One of the first steps in obtaining a VA Home Loan would be to receive your pre-approval from a VA-Approved lender. To find a lender, you’ll want to research many different lenders as not all lenders will offer the same rates and guidelines when it comes to the VA home loan program. You want to make sure your lender is also VA approved. Click the link below to start your lender search today. Once you’ve found an approved lender, fill out your VA loan application and provide your lender with your COE. Your Certificate of Eligibility or COE can be found on the VA website.
The Pre-Approval Process
Before submitting your pre-approval be sure you have a ballpark range of how much you want to borrow. It’s also a good idea to get two different pre-approval letters from your lender, one for the exact top dollar amount you’re approved for and one that is for the specific amount of the house you’re interested. For example, if you’re approved for the maximum amount allowed, which is usually around $415K and you find a house for a significantly lower amount, say $205K, you don’t want to apply for that house with your letter that shows you’re approved for $415K. Doing so could cause the seller to try and negotiate a higher amount since you’re approved for a higher amount. It’s imperative the seller doesn’t know your top dollar approval. Just ask your lender for 2 pre-approvals and they can get you both.
Can a Seller Deny my Offer?
Well, to be honest, a seller could deny an offer if they felt the offer was too low, but if a seller denies a VA home loan pre-approval it’s usually not the seller’s choice, but their broker’s. Broker’s usually receive any funds required by the contract at closing, but the VA guidelines don’t allow broker fee’s to come from the buyer so broker fees are included in the home price, because of this reason is why many brokers will attempt to sway a seller away from VA borrowers.
Take a few minutes to speak with one of our VA home loan experts and find out how a VA home loan could help you. Click the button below and within minutes you’ll be matched with a qualified VA lender eager to help you with all your VA home loan needs and answer any questions you may have. It’s quick and easy and only takes a few minutes to get started. Best of all it’s free!