS #3030
Do you have a second mortgage?

It’s all good

If you have a second mortgage, it’s no problem. Letting us know helps to customize your rate.

NMLS #3030
What is your credit score?

Don’t know your score?

Don’t sweat it! Make your best guess. Credit scores range from 300 (low) to 850 (excellent).

NMLS #3030

Enter your contact info to get your rate

What happens next?

A representative from Rocket Mortgage® will be in touch to discuss your commitment-free, personalized rate. Then you can decide whether you’d like to lock it in!

NMLS #3030
Your information has been sent!

A home loan expert from Rocket Mortgage® will reach out to you soon with your personalized rate.

Your information has been sent!

A refinance expert from Rocket Mortgage® will reach out to you soon with your personalized rate.

In the meantime…

Explore our money-making (and money-saving) resources.

To thank veterans for their service, the Department of Veterans Affairs (VA) helps to guarantee VA home loans made by lenders like banks, credit unions and online lenders. When you start shopping for a home with a VA loan, you may find several lenders in your area that offer VA loans.

If the program seems like a good fit, you first need to apply for VA mortgage preapproval. This guide explains the preapproval process and offers tips for making the buying journey a little less stressful.

What Is a VA Home Loan?

VA home loans are a bit different from conventional mortgages because they’re a benefit of military service, exclusively for veterans, active military and eligible surviving spouses. With a VA loan:

  • Your interest rate may be equal to or slightly lower than a conventional loan.
  • The VA home loan program doesn’t require a down payment.
  • You don’t have to pay for mortgage insurance. However, you will have to pay an upfront VA funding fee of 1.4% – 3.6% of loan value or $1,400 – $3,600 per $100,000 borrowed.[1] If you don’t have it now, the fee can be added to your closing costs.
  • You don’t have to worry about reaching a government-mandated minimum credit score. You may be able to qualify for a VA mortgage even if you don’t have a good credit history or you’re rebuilding your credit.
256,000

Number of borrowers approved for VA home loans in the first quarter of 2022.[2]

How Does VA Home Loan Preapproval Work?

Getting VA loan preapproval is an important step because it helps you understand how much you can spend on a home. Sellers also like to work with preapproved buyers, as they know there’s a good chance you’ll qualify for a mortgage.

While the process may vary by lender, the VA preapproval process usually goes something like this:

  • Check your status: Confirm that you meet the eligibility requirements for a VA loan and obtain a Certificate of Eligibility (COE) from the VA.
  • Do some recon: Research approved VA mortgage lenders online and speak with a loan officer at your local bank or credit union.
  • Fill out the preapproval application: Once you’ve selected a lender, you’ll need to fill out a preapproval application form. You’ll also need to provide documentation related to your credit, income, assets, debt and identity.
  • Sit tight: Wait for the lender to review the application and make a decision. It may take as little as one day depending on the lender.
  • Find your home: Get a preapproval letter and start shopping for your new home with confidence.

Preapproval vs. Prequalification

When a lender preapproves you, they are telling you they are willing to loan you a specific amount of money to purchase a home. They’ll also let you know what kind of interest rate you can expect to qualify for. Preapproval isn’t the same as final mortgage approval, but most people who are preapproved end up getting a mortgage and closing on their loans.

Prequalification isn’t the same as preapproval even though some people use the terms interchangeably. When you get prequalified, the lender lets you know if you’re likely to qualify based on the information you provide, but they don’t verify that information.

The preapproval process is more detailed and carries more weight than prequalification. For preapproval, your lender will pull your credit report and verify the information you’ve provided about your income, debts and assets.

How To Get a VA Home Loan Preapproval Letter

The VA mortgage preapproval process is similar to the process of getting preapproved for any other type of mortgage, with a few important distinctions. To make the process easier, it’s best to start preparing as early as possible. Get ready for the preapproval process by doing the following:

Fill out your COE

For VA loans, you need to get a COE verifying that you meet the service requirements for this type of financing. You can obtain a COE by visiting eBenefits, logging in and submitting a request. You can also contact your regional VA loan office and talk to a VA loan specialist.

The requirements for a COE depend on the type of service you completed. For example, active-duty service members need to get a statement of service and have it signed by their commanding officer or personnel officer.

Depending on when and how you served, you may need to provide a copy of DD-214, a Points Statement or a Statement of Service. These documents help verify that you meet the minimum service requirements for a VA home loan program.

Get your financial documents together

When you fill out a preapproval application, your lender will confirm that all the information is accurate. In addition to your COE, they will ask for a variety of documents to help verify the information you provided about your income, assets and credit history.

Documentation Needed for VA Loan Preapproval

Identity

To verify your identity, your lender will want to see a driver’s license and Social Security card. If you don’t have a driver’s license, bring your state-issued photo ID, a valid U.S. passport or other proof that you’re a legal resident.

Income

Most of the required documentation relates to your finances. Be prepared to provide copies of 1 – 2 months of pay stubs and 1 – 2 years of W-2 forms and tax returns to help the lender verify your income. You’ll also need bank statements and other documents to prove the value of your assets.

Proof of employment

You may also need proof of employment, like a signed letter from your employer, if you’re no longer a service member. If you’re self-employed, you’ll need to provide profit and loss statements and other documentation for your business.

Credit history

During the preapproval process, the lender gets copies of your credit report from the three major credit bureaus. They’re looking for information on your debt load and payment history, and any evidence of previous foreclosures, bankruptcies, evictions or tax liens.

Other documentation

Some documentation requirements are specific to your circumstances. If you’re divorced, for example, you may need to provide a copy of the divorce decree. Borrowers with service-connected disabilities should also be prepared to provide a VA disability award letter, although your lender will verify this for you in most cases.

Pick a VA lender

As a reminder, the VA loan program requires that you use an approved lender. To make your costs as manageable as possible, the first thing to do is compare several lenders based on their advertised interest rates and fees.

Interest rates are important, but the lender with the lowest rate isn’t always the best lender for your needs. If you’re rebuilding your credit, for example, you’ll want to look for a lender that’s willing to work with applicants who have lower credit scores.

When you’re gathering intel on potential lenders, don’t forget about credit unions and online options. Traditional banks offer many types of loans, but they’re not the right match for everyone.

Submit your preapproval application

Now, it’s time to submit your preapproval application. It’s vital that you follow the instructions to the letter. Failing to provide requested information can lead to preapproval delays and make the process more frustrating than it needs to be.

If you give the lender everything they want, you may get your preapproval decision in as little as one business day.

Your VA home loan preapproval letter has arrived

You did it! You completed the preapproval process and have a shiny new VA mortgage preapproval letter in hand. Now, you can start shopping for a home.

The main benefit of preapproval is that you’ll know exactly how much financing you can expect to receive and what your interest rate will be, making it easier to find relevant listings.

Your preapproval letter also makes you a more competitive buyer than someone without preapproval or someone with prequalification. This lets sellers know you’re likely to qualify for a loan.

Just keep in mind, your preapproval letter won’t last forever. Most preapproval letters expire after 60 – 90 days, so make sure you get your letter when you’re serious about buying. Otherwise, you may have to repeat the process again.

March Into Your New Home With a Preapproval Letter

When you’re ready to make an offer, you need to fill out a formal mortgage application. An underwriter verifies the information and decides whether to risk loaning you money to purchase a home.

While underwriting is in progress, you don’t want to give the lender any reason to deny your application. Maintain your good financial habits by making payments on time, avoiding new debt and remaining employed.

See What Mortgage You Qualify For

Answer a few questions to get your commitment-free, personalized rate 💸

What do you want to do?
Learn more about this form
What kind of property do you want to purchase? What kind of property do you own?
How do you use your property? How would you use this property?
When are you planning to buy? It’s okay if you haven’t found a property yet!
Are you a first-time home buyer?
Do you have a second mortgage?
What is your credit score?
Determining Your Credit Score
  1. Your credit score is a three-digit number that’s used to predict how likely it is you’ll pay back money you borrowed.
  2. The score generally ranges from 300 (low) to 850 (excellent). It’s calculated by looking at your previous credit history.
  3. You can check your credit report to find the number or use a free credit tool. You can also plug in your best guess.

Enter your contact info so Rocket Mortgage can provide your rate!

You did it!

A home loan expert from Rocket Mortgage® will reach out to you soon.

Nice work!

A refinance expert from Rocket Mortgage® will reach out to you soon.

In the meantime…
Back to the content you came here for! 👍
Feel at Home Make your home feel like home with this handy move-in checklist. ✅
Feel at Home Settle in with home improvement tips & tricks. 🔨
Feel at Home Settle in with home improvement tips & tricks. 🔨

  1. U.S. Department of Veterans Affairs. “VA Funding Fee And Loan Closing Costs.” Retrieved April 2022 from https://www.va.gov/housing-assistance/home-loans/funding-fee-and-closing-costs/

  2. U.S. Department of Veterans Affairs. “Loan Volume by State – VA Home Loans.” Retrieved April 2022 from https://www.benefits.va.gov/HOMELOANS/lender_state_volume.asp

ICYMI

In Case You Missed It

  1. To get a VA mortgage preapproval, you need to meet minimum service requirements as documented with a Certificate of Eligibility (COE)

  2. You can improve your chances of preapproval by taking time to gather documents related to your identity and financial situation

  3. A preapproval letter is typically good for up to 60 – 90 days

You Should Also Check Out…