How hard is it to get approved for VA Home Loan?

I was thinking of using my military benefits for a home loan. How hard is it to get approved for the VA home loan?

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  • Ryan M
    Lv 7
    7 years ago
    Favorite Answer

    If you have sufficient income and credit...it is not hard at all.

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  • 7 years ago

    It can actually be easier to qualify for VA since the VA funding fee is insuring the lender against default. Because of the insurance (VA doesn't provide the money, they are an insurance provider), the rules for qualifying are broader than those of other loans. So, a person with a 680 FICO score with $0 down could actually get a VA rate that's lower than a person with a 740 FICO putting 20% down on a conventional loan.

    VA Loans are my specialty, so here's my advice:

    find a lender that KNOWS the VA loan. You want the Loan Officer to have done several themself, not just a Loan Officer who works for a bank that CAN do the loan. For active-duty or military veterans who qualify, the VA loan is usually the BEST, LEAST EXPENSIVE option. Don't let people steer you in a different direction just because they're not proficient with the loan.

    (there are lots of resources from which to find all the benefits of the VA loan).

    You've earned this great benefit. Take advantage of all it has to offer.

    Good luck.

    Source(s): www.VALoansOfCalifornia.com www.WealthWiseMortgage.com
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  • 7 years ago

    You need your Certificate of Eligibility, 2 years tax returns, 2 months bank statements, a 640 or better credit score. It's the same qualifications as any other type of loan.. You just don't have to pay a down payment. You do pay 2.15% funding fee upfront, but this can be financed.

    Source(s): Mortgage lender 27 years.
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