Bristol Tennessee VA Home Purchase
The JM Loans team recently just wrapped up a purchase loan for a couple relocating from Nevada to Bristol, Tennessee to spend their retirement years.
This client was in 2 groups that have become very common to work with for the JM Loans team - Veterans, and relocations. Being licensed in 12 states (With Mason Mac being licensed in 8 others), we see a lot of relocating clients, and with good cause - in more cases than not we have some tremendous resources available in both the areas they're coming from and going to.
Being a veteran, our client was able to take advantage of our VA loan program to get into their new home with a down payment of a whopping 0%, and obtained a great fixed rate in the process. For those unfamiliar with the program, VA allows eligible veterans to obtain 100% financing up to established county loan limits with rates generally below those available in the world of conventional financing. For many scenarios, VA loans are the best loan product available on the market.
With this transaction, there was a hiccup along the way - our clients were selling their home in Nevada, and that buyer's financing fell through (we were not the lender!). Thankfully, our client had enough VA eligibility to carry a VA loan on both their departing residence AND their new home, so the issues with their home sale proved to not have a negative effect on their home purchase in Bristol. Our experience with VA loans allowed us to keep our clients and their agents cool, calm, and collected, as we overcame what they thought would be a major obstacle, and moved to closing with no issues.
The best part of this transaction was that everyone was on the same page in moving things forward. Because all parties were involved, had good communication, and were quick to provide items needed, we were able to fund our client's loan 2 weeks before their contractual closing date. Our rockstar team of processors and underwriters has made this a common occurrence - loans moving through the pipeline very fast, with loan processing times of about 2 weeks from the time we receive a contract until the time we close. Recently, we even had a purchase go from "contract received" to "clear to close" in just 4 business days.
Licensed in CA, CO, DE, FL, GA, MD, NC, NJ, PA, TN, TX, and VA, the JM Loans team is here to help guide you through the mortgage process and ensure you close on time with a great rate and the most pleasant process in the mortgage industry.