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Veterans Affairs 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 know what lenders look for in potential VA loan candidates.
To get preapproved for a VA loan, it requires you to check your eligibility and gather documents, including:
Your lender will need documentation to verify the following:
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.
Ask your lender why your VA loan preapproval was rejected. You may need to raise your credit score or improve your debt-to-income ratio. You can also try applying with a different lender with more lenient loan requirements.
Getting preapproved for a VA loan can help you determine the type of home you can afford and accelerate your path to homeownership. Explore your options among VA loan providers to find the loan that best meets your needs.
Here’s where to get financial help for yourself and your business if you’ve been affected by the storm in February 2021.
The White House announced new changes to PPP loans, helping the smallest businesses and opening access to people with student loan defaults or nonfraudulent felony convictions.
Small lenders continue to offer a lifeline to small businesses for First and Second Draw loans.
Earn flat rewards on all of your purchases.
Compare 6 lenders to find one that’s a good fit for your needs.
Is it time to refinance your FHA to a conventional loan?
A standard connection service that works with lenders that offer large loans.
A lender who primarily offers loans to underserved small business owners.
Some PPP borrowers can get another round of funding through community lenders — though not all can qualify.
You only have until the end of March to get your next application in.