Receiving a mortgage can be a very difficult thing. After 2008’s economic collapse, banks and other lending institutions started gripping their money more tightly than ever, and even some qualified candidates were sent packing when applying for home loans. This trend has continued in many areas, and four years later it’s still quite difficult to receive approval for a home loan. Veterans also have this problem, even with Veterans Affairs working hard on these issues and different laws demanding that veterans be treated differently.
VA Mortgage Lenders
What veterans need is some solid information on where to find the best VA mortgage lenders in the business. In this article we will go over a few different lenders, a few examples of their loan packages, and information on how you would go about applying for a home loan.
Eligibility for VA Loan
- The type of package you will end up receiving all depends on certain factors, such as the amount of assistance you’re able to garner from Veterans Affairs, the value of the home, your particular credit, etc. But to start off the list, first we have Veterans United. This large lending company deals specifically with veterans. You can check your eligibility and receive loan information from the site’s home page.
- Fill out your information, such as your duty status, your credit rating, your intent, your wanted loan amount, your personal details, and you will be given a list of loans. VA loans are 0% down and you should be looking at around an average of 3% APR for a standard 30-year fixed rate package.
- VA Mortgage Center is another good lender out there, also complying with the 0% down standard. And while they are not directly affiliated with the VA, they still offer great packages for veterans.
- Perhaps your best bet as a member of America’s military, past or present, is to check with the Department of Veterans Affairs itself. It has a lending program, grant applications, and other loan services to assist you.