Getting a VA loan can be a rather intrusive experience. You, the borrower, must complete a loan application, provide your tax returns, and pay check stubs and bank statements as well as a thorough review of your credit report. You’ll also receive your fair share of paperwork. VA loans are similar to other mortgages such as those underwritten to Fannie Mae and Freddie Mac standards yet there are some certain aspects that can trip up a conventional loan officer that only a VA loan officer would know about. That means you need to find a good VA loan officer. How do you do that?
The first place you look is with a lender that specializes in VA mortgages. Lenders who are approved by the VA to underwrite and fund VA loans directly have reached a special status with the VA. Such lenders are able to order and approve an appraisal as well as the entire loan file. While many lenders add VA loans to their portfolio, often they’re there as a “me too” product without any specific experience. Solid VA lenders have a VA lending department and many also have VA loan specialists. This is who you’re looking for.
A VA loan officer will properly document your file and help guide you through the process. Sometimes the loan officer may even tell you that the VA program isn’t your ideal program, especially if you have 20 percent down or more.
A VA loan officer has been in the industry for more than five years. A good VA loan officer is able to provide you with a near-exact estimate of your closing costs and answer your questions immediately without having to call you back later. You want experience and you also want service. When you find a lender that specializes in VA loans and the loan officer has a few years under his belt, you’ve found your loan officer.