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For decades, veterans nationwide have taken advantage of the benefits offered through a VA loan. In most cases, VA loans save homebuyers money in the long run. Whether it’s to avoid a down payment, refinance the entire value of a home or simply have an easier time qualifying for a mortgage, those who have served should consider taking advantage of this benefit they’ve earned.

One of the first steps in pursuing a VA loan is getting approved for a specific amount so you can begin house hunting (many lenders call this “preapproval”). How can an approval give you the advantage when making an offer to buy a home?

We’ll go over this, but first, let’s discuss something unique to the VA loan approval process.

How does the VA Loan Approval Process work?

When seeking a mortgage, it’s important for you and your lender to know you’re well-qualified financially, but there’s an extra step when it comes to VA loans.

To get a VA loan, you need a valid Certificate of Eligibility (COE). This shows you met the minimum service requirements to be eligible for a loan through the Department of Veterans Affairs. Briefly, these are the requirements:

  • Served 181 days during peacetime (active duty).
  • Served 90 days during war time (active duty).
  • Served six years in the Reserves or National Guard.
  • Survived a spouse who was killed in the line of duty.

The VA website has more information on distinguishing between wartime and peacetime service.

To prove your service time and get your COE, you’ll need your discharge documents (DD 214). You can request these online if you don’t have a hard copy. If you have proof of service, Quicken Loans can also work with you to obtain your COE.

Power Buying Process™

The other piece of your mortgage approval is making sure you’re in good financial shape to take on a mortgage and present a strong offer to sellers and their agents. That’s where our Power Buying Process comes in.

Preapproval has been a mortgage industry standard for a while, but the term means different things depending on who is doing the preapproval. Our Power Buying Process has distinct levels so buyers and sellers know exactly what they’re getting.

In a Prequalified Approval, we pull your credit to get a look at your median FICO® Score and any outstanding debts. We also ask for verbal or written estimates of income and assets you want to use to qualify for the mortgage. From this, we’re able to get your debt-to-income ratio (DTI) to help you estimate the maximum loan amount you could afford.

The key here is that, because your income and assets aren’t verified, this is just an estimate. We strongly recommend that all our clients take the next step and get a Verified Approval.

In a Verified Approval, we pull your credit and ask that you share documentation with us regarding your income and assets. Once these are submitted to our team, we’ll be able to give you a Verified Approval Letter within 24 hours to show the amount you can afford. Your offer is then as good as any made by a cash buyer. You and the sellers can be confident in your offer because you’ve done the homework to line up your financing.

How confident?

If, through no fault of your own, you don’t close after getting a Verified Approval, we’ll give you $1,000.1


How Long Does It Take to Get Approved for a VA Loan?

The circumstances of each loan are different, but it doesn’t take any longer to get approved for a VA loan that it would for a conventional or FHA loan. If you’re buying a home and your documentation is in order, we can get you a Verified Approval within 24 hours.

How Long Is the Preapproval Letter Good For?

At Quicken Loans, all our Approval Letters are good for 90 days. Other lenders may have different policies.

Are you an eligible veteran, service member or surviving spouse looking to buy a home soon? You can apply online or give us a call at (800) 785-4788. If you have any questions, you can leave them for us in the comments below.


1Participation in the Verified Approval program is based on an underwriter’s comprehensive analysis of your credit, income, employment status, debt, property, insurance, appraisal and a satisfactory title report/search. If new information materially changes the underwriting decision resulting in a denial of your credit request, if the loan fails to close for a reason outside of Quicken Loans’ control, or if you no longer want to proceed with the loan, your participation in the program will be discontinued. If your eligibility in the program does not change and your mortgage loan does not close, you will receive $1,000. This offer does not apply to new purchase loans submitted to Quicken Loans through a mortgage broker. Additional conditions or exclusions may apply. Verified Approval within 24 hours of receipt of all requested documentation.

This Post Has 2 Comments

    1. Hi Fall:

      Every day on our rates page, we show some select rates and you can see those here. VA isn’t typically featured on this page because not everyone qualifies, but if you want to get a general idea of our rates, it’s there. I can tell you that one of the benefits of the VA loan is that rates are generally slightly lower than they would be with other programs. Also, I can’t quote you a rate here on the blog because it depends on things like your down payment or equity amount as well as your credit score and the number of prepaid interest points purchased, for example. However, if you would like a quote on your personal rate, you can get started online through Rocket Mortgage or give us a call at (888) 980-6716. I hope this helps and thank you for your service!

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