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I received an approval in the mail for a va loan, from the va. what's next?

by kenarddevel73 from Galeton, Pennsylvania. 12 days ago Reply


Info@saturnmortgage.com So they walk you through it and explain any questions you may have

12 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,154 contributions

If you received something from VA, it was probably your Eligibility Certificate.. this just means you have VA benefits available.. it's not a guarantee for a loan.. Understand that the VA does not lend money.. they only insure loan's against default.. the lenders, or those with the $$$ are the one's who actually lend.. you have to apply with a lender who is approved for VA financing. (most all are).. The best advice I can give you is to contact a mortgage banker/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

12 days ago
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,623 contributions

The VA doesn't do loans. Lenders do loans, and get a VA guarantee to cover the loss if you default. You probably got your VA Certificate of Eligibility. This is the document that tells lenders you are active or former U.S. military and are eligible to APPLY for a VA loan - NOT guaranteed a loan. You still need to contact a VA lender, and go through the full loan approval process, just like anyone else. The main benefit is the VA loan is zero down payment for most homes, has a lower interest rate than other loans, and has no mortgage insurance if you put less than 20% down. For VA loans in MN, WI, and SD - visit me at www.VAMortgageMN.com or (651) 552-3681. NMLS 274132

10 days ago
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