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The VA Guaranteed Home Loan Program has helped acquire home loans for veterans for over 70 years. The program has maintained its popularity, because it offers a number of benefits for military veterans and active duty service people. The process of applying for a VA home loan is slightly different than that of a conventional mortgage, but applicants can expedite the process by pre-qualifying for a loan amount.
What Is Pre-Qualification?
Pre-qualification is a process in which your loan qualification information is taken in advance of the purchase of a home, in order to determine if you meet initial requirements for the lender and how much you can afford. Although it does not guarantee that you will get a home loan from a lender, it means that you are qualified and are highly likely to be approved for the mortgage.
Benefits of Pre-Qualification
Being pre-qualified for a home loan offers prospective buyers a number of benefits, such as:
How To Get Pre-Qualified for A VA Loan
Applicants for a home loan through the VA program will be asked to provide a number of documents for pre-qualification:
Pre-qualification for a VA home loan can be an advantage that can help homebuyers get the best house for their needs at a price that is affordable. Consider getting pre-qualified when you begin to hunt for your new home.
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Source by Genie Fletcher
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