How to Find Approved VA Home Lenders
VA loans are government-backed financing available to military families issued by private lenders. Applying for a VA Home Loan is similar to applying for a conventional mortgage, with a few differences. Working with an approved VA home lender can help you work your way through the process smoothly.
Make Sure You Use an Approved VA Home Lender
VA approved lenders are familiar with the ins and outs of the application process, helping you avoid complications that delay the approval process. They can also help you apply for fee waivers, manage special circumstances, calculate entitlements, etc.
VA loans account for 10% of the mortgage market, so be sure to choose the lender that is right for you.
Finding An Approved Lender for VA Home Loans
When you consider a lender, you need to ask if they process VA Home Loans. To find an approved lender:
- Check with your current financial institutions
- Get referrals from family and friends
- Do a quick online search
What to Look For in a Mortgage Lender?
Because VA home loans are issued by private lenders, they are free to put their own minimum requirements for loan approval. When selecting a lender consider the following:
- How long have they processed VA home loans?
- How often do they originate VA home loans? (the more frequent, the better)
- What is the minimum credit score and down payment?
- What fees will be charged?
- What is the term of the loan and the APR?
- What online capabilities does the lender offer?
- What kind of customer service do they offer?
- What is the lender’s Better Business Bureau rating?
Things to Keep in Mind
Not all lenders are the same. You want a lender who is familiar with the VA home loan process and guidelines. They should ask about your military service and answer your questions about the VA home loan. If you are directed towards other financing or the loan officer cannot answer your questions, consider working with a different lender.
Let Us Help You Through the Process
Mortgage Solutions Financial is an approved VA Home Lender and works closely VA home loans. Our loan officers have been processing such applications for years. We would be happy to discuss your situation and help you determine if you are eligible to take advantage of this financing option for your next home.