VA loans can be quite confusing and frustrating at times. Having some basic knowledge of how VA home loans works and who offers them can help ease some of your uncertainty. The VA itself is not a lender they are more of a guarantee for lenders. When a lender offers a VA loan to veterans the VA offers their guarantee to the lender in the event the borrower defaults on their loan the lender is covered. This guarantee is what also allows lenders to offer benefits to borrowers who use the VA home loan programs and it’s a very popular option for veterans because of the great benefits they can utilize. Like no money down, no closing costs, and low interest rates. Just to name a few of the many benefits veterans can take advantage of when using a VA home loan, but in order to offer these amazing benefits the lenders must be VA Approved Lenders.
The VA offers a basic guideline of requirements but ultimately it’s up to the lender to have stipulations to those guidelines and many lenders have their own guidelines and requirements for lending. This is one of the reasons why it’s important to shop around to different lenders. While most lenders may offer the same home loan program, they will not offer the same interest rates and guidelines, so it’s important to find a lender whose rates appeal to you the most.
How to find VA Approved Lenders
Since the VA itself doesn’t offer the loan, just sets the guidelines you’ll need to find a lender who offers a VA home loan. You can search online for a lender or go to your financial institution, just remember the lender must be VA approved and be sure to shop around to different lenders in order to find the best one that most closely fits your needs. You’ll also want a lender who knows a lot about VA loans and has a strong track record for funding VA loans. The more expertise a lender has in VA loans the better it will be for you, not to mention the more money you’ll save.
Which Lender is the Right Lender
When you start your lender search the first thing you should consider and look into is whether or not that lender is VA approved, then you will need to make sure that specific lender has the experience in dealing with VA loans. This is an important step because you will want a lender who understands the VA loan process, guidelines, and requirements. After you have found an experienced VA approved lender the next step is to review their rates, reviews, and any fees they have. This will help give you a ball park idea about how much this lender will charge you, also ask about what VA loan benefits they offer, if any. To learn more about rates click here!
Just because 2 different lenders offer the same VA loan programs, doesn’t mean they offer the same rates or fees. This is why it’s important to shop around to numerous lenders to find the lender that most closely matched your needs. Even though the VA doesn’t require a minimum credit score, most lenders do. This is another thing to look into while shopping around to different lenders.
Start Your VA Approved Lenders Search Here
Click the link below to start your lender search today, it’s quick and easy and best of all it’s free. Click the link below and fill out some basic information and within minutes you’ll be matched with a lender who can help you with your VA home loan process. Remember to shop around to different lenders and compare their offers, rates, guidelines, requirements, and fees and read their reviews! Start your search now!