Pursuing the six simple steps so you can an excellent Va home loan might help make the techniques go better. Learn the DO’S and you will DON’TS of the optional third step: Prequalifying.

Virtual assistant Loan Prequalifying is amongst the very first measures a borrower might want to simply take when they has actually regarding a great Va-accepted financial. Prequalification are a primary review of your own borrower’s ability to qualify for a loan considering original information regarding money, debt and borrowing from the bank. Prequalifying typically happens ahead of certified documents is actually received and you can reviewed by this new underwriter, which doesn’t make certain financing acceptance.

Since the Virtual assistant mortgage prequalification is not necessarily the same as approval, what’s the property value that it elective action? Basic, prequalifying can give you an effective ballpark spending budget to have home browse. Also, it can help the loan manager score an early on consider the credit and you can money and you will room prospective conditions that you will decelerate the loan. Usually, these issues try minor and certainly will feel fixed by paying away from a vintage obligations otherwise calling a collector to clear up a keen error. (more…)