VA mortgage loans are exclusively given to military personnel, military spouses and families who have lost a family member in war, and veterans of past wars. If you fit any of these descriptions, you can apply for a VA loan to get a home. However, you need to know where to look and what to look for before you apply.
Look for Lenders That Are Certified VA Lenders
A lot of lenders say that they can handle and provide VA loans, but really they are just processors and third parties of these loans. You want a lender who is certified by the government and military branches to be an official VA loan lender. This information should be clearly visible somewhere within the bank or lending location and on the advertising of a lender. If it is not, ask a loan agent there if they act as a third party for VA loans and lending or if they are certified to be lenders for this type of loan product.
VA Lenders Can Also Be Mortgage Brokers
Mortgage brokers are licensed lenders who find the best loans for borrowers. Many of the mortgage brokers are also certified VA lenders, which means that you should not overlook the brokers as an option for getting a VA loan. You just have to do a little extra research to make sure that the mortgage broker is not taking the VA loan from an actual lender and working as a third-party facilitator.
Why You Should Not Work with a VA Lender Outside Your Home State
There are plenty of lenders that are willing to give people mortgage loans, but these lenders may be living and working outside your home state. This complicates things when you have a problem with the terms of your loan or missing a payment because you cannot walk into their office and address the problems you are having. There are plenty of VA mortgage lenders within your own home state that can provide you with a loan, and it will be much easier to set up appointments to discuss any problems you have when the lender is closer to home.
Borrowing Terms Should Not Be Any Different Than What the Government's VA Loan Website States
Any lender that is promising better terms than what the government states on its VA loan program site, or lenders who are requesting a lot more money down or higher interest, are not lenders you should be working with. Be sure you check out the most recent VA loan guidelines before you borrow. Then you will find a lender that is on the up-and-up.Share
30 September 2019
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