Considering the attractive nature of VA home loans, then starting the search for a good VA lender is worthwhile. Most importantly, they have zero down payments not to mention that you won’t need the monthly mortgage insurance premium. With conventional mortgage loans, a down payment is inevitable. This makes VA loans the most affordable way of buying a home among the veterans.
Furthermore, VA loans tend to protect veterans. This is because the U.S governments have a limit on the closing costs that can be applied to each Veteran. Obviously, none of the conventional loans can guarantee such protection to its borrowers. So, protection is a key VA home loan benefit.
How different are VA loans from the rest?
The VA home loans are no different from conventional loan programs in relation to loan approval. Nevertheless, the entire program has unique features that make it somehow different from the rest. The process of loan approval is simple and stress-free especially if you are dealing with the right VA lender. But how do you tell if you found a good VA lender?
Basically, there are several private vendors for VA loans. Resource Financial Services, Inc, for instance, is a reliable Mortgage Banker. It boasts of low rates, fast process, and appealing closing charges. Note that with low rates, there is room to refinance. That said, here are features of a perfect VA vendor;
Highly dedicated, Experienced, Non-Supervised lender and LAPP approved
If you want to identify a perfect VA vendor, look at how focused they are with their work. For a VA vendor to get a go-ahead on an approving VA loan independently, it means that they are Automatic Non-Supervised Lender. A Vender must satisfy the VA department with their credentials to attain such status. A case where they can approve VA loans without involving third parties.
The Automatic Non- Supervised Lending status is enough evidence that the VA lender is committed to VA loan programs. Also, such a lender occupies a rightful position to serve eligible veterans.
Additionally, the right VA lender must be LAPP approved (Lender Appraisal Processing Program). This means that the VA has allowed the VA lender to order an individual appraisal. The request is normally sent to the appraisal Management Company.
Sometimes back the VA processed individual property appraisal order on each VA loan. This slowed the whole process and everything was complicated. However, everything is now changed, it’s now possible for a VA lender to request own property appraisal. Therefore, they will be approving VA loans and do everything without involving the VA to review the VA appraisal. This makes it possible for the loan to be processed speedily.
Resource Financial Services Inc. A VA lender is a Non-Supervised and LAPP approved. So, they are the best VA home loans, vendors.
Also, the best VA loan lender has skilled officers. They must be well-versed with the lending process and VA loans to specific. Actually, a competent VA loan officer should have a minimum of 5 years’ experience in VA mortgages. After finding a qualified VA lender, there is no reason why you should not move on with your loan application.