When you find yourself a working-responsibility armed forces representative or a veteran of military otherwise national guard, you can also be eligible for Va home loan masters once the given from the the newest Department away from Veterans Circumstances. As you imagine making an application for a beneficial Virtual assistant mortgage, you may have been aware of Va financing prequalification. Prequalification try a process that will give you an idea of how much an excellent Va get lender was willing to financing to you personally, considering your credit score and other items. It is not a vow, it often means you are likely to rating that loan about lender, therefore simplifies the method in the event you submit an application for a good loan. Something else entirely to consider is the fact prequalification is not necessarily the exact same since the making an application for that loan. You can also become wanting to know how prequalification is different from Va mortgage preapproval. During the HomePromise, i use the term prequalification however, our prequalification is a lot like just what someone else name a preapproval. We’ll explain the desires off prequalification, the way it makes making an application for a beneficial Va buy loan simpler, and much more in this article! (more…)