How Long Does it Take to get Pre Approved for a VA Loan?
Over 22 million veterans achieved homeownership with the help of a va loan. In 2016 alone, 707,107 home loans were guaranteed through the Va nationwide. VA loans are unique in that they do not require mortgage insurance, they are significantly lower rates than non-va loans, and they allow for 100% financing.
The benefits of va loan vs conventional are essentially they are significantly cheaper in the long run. They are more accessible for veterans, and they make the act of buying a home easier. These loans are reserved only for veterans as a benefit of being a veteran and serving the country.
Newer veterans may be wondering how long does it take to get pre approved for a va loan? While veterans and their families may be eager to get approved and get in their new home, there is still a loan process to ensure they are getting a house they can afford in the long-run. The VA loan program is laid out to be simple from pre-approval through payments.
When applying for a va mortgage, you should be prepared with your financial information, including proof of income, debt, and savings. You will be informed through the pre-approval process the price range you should look for when house shopping. Staying within that range is essential for approval, but also for the long-term viability of the home. Buying a home you can barely afford will add unneeded financial stress.
So going back to the question, how long does it take to get pre approved for a va loan? The answer is that the pre-approval process can be very quick if you have all the needed information on hand. The actual loan approval process will be longer because they have to collect more in depth information and ensure that everything is correct and in place.
Home ownership can be a great freedom, but it is also a great responsibility. Being able to finance 100% is great because that means you do not need a down payment. However, buying a house with no savings can be risky. It is also adding to the overall cost because the more you borrow, the more the long-term interest will be.