Over 29 million Americans are eligible for a VA loan to purchase a home at this time. This is a benefit that cannot be matched by any other type of mortgage. While the main feature
VA Home Lenders
of a VA loans is the no down payment requirement, there are other benefits that are equally as important and attractive. Seller concessions, seller paid closing costs, no monthly mortgage insurance and low, competitive interest rates are just a few of the perks available with a VA loan. If you are indeed eligible, your next step is to select the best VA lender to get the job done.
Using a VA approved lender
Lenders who are approved by the VA are knowledgeable of the VA loan program which is different than other types of mortgage programs. Knowing the specifics of the VA loan program will make the entire process easier. VA approved lenders will get complete the loan, usually in-house, from start to finish including processing and underwriting.
One of the benefits of using a VA approved lender is that they know the VA loan guidelines. These guidelines are different than other mortgage programs, yet are there for your benefit. Knowledge of these VA rules is an important part of the getting an approval in a timely manner.
VA approved lenders will also be able to show you the different VA mortgage programs and terms available, such as a 30 year fixed rate loan compared to a 15 year fixed rate loan. Both of these can be compared to an adjustable rate loan. Working closely with your VA lender is going to produce the best possible loan available for you.
Knowledge of VA Guidelines
It is possible to obtain a VA loan with 100% financing that does not have any out of pocket costs. However, when it comes to this, not all lenders are created equally. A VA lender who specializes in VA loans will use every possible benefit to get this done, such as seller concessions and seller paid closing costs.
Online VA Approved Lenders
When deciding on a VA lender, you can use a local lender or a National online lender. In today’s market, competition is high with all VA lenders. However, the internet has become the most popular way to obtain today’s mortgage. For you, the borrower, it is much easier to use online resources from the convenience of your home to find a VA lender as compared to the time consuming physical visit to a lender. In addition, an online VA lender that is also a bank and uses a correspondent channel (wholesale) is able to offer you better rates and costs along with servicing and backing of a National Bank.
Choosing a VA lender before finding your perfect home is probably the best decision you can make. They will guide you as to how to approach your home purchase and will be in contact with your realtor so that you can obtain the full benefits that are available to you.
Are you ready to find and compare a National VA lender for your VA home purchase or VA refinance? Need more information about a VA loan? Feel free at any time to contact me for VA loan information and how you can achieve a 100% VA home purchase or VA refinance.
My loan process was very easy and quick. Not to mention a great loan rate. I couldn't be happier!
Capt Sam T. - US Army
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[…] available to them and can take advantage of these benefits with the help from a knowledgeable VA lender. A lender who specializes in VA loans has the experience to show the borrower the different options […]