Before any buyer is to be taken seriously in a real estate transaction, they must first obtain a pre-approval letter from a lender.
The purpose of the Pre-approval letter is two-fold:
First: You as a prospective buyer are able to get a good idea of what you are actually qualified to buy in the current market conditions, as opposed to what you think you are qualified for. For many, this can be a pleasant surprise! This allows, you the veteran, to search out the home that best suits both your needs as well as your budget.
Second: The pre-approval letter shows a real estate agent that you are not only a serious prospective buyer but also that you are actually qualified to purchase the home that you are viewing.
By working with a VA approved lender such as Low VA Rates, you ensure the lender will be knowledgeable about VA loans. Because VA loans are the only kind of loan that we do it makes us knowledgeable about VA loans. Our team works hard to always know how to best help you! It doesn’t even matter if your are looking for a Florida VA loan or a Georgia VA loan. Veterans are entitled to a number of benefits through the VA that many run-of-the-mill mortgage loan officers may not know about, But when you choose a Loan Officer that works exclusively with VA loans he/she can help you much better benefits.. Benefits of a VA loan include; no down payment, 100% financing, relaxed credit requirements, No monthly mortgage insurance, & the ability to refinance to a lower rate through a streamline refinance.
In order to get a pre-approval letter from a Low VA Rates approved lender a few things are required. Copies of your last two years W2 forms as well as a month’s worth of paystubs & copies of your ID’s (military or drivers license and Social Security card). Armed with this information a loan officer will be able to determine how much you could be approved for on your new home.
A pre-approval is not a guarantee of a loan, however, with it, you will be better prepared to finance your new home through the VA.