We are an independent Mortgage Broker to help you with your dream home. So, If you are or were a member of the military thinking about purchasing a home, you need to take advantage of the VA home loan. VA home loans are mortgage loans in the United States guaranteed by the US Department of Veterans Affairs (VA). They offer tremendous benefits and savings as one way to show our appreciation to the amazing men and women who serve in our military. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry). Here at Veterans National Mortgage, we take pride in finding the lowest rates and terms for our service members and make the home loan process as seamless as possible. If you are wondering how the VA home loan benefit works or if you are able to qualify, please continue reading.
VA home loans are available to people who have met all or some of the following qualifications:
In addition to the service requirements, lenders may also have some specifications in order to be approved for a VA home loan. Among these requirements are having sufficient and reliable income to repay the loan without having too large of an accumulation of debt and your credit score that meets the lender’s credit requirements. The home you are trying to purchase must also meet the lender’s requirements. For example, the house must satisfy the VA’s appraisal process, which will take a close look at the home’s condition as well as its market value.
“We take pride in finding the lowest rates and terms for our service members and make the home loan process as seamless as possible. ”
The VA home purchase process is similar to that of a homebuyer obtaining any other type of loan. While initially, it may seem overwhelming, it can be broken down into the five main steps:
1. Submit your documents in order to get pre-approved for a loan.
2. Search for and find the home you’d like to purchase.
3. Negotiate a purchase agreement.
4. Successfully get through underwriting.
5. Close on the home!
While there are many benefits of using a VA loan, the most well known and attractive benefits are as follows:
“There are many benefits of using a VA loan”
In order to have your VA loan approved, you will have to submit some important documents. Arguably the most important is the Certificate of Eligibility (COE). This document confirms that you qualify for VA loan benefits. VA loan COEs are requested through an electronic system, and more often than not, they are issued immediately. You can obtain your COE for a VA loan by applying through an approved VA lender, applying through the VA’s eBenefits portal, or by applying by mail.
In order to obtain your COE, you will need to provide the DD Form 214 for regular military and the NGB Form 22 and NGB Form 23 for National Guard and Reserves. You do not need the COE to begin the preapproval process, but it will absolutely be required before your loan is funded, so it is recommended that you obtain the document early in the home buying process to avoid any delays.
We highly encourage you to seek assistance from an independent mortgage broker that specializes in VA loans. There are many benefits to using a mortgage broker instead of a lender who works for a bank. Here are just a few of them:
So to speak, between you and the bank. They are trained professionals who are licensed to represent and provide you with the best advice for your mortgage needs. What makes a mortgage broker different from a lender is that they do not work for a bank, so they are not trying to sell you on their product. Instead, they can sort through all available mortgage loans in the marketplace to find which works best for you. A mortgage broker will also help you round up all of the required paperwork and documentation for loan approval and will pass that on to the lender in order for a loan to be funded.
“There are many benefits to using a mortgage broker instead of a lender who works for a bank.”
Different banks and lending institutions are limited in the loan programs that their organization can provide and offer different interest rates. Mortgage brokers are able to shop all of the different lenders to find the loan that works best for you. Rates they find for you are the best available at the time of application. Rates, terms and conditions, and incentives for various types of mortgages change daily, depending on economic circumstances. The size of an institution’s portfolio in a particular type of mortgage can also affect interest rates and fees you would be responsible for paying. Part of your mortgage broker’s job is to keep up to date on who is charging what, and they will know which lender to approach first when it is time to submit a loan application on your behalf.
“Mortgage brokers are able to shop all of the different lenders to find the loan that works best for you.”
If you are a military member or Veteran ready to get the home purchase process started, let’s chat. We are an independent Mortgage Broker that specializes in VA Loans. We compare over 200 Lenders to find the best match for your financial situation and home buying needs, so you don’t have to. With over 25 years of industry experience, you can trust we will take care of you. Our company is large enough to provide all of the technology, efficiency, automated systems, and consistency you need but small enough to provide exceptional service and care that you deserve. We take pride in providing an experience you can brag about to your friends. To see if you are eligible for a VA loan, start here. We are excited to get to know you and work with you, side by side, throughout this exciting time in your life.
Our team is excited to help you with your DREAM HOME!
Veterans National Mortgage | NMLS #2006604 – NMLS Consumer Access Portal
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