There are huge benefits to getting a mortgage loan from the VA rather than from regular lenders, but the benefits increase even more when getting a pre-approved VA mortgage loan.

A pre-approved loan provides that extra degree of empowerment when negotiating the purchase of a new home. And added to the savings made by getting a government subsidized loan, it makes the whole deal extremely hard to beat.

And like all financial packages, there are certain terms and conditions that need to be met before there can be any chance of securing advanced loan approval. But it really only comes down to getting the documentation and information together and in proper order. Once that is achieved, then the likelihood is that the VA loan needed to buy that home will be yours.

The Criteria to Meet

For every loan, it is essential that the necessary criteria are met before approval can be even hoped for. When it comes to getting pre-approved VA mortgage loans, there is some special documentation that needs to be provided. This includes specific forms like proof of eligibility, all of which can be found and filled in online.

The first step is to fill out the appropriate loan application form. Usually, a loan officer will ask for just the most important information and let the applicant know later on if any further information is needed. The trick to getting advanced loan approval is to provide the important details, so make sure that aspect of the form is filled out properly.

Also necessary is to provide a copy of the Certificate of Eligibility, which confirms your qualification for a VA loan. It is easy to download a blank version of the 26-1880 form from the relevant websites ( Other details like a retirement statement, or income details – such as W-2 forms and old pay stubs – are also required.

The Influence of the Credit Report

A credit report is very important when trying to secure a pre-approved VA mortgage loan. In fact, it is the same for all kinds of pre-approved financing deals, so there is nothing special about the condition. The reason this is necessary is that the lender is only likely to grant pre-approved credit to those who have a good credit history.

Generally, a credit score of 620 or more is an acceptable score for pre-approval, with scores that are any lower likely to see pre-approval rejected. The recent financial history of the borrower, and whether it includes bankruptcies or foreclosures, could see advanced loan approval rejected. This is usually time sensitive though, with rulings older than 2 years ignored.

The great value in having loan officers is that they can steer applicants in the right direction, vastly improving the chances of getting the VA loan that is needed.

Pre-Approval Analysis

After carefully analyzing your application, your loan officer will be able to clarify your loan entitlements. Hopefully, that means the pre-approved VA mortgage loan that is needed to buy your new home can be secured.

The process involves the officer sending two documents to the applicant. The first is a pre-approval letter and the second in confirmation of initial disclosures, which must be signed and returned.

These are useful documents to have, but are not final agreements. An advanced loan approval simply provides a limit to the amount of credit available, but no interest is charged until money is actually spent. So, it is not until the purchase of a home is signed and sealed that the VA loan comes into play.

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