Find a Good VA Loan Lender
You’ve determined your eligibility. You’ve reviewed your credit report and performed your own due diligence on qualifying for a VA loan. And you’re ready to make the jump and apply for a VA mortgage. How do you find a good VA lender?
First, that’s a very good question to ask. Even though VA mortgages offer similar loan terms such a 30 year fixed or a 15 year fixed rate, just as other government or conventional loans do, VA loans have their own internal rules that can trip up an otherwise qualified veteran.
For example, VA home loans require a special residual income assessment based upon the number of people in the household as well as the particular region of the country in which the property will be located. Other mortgage programs don’t have this requirement. There is a special VA Funding Fee that can vary based upon circumstances such as VA entitlement usage, loan term and disability status. Other loan programs do not have those features.
Finding a good VA lender is essential when getting approved for a VA mortgage. So who are these special VA lenders? Some national and regional banks have special VA home loan departments that cater to qualified veterans who have closed literally hundreds, even thousands of VA loans over the years. There are also well-qualified mortgage companies that have been in business for years and have established themselves as a reputable player in the VA home loan industry.
Yet when you find a lender who has experience with VA loans, remember you’ll be working with a loan officer who will counsel you, collect your documentation and prepare your loan for an approval. It’s important to make sure that your loan officer is experienced with VA loans as well. How do you find out if your loan officer has VA experience? Simple. You ask.
Good, experienced loan officers have been in the business for a while. Loan officers must be good at what they do in order to be loan officers. If a loan officer doesn’t perform or routinely has loan applications declined, they won’t be loan officers for very long. If your loan officer has five or more years’ worth of VA lending experience, you can be sure you’re working with someone who knows the ins and outs of VA home loans.
Finding a good VA lender is your first step. Finding a good VA loan officer is your best step. To find a lender that specializes in VA Loans then VA Loan Captain, Inc. is a place to start. You can compare lender rates and also speak with an experienced loan officer with no obligation. You can get started by visiting VA Loan Captain.