Applying for a VA loan? Here is a step by step guide on how to apply for a VA loan. Learn more about how to apply for loans at LendingQuarters.

Are you searching for information on how to get a VA loan? If yes, we've got it for you in the form of a step-by-step guide you can use to make the loan application process faster and less stressful. Read on to learn the ins and outs of applying for a VA loan and everything you can do to qualify for one successfully. 

Step 1- Skip Prequalification and Go Directly to Pre-Approval 

Here's a fact; the housing market is burning hot right now, fueling a housing boom the likes of which the  United States hasn't seen in quite some time. Where before it would take weeks, sometimes months, to sell a  home, in the current booming market, they're selling in hours. As a buyer, that means one thing; skipping prequalification and going straight to pre-approval. 

What's the difference, you ask? Simple. A prequalification letter estimates what you might be able to pay based on some relatively basic financial data. It's not an agreement in any way that a lender is ready to give  you a mortgage. 

On the other hand, a pre-approval letter is a lender saying definitively that, yes, they will loan you money to pay for your home. The letter also explicitly states how much they will lend and the estimated monthly  mortgage payment. (Think of it almost like having cash in hand.) 

The difference, especially to a seller, is significant. In fact, it's significant enough that, in many cases, a seller won't take an offer from a buyer who only has a prequalification letter. In other words, if the seller's choice is between a buyer with a prequalification letter and a buyer who is pre-approval for a VA loan, the pre-approval buyer will almost certainly win. 

Step 2- Give Your Loan Officer Every Detail They Need 

Many folks applying for a VA loan are surprised when the loan officer starts asking relatively personal questions. For example, questions about child support, the state of their marriage, and other details that you might not think matter when applying for a loan.

However, the fact is that all of those questions and the answers you give do matter. Indeed, some could mean the difference between qualifying and not qualifying for a VA loan, which is why you mustn't leave any financial information out. Our recommendation has always been to disclose everything. In most cases, that strategy will serve you well, financially speaking. 

Step 3- Work With Your Loan Officer on Financial Problem Spots 

Many people qualify for a VA loan on their first try, but some don't. That doesn't mean you should give up, but it does mean that you should work closely with your loan officer. They can help devise a strategy that will get your finances looking good so that you qualify down the road. It may take you a little longer to qualify, but you'll be better prepared financially when you do. 

Step 4- Don't Mistake Prequalification for Pre-Approval 

We mentioned this above, but it begs to repeat; a prequalification letter is not nearly as powerful a bargaining chip as a pre-approval letter from a lender. If you go to a seller with a prequalification letter in today's crazy-hot market, they might not even want to negotiate with you or take your offer. The market is too hot for them to wait for you when buyers with pre-approval are waiting in line to buy their home. 

If you have a prequalification letter, great! That's a significant first step. But it's just that, a first step. Frankly, it tells a seller and agent that you're not ready to buy, at least not yet. If you find your dream home, but all you have is a prequalification letter, there's a good chance you'll lose it and have to settle for something else. 

Step 5- Once You're Pre-Approved, Get Moving and Find a Home 

Typically a pre-approval letter from a lender is good for 90 days. While that may seem like a lot, it's actually not. That's why, once you're pre-approved, you need to get out there and actively search for your new home. Let's face it; you don't want to go through the loan approval process a second time. Plus, in this market, good homes are being swallowed up fast! 

LendingQuarters provides our visitors with access to the mortgage industry on demand. The platform empowers our customers with resources about the mortgage process and offers live contact options with a mortgage professional. Before the home search begins it’s important to know your budget. Our approach ensures there is someone to assist 7 days a week. Our best ability is our availability.If you have more questions about qualifying for a VA loan, visit our website to learn more.