If you are a veteran, you are likely overwhelmed by the many programs that abound for individuals like you who have or are serving their country. VA mortgage loans are one type of benefit that veterans can take advantage of. There are numerous benefits to this type of mortgage. However, some veterans do not quite understand what it is and how it differs from traditional mortgages. Others do not know how to apply for a VA loan. Perhaps you are confused about the process. The following points will give you a quick overview of what to expect.
Find a lender.
This is the first thing you will need to do. Some lenders do not offer VA loans. Veteran Affairs approves lenders, and it is important to verify that the lender you choose is indeed approved. This is because some lenders have VA loan applications, but they are not approved. After veterans complete applications for these "middlemen," the veterans' information is forwarded to an approved lender. This can result in issues with the application such as it getting stalled unnecessarily.
Prepare for the initial meeting with the VA loan specialist.
Expect to explain the type of home you are looking for. You also should ideally have a location in mind. This is not a requirement, but it can help. VA loans are similar to traditional loans in the sense that you will also need to provide job information if applicable. The VA loan specialists provide what is referred to as a prequalification loan amount based on the information provided.
Complete the application.
You can complete a paper application or an online application. A checklist of items you need to submit will be made available after the application submission. Some individuals already know what they need to provide, which expedites the process. Once all the requested information is provided, a specialist can send it electronically to ensure a prompt response.
VA loan specialists, such as at Blue Wave Funding, are good resources to use to learn more in-depth information about the loan process. They can give you concrete answers to questions you have. These professionals usually offer other mortgage loan products too. This means that they can explain the differences between traditional mortgages and VA loan mortgages. They can also help you to understand the perks of utilizing the VA loan option. Perhaps the biggest perks for most veterans is that they do not have to make a down payment nor pay mortgage insurance. This means that it is possible for some veterans to get a same day loan approval.