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Preapproved for a ba mortgage loan can I use preapproval for a conventional loan?

by gmatos48871 from Avon, Ohio. May 27th 2021 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

I'm not sure what a ba loan is. Did you mean a VA loan? If so, maybe. Underwriting standards are different with VA. Many of the veterans that I have done VA loans for would not qualify for a conventional loan of the same amount. They would also be required to put up extra funds for the down payment a conventional loan requires. Check with the lender that gave you the approval and confirm.Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.Licensed in AZ, CA, GA, IL, OR & WA... In fact, NEXA is licensed in all states except MA and NY so give us a call. ~ 480-889-9000.

May 27th 2021
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,409 contributions

I assume you meant VA mortgage. The "official" answer is no, but probably yes. Simply contact your loan officer, express your concerns, and see if they can also give you a conventional pre-approval. I lend in MN WI IA SD ND. Find me at VAMortgageMN. com or, Cambria Mortgage, NMLS 274132

May 31st 2021
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