No Money Down Loans With A Va Mortgage Lender [mortgage-assumption.blogspot.com]
Question by : For those of you with a VA mortgage, which lenders are the best and most experianced to apply with? I currently have 5 1/2 years active duty in the Army and I'm having a house built through a city redevelopment project. I have my Certificate of Eligibility and our house is a couple of weeks from being complete so its time to start the application process. So what companies do you guys recommend? Who should we stay away from? Any info, horror stories, or insight would be greatly appreciated. Best answer for For those of you with a VA mortgage, which lenders are the best and most experianced to apply with?:
Answer by linkus86
Typically the larger banks in your city are the best to use for government insured loans merely out of a long experience doing them and adhering to the loan guidelines. In my experience I have found it rare to encounter an independent mortgage brokerage to be especially knowledgeable despite a strong eagerness to provide you the service. You need to be more picky about your loan officer than you actual lender. But don't be afraid to shop your rate/closing costs regardless.
Answer by Lisa L
Talk to a mortgage banker, not a broker. A mortgage banker is not necessarily in a bank. We are owned by a bank & fund with our own money. What that means is that we know up front if we can do your loan & get you an answer quickly. We don't spend the last week wondering who we can sell your loan to or if we can. Good luck & thank you for your service to our country.
Tim Lewis discusses VA Loans and his experiences helping veterans through the VA home loan process at DirectVALoans.com.
mortgage-assumption.blogspot.com The VA Home Loan Experience
MCLEAN, Va., June 21, 2012 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today ... communities across the nation by providing mortgage capital to lenders. 30-Year Fixed-Rate Mortgage Averages 3.66 Percent
While there is a wide variety of loans for you to choose from to pay for your new home, if you can qualify for no money down loans, you will appreciate getting into your home at a much more affordable price. Some of these kinds of loans are known as 100% VA loans, which are designed as incentives for veterans of the armed forces. Therefore, if you have served in the armed forces or the National Guard for long enough, you should certainly get in touch with a VA mortgage lender to discuss the possibility of you benefiting from zero down home loans. Here are the basic benefits of working with a VA lender to get your loan.
First is the fact that you can appreciate the lowest interest rates available on the market today. Such no money down loans with low rates are reserved strictly for the brave veterans who have served their country. Unlike conventional lenders, a VA mortgage lender will not determine your interest rate based on your credit score. Consider that if your score is 650, your VA lender will give you the rate that someone with a score of 780 might expect to receive. Currently, 100% VA loans have interest rates hovering around 4.5%.
Next, the seller can pay the closing costs. Add this to the fact that you have zero down home loans at your disposal, and you could get into your home practically for free! The way this works is that the seller will pay up to 4% of the purchase price on the home in closing costs. This means if your home cost $ 200,000, the seller could pay $ 8,000 in closing costs. Since you can get 100% VA loans, you literally could get you and your family into a home without a penny spent.
Last, you are not required to pay Private Mortgage Insurance, a benefit that could save you $ 25 to $ 250 per month, depending on the size of your loan. If you want to appreciate all these benefits and more from no money down loans, you truly need to get in touch with a VA mortgage lender. Speaking with a knowledgeable VA lender will be imperative to discovering the size of loan you qualify for. If you are a veteran, there is absolutely no reason not to check out zero down home loans in the form of 100% VA loans. Find More No Money Down Loans With A Va Mortgage Lender Issues
