Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure

How to get preapproved for a VA loan

5 steps to apply for preapproval for this government-backed loan

Veterans Affairs mortgage loans offer military members and veterans lending options with no down payments and low interest rates. Getting preapproved can help facilitate the lending process, but you’ll need to meet your lender’s eligibility requirements. And requirements can vary, so comparing VA mortgage lenders is vital to finding the right fit for you.

Preapproval basics for a VA home loan

The preapproval process may differ slightly between lenders, but the basics are the same.

Step 1: Check your credit

While there’s no set standard for VA loan credit requirements, lenders typically expect VA loan candidates to have a minimum credit score of 620.

Step 2: Compare lenders

Not all lenders are qualified to offer VA loans. Explore your loan options by comparing a lender’s fees, rates and online reputation.

Step 3: Get a Certificate of Eligibility

Once you’ve found a lender you like, you’ll need to apply for a Certificate of Eligibility (COE) to verify your veteran status. Apply online, by mail or through your lender.

Step 4: Fill out the application

Follow your lender’s preapproval process, which could be as simple as filling out an online application or may require you to meet with a loan officer. Keep in mind that if the lender requires a hard credit check, this process could lower your overall credit score by a few points.

Step 5: Gather documentation

Your lender requires a number of documents to complete the preapproval process, including bank statements, W-2s and tax returns.

VA mortgage loan requirements

To be eligible for a VA loan, you must meet one of the following requirements:

  • 90 consecutive days of active service during wartime
  • 181 days of consecutive active service during peacetime
  • Six years in the National Guard or Reserves

Additional requirements may vary from lender to lender, but in general, you’ll need a:

  • Credit score of 620
  • Debt-to-income (DTI) ratio of 41% or lower

Documentation

Your lender will need documentation to verify the following:

  • Employment history. Your lender will ask you to provide pay stubs, W-2 forms and information about your employer to verify your employment history.
  • Income. Be ready to supply tax returns, pay stubs and two months of bank statements to provide proof of income.
  • Military status. VA loan applicants must verify their military status in the form of a COE Military personnel must provide their military identification and documentation of their time in service for eligibility. Veterans are expected to provide DD Form 214, which you can request online through your VA ebenefits account.

Have documentation ready to shorten preapproval times

Loan preapproval can take anywhere from several days to several months, and longer for veterans and servicemembers trying to secure a Certificate of Eligibility. In some cases, it can take up to six weeks to receive your COE, depending on the application method.

While preapproval letters last for typically 60 to 90 days — your COE never expires. So even if you’re rejected by a lender, you can use your COE for your next application.

What happens if I am rejected?

Rejection may sting, but it’s not the end of your chances to get a VA loan. You can ask your lender why your VA loan preapproval was rejected, address the issue and try again. Some of the more common reasons include:

  • Credit score is too low. There are a variety of strategies to improve your credit score, many of which can be accomplished in a relatively short period of time, but it starts with paying your bills on time and adjusting your budget so you aren’t abusing your credit limits.
  • Debt-to-income ratio is too high. Your DTI ratio can be lowered by paying off some of your debt before applying again and finding ways to boost your income.
  • Loan requirements are too strict. While the government provides base requirements for a VA loan, lenders are free to adjust them, which could put a loan out of reach for you. Shopping around may help you find a lender with more lenient loan requirements.

Compare VA mortgage lenders

Compare top brands that offer VA loans by state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.

Name Product Loan products offered State availability Min. credit score
AmeriSave
(NMLS #1168)
AmeriSave
Conventional, Jumbo, FHA, VA, USDA, Refinance
Not available in: NY
620
Great customer reviews and customized rate quotes in three minutes with no SSN needed.
Veterans United
(NMLS #1907)
Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
620
Veterans United stands out from other lenders for its focus on serving the military community.
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
loading

Compare up to 4 providers

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site