FIND A MORTGAGE LENDER

VA LOAN. QUALIFICATIONS. PRE-APPROVAL

A crucial step in the home buying process is securing a mortgage lender. A mortgage lender will be able to tell you how much house you can afford.

CONVENTIONAL LOAN VS VA LOAN

CONVENTIONAL LOAN

A conventional loan requires up to a 20% down payment.

 

PMI which is insurance on your mortgage is often required.

 

A conventional loan is more risk for the lender, therefore there are more requirements to carry PMI and the loans can have a higher rate.

VA LOAN

What is the benefit of a VA Loan?
It offers two things, a loan with no down payment, and typically a better than average interest rate.

What is the VA Loan?
As we mentioned the VA loan is a zero down payment mortgage that is backed by the Veterans Administration. The VA does not provide the loan, instead, they act as the security of the loan. The VA promises to cover the losses of the bank if the borrower fails to pay their mortgage.

Consider this:
Homebuyers are usually required to pay a down payment, usually 20% of the purchase price in order to buy a home. On a $250,000 home a 20% down payment would be $50,000. That is a lot of cash. If you use the VA loan benefit you pay ZERO! That gets your attention, right? You may be in an area of the country that requires a VA Jumbo loan due to the cost, but a VA lender can help you figure that out. 

DO YOU QUALIFY FOR A VA MORTGAGE?

VA MORTGAGE TOOLKIT

VA ELIGIBILITY

You are eligible for a VA Mortgage if you:

Served on active duty wartime for 90 consecutive days? [OR]

Served on active duty during peacetime for 181 days? [OR]

Serve in the National Guard or Reserve for 6 years? [OR]

Discharge from the service under honorable conditions?

Serve in the National Guard or Reserve for 6 years? [OR] Discharge from the service under honorable conditions?

Special exception: Are you the spouse of a service member who died in the line of duty or as a result of a service-related or disability?

You are eligible for a VA Mortgage if you:

Served on active duty during wartime for 90 consecutive days? [OR]

Served on active duty during peacetime for 181 days? [OR]

Serve in the National Guard or Reserves for 6 years? [OR] Discharge from the service under honorable conditions?

MORTGAGE PRE-APPROVAL

Many people think that they need to go through their current bank to obtain a mortgage. This is not the case, you can go through any bank. at MILLIE we highly recommend choosing your lender based on customer service and experience with the VA loan.

Download the VA Loan toolkit for a mortgage comparison. A chart developed to easily compare mortgage lenders on: Rates, Points, Fees, Down Payment & PMI, lending processing and customer service.

Below are three mortgage lenders that we have personally vetted for exceptional service.

Below are three mortgage lenders that we have personally vetted for exceptional service. 

**It is important to note, MILLIE does not receive any compensation for recommending the following mortgage lenders. They are recommended based on their customer service and desire to help serve military families.**

NMLS #3030

We’re the nation’s largest online retail mortgage lender, second largest retail mortgage lender in the U.S., and the nation’s leading VA lender.

96% of our clients would recommend Quicken Loans based on closed client surveys.

The Quicken Loans Veteran Hiring Program creates career opportunities for veterans, service members and their families.

At iDirect Home Loans we take pride in helping our service members and their families with their VA home loan benefits.

We will match you with a VA Specialists who was also a member of the military community, and can help make the lending process easier.   

These VA Specialists will serve you with the highest level of personal commitment. 

iDirect Home Loans, VA Lending made easier.

A Top VA loan producer helping more than 4,000 service members and their families in 2016.

BBMC’s VA loans require no down payment, no mortgage insurance and they offer 100% VA cash-out refinance loans.

Purchase mortgage specialists with our own tool that streamlines the process for you and your agent.

Partners with military service-oriented organizations: The USO, The Headstrong Project, and The Mission Continues.