Mistakes to Avoid After Pre-Approval for a VA Loan
Congratulations, veteran or active-duty service member—you’ve been pre-approved for a VA home loan with VeteransLoans.com! This is a huge step toward owning your dream home with the incredible benefits of a VA loan, like no down payment and competitive rates. But here’s the catch: pre-approval isn’t final approval. Between now and closing, certain missteps could jeopardize your loan. Don’t worry—we’ve got your back. In this post, we’ll walk you through the key mistakes to avoid after pre-approval, based on expert advice from VeteransLoans.com, to keep your VA loan on track.
Ready to protect your pre-approval and move closer to homeownership? Let’s dive in!
Why Pre-Approval Isn’t a Done Deal
Pre-approval means a lender, like VeteransLoans.com, has reviewed your finances and determined you’re a strong candidate for a VA loan (learn more about pre-qualification here). But it’s conditional—your financial situation needs to stay stable until closing. Changes to your credit, employment, or assets can raise red flags, delaying or derailing your loan. Avoiding these pitfalls ensures you sail smoothly to the finish line.
Need personalized advice? Call our VA loan experts at 1 (888) 232-1428—we’re here to guide you every step of the way.
Mistake #1: Neglecting Your Credit Score
Your credit score got you pre-approved, but it’s not a “set it and forget it” deal. Activities that ding your score post-pre-approval can hurt your chances of final approval. Here’s how to maintain it:
Pay Bills on Time: Late payments can drop your score fast. Set reminders or autopay to stay on track.
Don’t Max Out Credit Cards: Keep your credit usage below 30% of your limit. High balances signal risk to lenders.
Avoid Closing Accounts: Shutting credit cards might increase your credit utilization ratio, lowering your score.
Skip New Credit Applications: Each new inquiry can shave points off your score— hold off until after closing.
Credit Score Red Flags to Watch
Adding new credit accounts (e.g., a store card).
Co-signing a loan for someone else.
Changing your name or address with credit bureaus.
Your credit is a cornerstone of your VA loan approval. Curious about how it impacts your rate? Check out our VA Mortgage Loan Calculator or call 1 (888) 232-1428 for a breakdown.
Mistake #2: Ignoring Employment Changes
Your job stability is a big factor in VA loan approval. Lenders want to see consistent income to ensure you can handle your mortgage payments. Any employment shifts after pre approval need to be reported to your loan officer at VeteransLoans.com. Examples include:
Switching Employers: Even a better job could raise questions about stability.
Pay Structure Changes: Moving from salary to commission might affect your qualifying income.
Hour Reductions: Fewer hours could lower your income, impacting your debt-to income ratio.
Pro Tip: Notify your loan officer before any changes happen when possible. They’ll help you assess the impact. Not sure who to contact? Reach out to our team at 1 (888) 232-1428 or meet our experts here.
Mistake #3: Mishandling Monetary Transactions
Lenders scrutinize your finances post-pre-approval to verify your assets and ensure your down payment (if any) comes from legitimate sources. Large, undocumented transactions can delay your loan. Here’s what to do:
Document Big Deposits: Got a cash gift or bonus? Ask your loan rep how to track it properly.
Track Asset Transfers: Moving money between accounts? Keep receipts and statements handy.
Avoid Mystery Funds: Random deposits without explanation can trigger lender concerns.
Transparency is key. For more on managing your finances during the VA loan process, explore our blog post on Understanding the Closing Disclosure.
Mistake #4: Delaying Homeowners Insurance
Once pre-approved, don’t wait until the last minute to secure homeowners insurance—it’s a requirement for your VA loan. Your lender needs proof of coverage equal to your loan amount or guaranteed replacement cost for your home. Steps to take:
Contact Your Agent Early: Get quotes as soon as you’re pre-approved.
Coordinate with Your Lender: Share your policy details with VeteransLoans.com to keep the process moving.
Unsure where to start? Our team can point you in the right direction—call us at 1 (888) 232-1428 for assistance.
Mistake #5: Going Silent on Your Loan Representative
Your loan officer isn’t just a paperwork processor—they’re your lifeline throughout the VA loan journey. Ignoring their calls or failing to ask questions can slow things down. Avoid this by:
Staying in Touch: Respond promptly to requests for documents or updates.
Asking Questions: Confused about escrow or closing costs? Reach out!
Leaning on Expertise: Our reps at VeteransLoans.com are VA loan pros—use their knowledge.
Have a question right now? Don’t hesitate—call 1 (888) 232-1428 or get pre-qualified to connect with a representative.
How VeteransLoans.com Keeps You on Track
At VeteransLoans.com, we’re a VA-approved lender dedicated to serving veterans and service members like you (about us). Here’s how we help post-pre-approval:
Clear Communication: We explain every step, from pre-approval to closing.
Proactive Support: Our team flags potential issues before they become problems.
Resources Galore: From our blog to our testimonials, we’ve got insights to share.
Ready to move forward? Get pre-qualified in minutes and avoid these common mistakes with our guidance.
Real-Life Scenarios: What Not to Do
Let’s put this into context with some examples:
Scenario 1: You’re pre-approved, then apply for a car loan. Your credit score dips, and your lender re-evaluates your VA loan eligibility.
Scenario 2: You switch jobs without telling your loan officer. The lender pauses your application to verify your new income.
Scenario 3: A $5,000 deposit hits your account with no explanation. Closing is delayed while you scramble for documentation.
Avoid these headaches by following our tips. Need a checklist? Call 1 (888) 232-1428— we’ll walk you through it.
Why VA Loans Are Worth Protecting
VA loans officer unbeatable perks—no PMI, flexible credit requirements, and low or no down payment (see the benefits). But these advantages hinge on maintaining your pre-approval status. One wrong move could push you toward a conventional loan with higher costs. Stay the course with VeteransLoans.com, and you’ll lock in those VA benefits.
Final Tips to Secure Your VA Loan Approval
Here’s a quick recap to keep your pre-approval safe:
Monitor Your Credit: No big changes—keep it steady.
Report Job Shifts: Tell us about any employment updates ASAP.
Document Funds: Be ready to explain large transactions.
Get Insurance Early: Don’t wait—secure your policy now.
Stay Connected: Your loan rep is your best resource.
For more homebuying wisdom, check out our post on 8 Ways to Pay Off Your Mortgage Faster.
Your Next Step with VeteransLoans.com
Pre-approval is exciting, but it’s just the beginning. Avoiding these mistakes ensures you close on your home without hiccups. At VeteransLoans.com, we’re committed to making your VA loan experience seamless and stress-free. Don’t risk your VA loan—call 1 (888) 232-1428 or get pre-qualified today. Let’s turn your pre-approval into keys in hand!