Question about buying a new home?

My husband and I were pre-approved for a house loan for 125,000…we were locked in for an interest rate of 5.50,well we found our dream home yesterday,signed the contract, gave our earnest money and the seller accepted our offer of 113,000 with them paying full closing cost. We are going through First Mortgage Company. I have heard of so many people losing their home because their loan fell through, im so afraid this will happen, what are the reasons the loan falls through. We had it put in our contract that if anything happens other then us backing out that we will receive our earnest money back. So what are the following procedures before we are fully approved. We have a closing date of Jan 31.2009. We are using the VA loan, also we were told we needed verification of funds, what exactly is this…I wasnt able to be at the office when my husband was going over this with our real estate agent.
also the lady we are working with told us that she will only have to pull our credit 1 time because it doesnt have to go through an underwriter, does this sound right?

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