I'm a mortgage lender of 12 years and have almost always been a provider of VA mortgages in all 50 states, in addition to most other mortgage options.
* It is my experience that many veterans and even many realtors are not aware of all the possibilities available to veterans regarding VA Mortgages
* It is also my experience that many realtors and customers mistakenly think a VA mortgage is more "difficult" than a conventional or even FHA; at least for me, and the lenders for whom I have worked, this is not the case.
----I WONDER IF MOST PEOPLE ARE AWARE OF THE FOLLOWING:
MULTIPLE VA LOANS - a veteran can use VA eligibility to purchase a second home using VA while continuing to own another home which has a VA mortgage
JUMBO VA LOANS - There is no specific limit to the maximum loan which can be accomplished using the VA Mortgage benefit - we can provide 100% of the remaining VA eligibility plus .75% of the amount which exceeds the remaining eligibility...for example, if the veteran is eligible for a $417,000 loan (county specific) - and wants to purchase a home for $517,000, then we can do the VA mortgage for $417,000 + 3/4ths of the remaining $100,000, resulting in a maximum loan amount of $492,000. This is true up to our maximum mortgage limit of $2 Millon.
- VA loans can easily take less than 30 days to conclude and the veterans' VA Mortgage requires only an appraisal, (no inspection), and title work like any other mortgage
- NO MONEY OUT OF POCKET - as a direct lender, we can provide a "lender credit" to cover some or all closing costs and of course the realtor/customer can build into the contract "seller-paid closing costs" to accomplish the same thing.
The advantages to the veteran are numerous including that jumbo VA mortgages do NOT require a higher rate with us than non-jumbo VA mortgages, and we as a direct lender of our own money do NOT charge VA mortgage customers any bank fees at all; no processing, no underwriting, and no points unless the customer specifically chooses to buy the rate down by paying extra.
* We provide all mortgages with our own money in all 50 states - and every person required to complete the mortgage is here in one building, including processors, underwriters, closers and the "table funding" which delivers our money.
I welcome the chance to answer any questions on the matter; and to receive any special information from others who might be aware of other situations which may be of interest!