How To Prepare For a VA Home Loan?



Many veterans know that a VA loan can be an optimal solution for buying a home, but the process of getting one, from start to finish, can be very confusing. The VA Home Loan Guaranty is a program that allows qualified veterans and military personnel to buy a home with little or no money. The following steps will help you effectively prepare for your VA home loan.

Get Preapproval

A preapproval is the best approach to taking out a VA loan, as it will prevent you from having to undergo an overwhelming amount of paperwork and potential delays during the underwriting process. The preapproval process is simple, with no income verification requirements at all; the only thing that could cause a problem for some veterans and military personnel would be if you were submitting an FHA-approved mortgage or another otherwise non-VA-approved loan application. VA loan requirements are very lenient, and there are no income or asset limits on VA loan applicants.


As you know, the VA underwriting process is not as complicated as other loans. You will submit a short form with your banking information, and you will be asked a few questions about your income, employment status, and assets to show that you have enough ability to repay your new mortgage. A good understanding of where you are in life is important during the underwriting process. If you are starting in life or if your income level has been inconsistent in recent years, this could be an issue for VA loan approval; however, if you have stable income sources and plenty of reserves in savings to cover any unexpected expenses, our analysis indicates that your chances are great.

Confirm Your Income Sources

You must submit detailed documentation to verify your income during the underwriting process. The standard is a minimum of two years’ worth of tax returns and W2 forms. In case you have been unemployed for some time, you will need to provide a statement showing that you are actively searching for employment through interviews, applications, or other available means. Your lender may also request recent pay stubs if they feel that your income is lower than what appears on your tax returns.

Have a Credit Report

You have to provide your lender with a copy of your credit report. Your lender can order this report at no charge to you. You should do it before you even begin the application process; if there are any errors or inaccuracies on the report, you will want to take care of them soon as possible.

Seek Home Ownership Counseling

If you are buying a home that you won’t likely be living in very long, the counseling is probably not something that you will want to do; however, if you plan on staying in the home for any significant amount of time, this step should be one of your priorities. Some veterans will benefit from some homeownership counseling; others will not. It depends on your goals and situation as a homeowner.

Understand Mortgage Requirements

VA loans require very little money down, but there are other mortgage requirements that you should be aware of. Lenders must have a minimum credit score of 620. The debt-to-income ratio will be calculated using the VA income limits from your application; this is usually not a problem for veterans.

Prepare for Closing Costs

There are closing costs associated with any mortgage loan. VA loans are no exception to this rule; however, the VA funding fee is much lower than typical closing costs on most conventional mortgages. The VA funding fee is just 2.15% of the loan amount, although there are limits on the amounts you can borrow based on your military status. Unlike most conventional mortgages, the funding fee will be paid out of the loan amount, which will have a large prepayment penalty fee attached to them.

Select a Good Loan Officer

You get what you pay for. The same applies to your VA loan officer; a low-priced VA loan officer does not necessarily mean that they have saved you money; instead, it could mean that they are inexperienced or simply not a good fit for someone’s personality or situation. Paying a little more money can certainly buy you the services of an experienced VA loan officer who is knowledgeable, helpful, and reliable; instead of spending the money, put your VA loan application in the hands of someone well-qualified. The best Loan Shop London UK Over 55

Close your loan and move

After being approved by the insurer, all that’s left to do is close and move on. At closing, ownership is legally transferred from the previous owner to you. Closing is a step that requires you to sign documents confirming that you understand and agree to the terms of the loan. You will need to provide proof of homeowners insurance and, if required, pay closing costs. Once you have signed all of your closing documents, you will get the keys to your new home.

While these steps may not occur in the order above or may be a required part (such as prequalification)*, they represent the typical process for an applicant to obtain a VA purchase loan. Your lender may need to take other steps. For more information about VA loans, contact an experienced VA-approved lender.


In conclusion, VA home loans are the ideal solution for many veterans, and our analysis shows that you will have an excellent chance of successfully taking out a VA loan with little or no money down if you follow these tips.

If you’re ready to get started, or just want to get more information on the process, the first step is to get multiple rate quotes with no obligation. You can then discuss qualifications, debt to income ratios, and any other concerns you have about the process with the lenders.

Author Bio–—Tammy T. Taylor is a full-time content marketing specialist. She has been closely studying the cannabis industry trends for quite some time. She has worked for various domains before coming to the cannabis industry. When she is not working, Tammy likes to work out, try new foods and play with her dog. She is wanderlust and travel across many countries in her life.


Please enter your comment!
Please enter your name here