The benefits of a VA home loan are plentiful. From competitive interest rates and no or low down payment requirements to flexible terms and low fees, the decision to use a VA loan to buy or refinance a home is an easy one. What’s a little more difficult is choosing the right lender.
A few questions you’ll want to consider:
- Is your lender VA approved?
- Does your lender offer the right loan program for you?
- What different add-ons does the lender have?
Once you know you qualify for a VA home loan, you’ll need to find a lender. Here are three important things to look for in a reputable VA lender:
- VA APPROVED: Primarily, you will want to check the lender’s status with the S. Department of Veteran Affairs directly. If the lender isn’t VA approved, you should avoid them and try to find one that is. By using a VA approved lender, you can rest assured knowing your lender is well versed on the intricacies of the VA and can help guide your loan through the sometimes-complex application and approval process.
- LOAN PROGRAMS: Various lenders offer various different loan programs. You will want to be sure to find a lender that offers the loan program that is best for your specific situation. With several different VA loan products to choose from, such as 3/1 hybrid and 15-year fixed, it’s important to do your research.
- LAYERS AND ADD-ONS: The VA itself puts limited restrictions on VA home loan, however, every lender can add various different layers or add-ons and it’s important to know what those are before beginning the process. For example, the VA has no credit score requirement for VA home loans, however, most lenders will put their own limits in place.
It’s also wise to look for a lender that’s not only VA approved, but that specializes in VA home loans. At Mortgages for America, we know VA loans, whether purchase, refinance or construction loans, our team of VA experts has a proven track record of closing even the most complicated loans on time.
For more information on the VA loan programs we offer or to find out if you’re eligible for a VA home loan, contact us today at 888-320-7888.