What is a VA Loan?
VA home loans are mortgages backed by the U.S. Department of Veterans Affairs, with down payments as low as 0%. These loans are a benefit offered to those serving in the armed forces, reservists, veterans and qualifying military family members, and are serviced through private lenders with special rates and terms for military personnel.
Top 5 Mortgage Lenders for Getting a VA Loan:
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If you think you might qualify for a VA home loan, it is in your best interest to apply. That’s because VA loans can be more advantageous than regular mortgages. One of the benefits of applying for a VA loan is that most lenders approve applicants with a less than perfect credit report. Typically, veterans, etc. have a lower credit score, a higher debt to income ratio, and short or no credit history. As such, clemencies are granted to these individuals when they apply for their loans. Additionally, VA loans generally come with a lower interest rate than you’ll find with other types of mortgages.
So, VA loans are easier to be approved for and will cost you less overall than a private mortgage. Whether you are applying for a single family home, condominium unit, or co-op units, the right lender can give you the financial backing you need to purchase your own living quarters with ease.
Veterans United Home Loans isn’t just dedicated to veterans in name—it’s dedicated to veterans in its actions. Veterans United is one of the largest VA lenders in the country, having issued $10.5 billion worth of VA loans in 2018. Its agents are exclusively focused on VA loans. More than 1,400 lenders issue VA loans, but Veterans United is among the biggest and most well-known.
Quicken Loans is another option for getting a VA loan. It offers a range of loan types including government-backed loans like FHA, HARP, VA, and USDA loans. You'll find the information you need online for your VA loan, but if you're more comfortable with one-on-one human interaction, Quicken Loans has experts waiting for your phone call. Fill in a short form, and they'll contact you with the information you need. There are also Jumbo VA loans available, a unique offer, as well as refinance and cash-out home loans. Quicken Loans has an "Excellent" rating from Trustpilot and calculators to assist you in finding the rates and terms that are suitable for your VA home loan. Learn about the approval process at the Quicken Loans website.
Best for: Those who are looking for a straighforward process
Based in Atlanta, Georgia, AmeriSave Mortgage Corporation has established itself as one of the premier names in the mortgage loans and refinancing industry. The company was established in 2002, and has since expanded its service to 49 states and the District of Columbia. Today, the company offers a quick and straightforward way for potential homeowners and prospective buyers to uncover the loans they need and access funds efficiently. AmeriSave has expanded to employ more than 500 mortgage specialists, and funds billions in home loans every year. Moreover, the company offers a wide variety of mortgage options, including conventional, jumbo, FHA, VA and USDA loans.