Va Loan Pre Approval Reddit

Learn about va home loan eligibility requirements.

Va loan pre approval reddit. Va loan pre qualification and pre approval requirements can vary by lender. Then choose your loan type and learn about the rest of the loan application process. For a va loan in order to qualify for a va loan you must have served on active duty and have been discharged after 90 days of service during wartime or 181 continuous days during peacetime. Find out how to apply for a certificate of eligibility coe to show your lender that you qualify for a va backed loan based on your service history and duty status.

Most veterans can do 100 financing for their va loan meaning you can secure a loan with no down payment. Learn how to apply for a va home loan certificate of eligibility coe. With a 15 year fixed rate conventional loan your total interest paid is 48 156 that s almost 20 000 less than what you would pay in the va loan example. Your ability to pre qualify will depend on your coe certificate of eligibility with the va.

Va lenders are often looking for a fico score of at. Although it sounds like you have plenty of capital to cover the down payment. When you factor in the loan amount the funding fee and the total interest paid the entire cost of the va loan is 272 013 so you re paying more over the course of the 15 year term compared to a conventional mortgage. You can t have been dishonorably discharged and there is also a 2 year waiting period if you began service after september 7th 1980.

Obtaining a va certificate of eligibility.