How long should it take to get a pre-approval? We all have heard the stories of how difficult it is and how long it takes to get pre-approved with your VA loan. The truth of the matter is, it isn't.
It should be no more difficult than sending an online application, a few documents, and a verification of your credit standing. Of course, the process can vary based on your current financial situation and the complexity of your financing. If you have the right mortgage professional on your team, you should be able to complete a full pre-approval swiftly.
An active-duty service member should only need the following in order to become fully pre-approved:
- Online application (10 minutes)
- Most recent LES
- Last two years of W2's
- Most recent 2 months of bank statements
Once these are received the mortgage professional should be able to review your application, validate your info, and run the necessary systems to give you a full pre-approval. The whole process from start to finish should be able to be completed the same day if you are able to provide the necessary items.
Do not let the process intimidate you and don't let the wrong professional waste your time. Your VA loan has some of the most flexible qualifying guidelines of any loan program. Qualifying should be quick, easy, and painless.
Please feel free to reach out to us if you have any additional questions related to your VA home loan entitlement or getting qualified.