When you're an active-obligations armed forces representative or a seasoned of your armed forces otherwise federal guard, you can also qualify for Va financial experts since specified from the the brand new Agency from Veterans Activities. Since you envision trying to get a good Va mortgage, you have been aware of Va financing prequalification. Prequalification are a process that will give you an idea of how far good Virtual assistant purchase lender is happy to loan to you, according to your credit score and other situations. It's not a vow, however it can indicate you'll get that loan regarding bank, and it simplifies the method should you get a great mortgage. Something else to keep in mind is that prequalification isn't the same as the trying to get financing. You may want to feel thinking exactly how prequalification differs from Va loan preapproval. On HomePromise, i make use of the label prequalification however, our very own prequalification is similar to just what someone else name an excellent preapproval. We're going to explain the requires from prequalification, how it renders making an application for a Va purchase mortgage convenient, and much more on this page!