Who Is Your VA Loan Lender?
Once you’ve determined that you’re going to use your VA home loan benefit and buy a home and performed your own research and found a good VA lender you’re ready to roll, right? Perhaps. But when you do explore the web for a good VA lender who are you really talking to, the entire company? Customer service? Who, exactly, is your VA lender?
A VA lender attains the special status granted by the Department of Veterans Affairs to issue VA loans by successfully completing the VA Loan Lenders approval process. There are certain net worth requirements as well as having an experienced, ethical staff on board to approve VA loans.
A VA lender employs several people including those who help package your loan application to special departments dedicated to underwriting VA loan applications to make sure the loan conforms to VA loan standards. But in reality, your VA lender might be your VA loan officer.
Your VA loan officer is hired by the VA lender to find VA loan applicants, help them qualify for a VA mortgage and hold their hand while the borrowers make their way to their final VA loan approval. The VA loan officer answers questions about qualifying and helps borrowers identify the ideal rate and term for their VA loan. The VA loan officer in essence is the face of the VA lender.
Experienced VA loan officers are a rare commodity. Most loans issued today are underwritten to conventional and FHA guidelines. That means most loan officers are experienced with conventional and FHA loans and less so for VA fare.
When you apply for a VA loan, you don’t apply with a company. You apply with a VA loan officer who works for that company. Your VA loan officer in essence is your VA lender and will be there from start to finish. And, hopefully, be the one you refer your VA-eligible friends to.