VA Home Loan: Qualifications of Right VA Mortgage Loan Broker In Colorado
Are you a military person or a veteran dreaming to be a homeowner? If yes, then the Department of Veterans Affairs (VA) can help you in this direction. The federal government of the US is offering you a home loan scheme to fulfill your dream of buying a house.
For the welfare of veterans and military members, the United States Department of Veterans Affairs (VA) started a home loan scheme. Under the scheme, you can purchase a home without any down payment. A lender and a borrower both can take advantage of this scheme as there is no risk factor hidden in it.
Some key advantages of a VA home loan scheme are:
No Prepayment Penalty
In the case of prepayment penalty, there is a contract with your lender stating that if you pay off the entire amount of a loan before run out of the term and fixed period of the loan, then you will have to pay a penalty. However, in the case of VA loan, you need not to pay a penalty to the lender if you pay off your loan early. This helps military persons secure their finance.
A VA loan is assumable. There comes a time when you need to sell your home for some reasons. In such a case, you can sell your house to a person who agrees to assume your loan if the creditworthiness of a new borrower is fully approved. This proves very advantageous to a borrower at the time of selling his home.
No down payment and private mortgage insurance
Veterans can have 100% financing without any down payment and private mortgage insurance. VA guarantees a home loan which means the government provides protection to the lender against a loss if a borrower fails to repay the loan.
Concession for late payment
According to guidelines by the VA, there cannot be late payment charges for a borrower unless a payment is more than fifteen days overdue. The late charges can also not exceed 4% of the payment amount. Apart from these, a borrower can have financial counseling by the VA in case of temporary financial crises.
Low-interest rates and monthly installments
Eligible candidates can repay the loan amount with low-interest VA mortgage rates. As borrowers need not have any private mortgage insurance for VA mortgage loans, their total amount of monthly installments also reduces.
People can be eligible to get a VA home loan if they meet one or more of the following conditions:
1. They have served ninety consecutive days of active service during wartime.
2. They have worked 181 days of active service during peacetime.
3. They have worked for over six years in the National Guard or Reserves.
How to find a trustworthy VA mortgage loan broker or company in Colorado?
If you want to take the assistance of some good VA mortgage loan brokers or companies in Colorado, then you need to know the qualities they must possess. For your convenience, here are some basic qualifications that an experienced mortgage loan company should possess:
1. Through their good knowledge of legal terms, they should be capable to provide you a loan as soon as possible.
2. They must have long experience in this field, and also in the matter of providing a loan to different eligible candidates successfully.
3. They must have good connections or relations with reputed lenders or financial departments for different financial requirements.
4. A good mortgage broker does not charge any unnecessary fees such as origination, underwriting or processing fees from the client.
5. Through their strong relationships, they should be able to work with top mortgage banks capable to offer great tiered prices to mortgage brokerage companies.
6. They should be capable to pass saving benefits to the clients.
7. They should be able to provide their clients with great deals on VA mortgage loans through their experience and personal services.
8. They should be able to assist and guide their clients to understand a certain loan process making it simple and get the best terms for them.
9. Their expert team should be present to help you most of the time whenever you require.
10. Customer satisfaction should be their priority and should be able to exceed their expectations
11. To save time and energy, they should have facilities for online document uploading and storage facilities.
Getting a VA loan is advantageous from many angles for military persons and veterans. After choosing a right VA mortgage loan broker, you can fulfill your dream of having your own home. Quick VA Loans can be your trustworthy VA loan partner. We offer you the lowest interest rates and lots of VA loan benefits. Plus, our experienced professionals are always there to assist you.
Conclusion: Due to several benefits of VA loans, lots of military persons and veterans are taking advantage of this loan scheme. The terms such as minimum interest rate, low credit score, no down payment, security to the lender, no insurance etc. make this loan better than others. If you find yourself eligible for a VA loan, you can take the help of some reputed VA mortgage broker, such as Quick VA Loans that provide VA home loans. They have a qualified team of members who have long years of experience in this field and can provide you with all the required guidance to fulfill your dream of getting your own home.
Quick VA Loans lends in the following areas: Colorado, Florida, Idaho, Texas, Utah.