VA Home Loans: Your Complete Guide To Finding Right VA Lenders

VA Home Loans: Your Complete Guide To Finding Right VA Lenders

In 1944, Congress introduced the VA Loan Guaranty Program with an aim to help service members buy their own homes easily. In the last seven decades, more than 22 million veterans and military members took advantage of the Department of Veterans Affairs’ special program to purchase homes.

• What Is A VA Home Loan?

VA home loan is one of the most flexible and powerful lending programs right now in the market. Instead of providing the loan directly, the Department of Veterans Affairs guarantees the VA home loan scheme and allows banks across the country to offer the loans with special benefits for veterans, military members, and their spouses. Some of the most obvious advantages of a VA home loan include low-interest rates, $0 down payment, no PMI, and others.

VA home loans are easy and beneficial in many ways. Quick VA Loans offers VA home loans in Colorado, Florida, Idaho, Texas, Wyoming, Utah with very competitive terms and low fees.

• How To Find Right VA Home Loan Lenders

When buying a home, veterans and active service members eligible to apply for the VA home loan program should spend some time gathering information on VA loan lenders near them. After that, the potential borrowers need to compare their services. At last, they should pick a lender that suits their requirements. It is important to follow these steps and reach the right lender because it can make a huge difference in their borrowed loan amount as well as monthly installments.

For example- If a veteran or an eligible VA home loan applicant in Colorado wants to take advantage of VA Home Loan benefits, then it is necessary for the individual to do some research on VA home loan lenders and pick the best among them.

Here are some ways to find a suitable VA lender:

• Dedication to VA loans: One of the easiest and the most obvious signs of a good VA home loan lender is its dedication to the special loan program for veterans. The lender is authorized by the Department of Veterans Affairs to offer VA home loans. There will be experts working with the lender to help veterans complete the loan approval process and guide them in the right way.

• Experienced: VA home loans are there for a long time now. A trusted and the most reliable lender will be the one with years of VA experience. By considering the past work of the lender in the field, a potential borrower will be able to know if the lender’s services can be trusted or not.

• Low-interest rates: In most cases, a veteran with a high credit score will have a lower interest rate with a VA Loan than a conventional mortgage. Why? Because the government guarantee on the loan is more attractive for investors of loans and this pricing goes back to the borrowers as better terms being passed on back to them. But not every lender is the same. Some lenders have higher pricing because they are covering their higher cost of doing business. Some lenders have higher rates because they accept higher risk (Borrowers with lower credit scores and other risks). Many applicants don’t know they can get better terms by working with a VA mortgage broker who will be comparing multiple lenders for them. By using a VA mortgage broker, applicants can save thousands of dollars in closing costs and get better terms than by shopping on their own.

• Leniency on credit score: Maintaining a high credit score is tough for many veterans and active service members as life happens. Moving frequently while serving and going through other things that life throws at you happens often for many people. A good lender will understand this problem and allow an eligible applicant to apply for VA home loans even when their credit score is not very good. This is a benefit of working with a good VA mortgage broker.

• No down payment:  VA home loans do not require a down payment for those that qualify and meet the eligibility requirements and loan limits.

Conclusion

Finding a good VA lender can be difficult. If you are searching for a VA mortgage lender in Colorado, then Quick VA Loans is your VA lending solution. Quick VA Loans compares multiple VA home loan lenders in Colorado and chooses the best lender based on different criteria for each client based on multiple different criteria that is taken into why one lender over another lender to be used. Quick VA Loans will help you through the entire process from pre-qualification, application to closing.

Quick VA Loans lends in the following areas: Colorado, Florida, Idaho, Texas, Wyoming, Utah.