One of the very first steps in the VA home loan process is to get your pre-approval from a VA approved lender. In order to get pre-approved, all you have to do is fill out the online VA loan application with your VA approved lender and provide your VA-approved lender with your COE. You can find VA approved lenders on the VA.gov website.
VA Home Loan Pre-Approval Process
Before you submit your pre-approval be sure you have somewhat of an idea of how much you want to borrow. If you were to request and receive a letter and you’re pre-approved for the maximum allowed amount (usually around $415,000.00) and you fall in love with a house that is significantly lower than your pre-approval. You don’t want the seller to know you’re approved for the full maximum amount when they’re selling their house for less. Could be an easy way for the seller to try to get more money out of you before the closing date. To avoid this potential situation it’s a good idea to get two letters from your lender. One for the maximum amount you’re qualified for and one for the exact amount of your offer on the house you’re interested in.
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If I get a VA Home loan, can a seller not accept?
When a seller rejects a VA home loan pre-approval it’d usually because of the seller’s broker. At the closing, the broker receives any funds that are required by the contract, but the VA loan guidelines will not allow broker fees to come from the buyer, therefore the seller adds the broker’s fees into the price of the house. Because of this, many brokers will try to sway sellers to reject VA pre-approvals.
Take a few minutes to speak with one of our VA home loan experts and find out how the VA home loan program could help you.
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