What are my chances of VA Home Loan approval?

Single-income family, 55k/year income, ZERO debt, but 589 Credit Score. We breezed through pre-qualification, and we have submitted all preliminary paperwork along with copies of pay stubs, bank statements, etc. Once we submitted our paperwork, they actually qualified us for about 20K more than our initial pre-qualification. Our contact at the mortgage company said that everything looks good and is going ahead of schedule.

We are at the stage of having the VA Appraisal completed, and were told by the appraiser that everything looks good there too.

Since we have gotten this far, can I relax somewhat about the approval? I know it's not over till it's over, but we are in a holding pattern for another week or so while the appraiser prepares his report, and I want someone to tell me if it's ok to stop worrying!

If you have everything in that the lender has asked for, the certificate of eligibility, income documents, etc...and all you are waiting on is the appraisal, then you should be good to go.

VA appraisals are 20x easier than they used to be. They used to have something called the dreaded "VC sheet" which was a ridiculous list of details that they wanted the appraiser to comment on.

The only recommendation is be sure you get the termite inspection PRIOR to closing and that you actually view the document.

VA appraisals take a long time because they are assigned by the VA, not the lender. So the lender doesn't really have any control of when they get back...that is for your protection that you are getting a quality appraisal.

The only thing that could hold anything up is there was a problem with the property itself...they are pretty picky about rotten wood, moisture levels, etc.

VA has no minimum credit score, so that shouldn't be an issue.

Final loan approval won't come until a day or two prior to closing...this is very normal. You may want to give the loan processor one last call and get a list of what she is waiting on....at this point in the game, all that you should be waiting on is title and appraisal. Loan processors usually know more than the loan officers, when it comes to FHA/VA loans b/c they are very complex loans.

E-mail me if you have any questions. When I was underwriting loans I had DE loan authority, so I am very familiar with FHA and VA loans.

Good luck! Source(s): See profile :)

They shouldn't be scheduling and performing an appraisal until you have been pre-approved, not pre-qualified. Try to find out if you are actually pre-approved. If so, the credit check has already been performed and evaluated, and you are good to go. Just make sure not to buy any large items (cars, TVs) that would modify the credit report.
Stop worrying? Just be calm about the outcome...appraiser my not be in your ballpark for figures...Make this a learning experience at best...try again if need be...
VA mortgage...had seal.