The 5 best VA Home Loan Providers

VA Loan Providers

The 5 best VA Home Loan Providers

Introduction

Any veteran in the United States seeking to purchase a house can apply for a home loan for the same which is also provided for and aided by the Department of Veterans Affairs. There are several benefits under the VA administered home loan provisions. One could even acquire a mortgage without making any down payment, which has remained the main benefit of this program. Moreover, due to the benefits provided under the home loan scheme by the VA, a service member or a veteran could also have mortgage at more beneficial terms in comparison to others.

Some of the main VA Home loans and the most popular VA mortgage lenders have been described below:

  1. The Carrington Mortgage Service-The Carrington Mortgage Services provide a wide array of services such as mortgages which included refinancing as well. This service is available to home buyers all over the country. This organization provides conventionally backed as well as government aided mortgages all over the nation and has financed nearly $22 billion towards providing home loans to veterans since 2011.

Some Pre-requisites to keep in mind prior to applying for this loan are given below:-

  • Type of Mortgage- One must decipher the mortgage type prior to application which can range from convention, FHA, VA, USDA, ARM, Carrington Flexible Advantage, First-Time Buyers, and Refinancing etc.
  • One must also ensure that their minimum FICO credit score is 500 for successfully qualifying for such loan application.
  • The maximum limit for the loan amount within this scheme is $2.5 million.
  • One must also ensure a Better Business Bureau rating of A+, which this scheme provides.

One of the main advantages of this scheme is that applicants with a credit score of as low as 500 are also accepted for most services, as has been mentioned above. Moreover, the conventional loans are now offered with down payments being as low as 3%.

  1. The Fairway Independent Mortgage Corporation-This Corporation is established in Madison, Wisconsin and had been incorporated in 1996. A noteworthy organization, it has financed billions of dollars towards home loans since its inception. This corporation again offers very attractive deals for home buyers which includes several mortgage products which included conventional, Federal Housing Administration, U.S. Department of Agriculture, U.S. Department of Veterans Affairs as well as the provision to refinance loans.

Furthermore, the Fairway Independent Mortgage also provides jumbo loans for the purpose of enabling home purchases in areas of high cost along with renovation homes, adjustable-rate mortgages as well as reverse mortgages too.

Some Pre-requisites to keep in mind prior to applying for this loan are given below:-

  • Type of Mortgages under the scheme: These include fixed rate, USDA/Rural Development, conventional, ARM, FHA, VA, Jumbo Financing, Refinancing, Renovation as well as reverse mortgages.
  • The minimum FICO credit score required to qualify under this scheme is 580.
  • A Better Business Bureau rating of A+ is available.

This corporation is again one of the leading home loan providers for several reasons. These include the fact that the mortgage selection includes both VA as well as USDA loans which require no down payment almost all the time. Furthermore, this organization has A+ customer service with the Better Business Bureau. And last but not the least, the renovation loan option under this includes the Home-style Renovation Loan which basically combines both, the cost of remodelling as well as the mortgage loan into one.

  1. NBKC Bank-NBKCis a reputed mortgage lender which is located in Kansas and provides home loans within all the 50 states.

Some Pre-requisites to keep in mind prior to applying for this loan are given below:-

  • The types of mortgages provided include conventional, fixed rate, ARM, FHA, refinance, VA, FHA Streamline Refinance, Refi Plus and the VA Streamline Refinance.
  • The minimum credit score required to qualify under this scheme is a FICO credit score of 620.
  • This Bank again has a Better Business Bureau rating of A+.

This Banks again offers many advantages such as the fact that even borrowers with a fair credit may qualify within this and the process for application simply includes an online application process. Further, under this scheme, the VA loan borrowers are not charged with any lender’s fee, which is a huge advantage.

  1. Guild Mortgage- Guild Mortgage is a corporation which had been established in 1960 and it focusses primarily on the provision of home loans and aids borrowers all over the nation. This corporation provides both conventional as well as government aided mortgages along with home renovation loans.

Some Pre-requisites to keep in mind prior to applying for this loan are given below:-

  • The types of mortgages include conventional, FHA, VHA, USDA, ARM, renovation, refinancing as well as jumbo.
  • A minimum FICO credit score of 620 is mandatory.
  • The maximum loan amount under this is $2 million.
  • Further it possesses a Better Business Bureau rating of A+.

This corporation is also one of the primary lending solution providers in the country with a wide array or mortgage products to offer. Further, it also aids with special mortgage programs for first time home owners and manufactured homebuyers are also available within this scheme.

  1. Veterans United Home LoansThe Veterans United Home Loans is instrumental in providing veterans and all service members and their families with mortgages. This is available across all 50 states and is established in Washington D.C. wherein it primarily specialises in VA Loans.

Some Pre-requisites to keep in mind prior to applying for this loan are given below:-

  • The mortgage types that are provided include VA, VA jumbo and refinance.
  • A minimum FICO credit score of 640 is mandatory.
  • The maximum loan amount available under this scheme is $1.5 million.
  • Further it again possesses a Better Business Bureau rating of A+.

This is one of the most trusted home loan solutions programs in the country. Further the benefits it provides are also unparalleled with no requirements of down payment or any PMI.

Conclusion

For veterans looking to purchase a home, a wide array of home loan solutions are available all over the country. However it becomes imperative for one to choose a scheme which is most suited to their specific needs, requirements and qualifications for applications. The above five options are one of the best available in the country and has served veterans for generations now.

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