The amount of time it takes for a VA mortgage approval varies depending on the amount of volume the lender has at that moment.
First and foremost, the VA does not require a certain credit score in order for approval. The actual mortgage lenders, however, are allowed to set their own standards for VA loan requirements.
When an eligible current or ex-servicemember needs to purchase a home for their own personal use, they can obtain a VA Guaranteed loan from a bank, mortgage lender, or savings & loan company, depending on the circumstances.
A VA loan pre-approval letter is a document granted by a VA mortgage lender that states that based on preliminary information such as the potential borrower’s credit, assets, and income, that they qualify for a VA loan of a specified amount.
When veterans apply for a VA loan they are required to provide a Statement of Service letter, otherwise known as a SOS. A Statement of Service is a document which verifies that you are either an active military member, or are retired with at least 6 years of active service prior to retirement or discharge.
If you’re looking at buying the home of your dreams – and the price reflects it – then a VA jumbo loan may very well be the best option for your mortgage.