How to get preapproved for a VA home loan?

Getting preapproved for a VA home loan is a great first step in the home buying process, especially since it can help you stand out to sellers and gives you a clear idea of how much you can afford. Here’s how you can do it:

1. Check if You Meet the Eligibility Requirements: To qualify for a VA home loan, you must be an active-duty service member, veteran, National Guard member, Reservist, or surviving spouse of a veteran who has passed away or is missing in action.

2. Obtain a Certificate of Eligibility (COE): This document proves your eligibility for a VA loan. You can apply for it online through the VA’s eBenefits portal, through your lender, or by mail using VA Form 26-1880.

3. Choose a Lender: Look for lenders approved by the VA who can process your VA loan. They will help you through the preapproval process.

4. Gather Required Documents: Your lender will ask for documents like pay stubs, W-2s, tax returns, bank statements, and other financial records. Have these ready to speed up the process.

5. Submit Your Application: Your lender will assess your financial situation, credit history, and VA eligibility to determine if you qualify for a loan preapproval.

6. Receive Your Preapproval Letter: If you meet the criteria, your lender will issue a preapproval letter indicating the loan amount you qualify for based on