Doubtful that medically retired soldier will qualify for a VA home loan based on his only income, his 100% VA disability payment. Would assume the best way to work smart would be to see if he can get preapproved for a loan before he spends any energy house hunting. Do all banks do VA loan preapprovals or are there particular resources for this expertise? We are in Washington State. Thanks once again for your invaluable help.
Best source for VA loan preapproval?
- Thread starter soldieradvocate
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Why would you think that someone receiving VA disability at 100% rate would not be approved for a VA home loan? Financing is done through lenders, just like any other home loan. The VA only guarantees the loan, they don’t finance so you would need to look at the lender overlays to find out what is required to qualify. With the VA guarantee, credit scores can generally be a little lower.
Yes, preapproval open doors. A quick search shows a number of lenders in the State of Washington that do VA preapprovals.
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