The VA Loan Pre-Approval Process

The VA Loan Pre-Approval Process

KEY TAKEAWAYS

  • VA loan pre-approval is the initial assessment the lender makes for borrowers who plan on taking out a VA loan to purchase a home. 
  • Getting pre-approved for a VA loan is not the same as formal approval; in order to be formally approved for a loan, the mortgage has to go through an underwriting process. 
  • Obtaining VA loan pre-approval helps borrowers better understand how much money a lender will loan them and what their loan terms will look like.
A person signs a document while in the foreground there is a checklist graphic, a small model home, and a jar filled with coins.
Written by Bill Lyons