VA Loans Insider
All you need to know aboutgetting a VA mortgage.
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Deciding where to start the homebuying and mortgage loan process is a key first step in a rewarding journey.
Deciding you’re ready to start seriously considering a home purchase is a great feeling. But there’s almost always an undercurrent of fear and uncertainty, which only feels natural, right? For most people this is the single largest purchase they’ll ever make.
One of the first questions people have is: How and where do I start?
I’ve written before about the chicken-or-egg problem of whether to talk first to a real estate agent or a lender. As I mention in there, I obviously have a dog in this fight, but I truly believe starting with a lender is the way to go. So then what?
A lot of veterans and active military will automatically consider their Certificate of Eligibility (COE). This is a formal VA document that explains what VA loan entitlement you have. The COE is available online through the VA’s benefits portal or by contacting a VA Regional Loan Center and taking care of the requisite paperwork.
But it’s important to know that you don’t need the COE to start the process. Lenders can usually obtain your Certificate of Eligibility for you, and many will prequalify and even preapprove you before they actually confirm the eligibility. This is in part because loan preapproval is a non-binding step that in no way guarantees you a mortgage.
So if you read or are told that you need to start the VA loan process by obtaining your Certificate of Eligibility, that’s not exactly the case. You certainly can make that your first step, but it doesn’t have to be.
Instead, many veterans will reach out to a VA-approved lender to obtain prequalification and preapproval, two important and vastly different stages of the process. With preapproval, prospective buyers will get a clear sense of how much they can afford and their likely purchasing power. Starting the homebuying process here helps ensure veterans know at the outset what kind of financial outlay and obligations most likely work for their budget and lifestyle.
It’s no fun to look at a bunch of $175,000 homes only to discover later your price ceiling tops off at $150,000.
Evaluate multiple lenders on everything from rates and costs to understanding and expertise when it comes to the VA home loan program. Bottom line is these are specialized loans that require specialized knowledge.
Most lenders will prequalify you online or over the phone in minutes. Our simple online form has three basic steps and will ask you to estimate your approximate loan amount and your credit score. You can also talk to a loan specialist at 888-212-1958.
Starting the process here is also important because it can save you time. A loan specialist can tell you within minutes whether you have good enough credit to prequalify for a loan. The sooner you know that, the sooner you can start working to repair it if necessary.
Veterans who contact us and fall short of that 620 credit benchmark can work with our Department of Secondary Approval, a unique wing of the company that works with veterans and active military for free to boost their scores and get on the path to prequalification.
Photo courtesy of Wesley Fryer
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8 Comments
I would suggest going to a local bank, specifically a local credit union. Though i was approved through VUHL they are very disfunctional and many of their people are simply not qualified or either overworked.
I have a service connected disability and I have poor credit what do i need along with a certificate cuz i already have one but what else is needed.
@Spcd: Right now lenders are looking for a score of at least 620. If that might be an issue, I would recommend you contact our Department of Secondary Approval at Veterans United Home Loans. They help veterans and active duty personnel (for free) build a path toward repairing their credit and getting prepared to prequalify. I’ve heard a lot of success stories from borrowers who were able to boost their score and secure financing. You can reach a DSA specialist at 888-392-7421.
Looking for a loan for a house which I have built myself.
@Samuel: What kind of loan are you looking for? What are you wanting to do with it?
My husband and I are wanting to look into buying a house, I have never done this before and it all seems very overwhelming. Is there a loan advisor in th st. Louis area I could talk to that would be able to help me
@Susan: You can talk to Mike Dapkus, whose office is just outside the gates of Scott Air Force Base, at (618) 746-4699.
@Spcd: Right now lenders are looking for a score of at least 620. If that might be an issue, I would recommend you contact our Department of Secondary Approval at Veterans United Home Loans. They help veterans and active duty personnel (for free) build a path toward repairing their credit and getting prepared to prequalify. I’ve heard a lot of success stories from borrowers who were able to boost their score and secure financing. You can reach a DSA specialist at 888-392-7421.
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[...] That’s why, at the end of the day, the only way to be sure of your eligibility is to obtain your Certificate of Eligibility. This is a formal document from the VA that details what VA loan entitlement you have. There are multiple ways to approach getting your COE, but it’s important to know that you don’t actually need one to start the home loan process. [...]