Looking to use VA loan for first time - any recommendations on companies to use?
Thanks...Bob
Thanks...Bob
Best companies for VA loans?
- Thread starter PsychOfficer
- Start date
i know wells fargo processed the most, not sure if the best. Best is to use lending tree and let banks compete for your loan
It's funny you should ask.
I don't have the article anymore, but I just read it today.
You can probably get it with a web search though. It's a new article.
The article talked about how the VA loan program was gaining a lot more Veteran usage these days as opposed to 10 years ago.
It also talked about the big financial WHYs behind the advantages to the Veteran when they use their VA Home loan as compared to using traditional/conventional financing.
It also listed the top 5 or 10 businesses that Veterans used when they purchased a home with their VA Home loan rights.
One of Veteran's biggest home-run hitters in this lending market just happened to be USAA.
Might want to check them out.
V/R,
nwlivewire
USAA doesn't give the best interest rates
That may be very true. Rates and fees vary from time to time & from lender to lender.
This is why I suggested he Google the article. Once armed with the top 5 lenders in the nation who routinely fund the VA mortgages, the poster can contact these folks and find out who is offering the best deals and lowest fees, etc., at this time.
****** Also check your State Veterans website to see if your State has a State Veteran Home Loan Program.
Some states do. And sometimes, they are an even better deal. In my state of Oregon, the ORVET Home Loan is a separate and distinct home loan program from the Federal VA Home Loan & offers very low interest rates.
****** And check to see if you are eligible for a disabled property tax reduction/exemption on your home, too. That also varies from State to State.
Every dollar saved adds up!
Let us know what works best for you and yours - this is good stuff to pass along.
Happy hunting!
V/R,
nwlivewire
Thanks for all the information everybody. Bob
I am going through the process with USAA right now. Got a decent interest rate for a first time buyer with moderate credit (702). The apr is 3.75. There are pros and cons for usaa. Pros the process is very automated, they assign you a "prefered" realtor, you can upload all your documents via the website, and they are very good at dealing with us "dysfunctional vets." However it is frustrating at times. If you have questions you better write em down because the likelihood of speaking to a human quickly is infintismally small. I have been trying to get my Mortgage specialist via phone or email for almost 2 weeks now to no avail. Each processor handles over a hundred cases each so they are very swamped.
For knowing the va process inside and out you can't beat USAA. But if you are a first time buyer that knows very little about the process (like me) it may be more advisable to go through a small local bank instead of a big lender like USAA. Often with local banks you can fight for lower APR rates ans what not more than you can with a big bank like USAA. Good luck.
For knowing the va process inside and out you can't beat USAA. But if you are a first time buyer that knows very little about the process (like me) it may be more advisable to go through a small local bank instead of a big lender like USAA. Often with local banks you can fight for lower APR rates ans what not more than you can with a big bank like USAA. Good luck.
In general, interest rates won't fluctuate much from one lender to the next since the rates are set by the Fed Res. My opinion......work with someone (especially if it's your first time) who is communication oriented. Personally, I would never do business with USAA's mortgage department (call center) ever again. They have no clue what is going on, in my opinion.
I have used USAA (won't ever again), NFCU (great to work with), Prime Lending (great to work with), and Mann Mortgage (great to work with). Everyone's situation is different, so i recommend reading the VA underwriting guidelines before applying.
Livewire,
I have to look that up. We just purchased in Salem last week using a 2nd VA loan.
I have used USAA (won't ever again), NFCU (great to work with), Prime Lending (great to work with), and Mann Mortgage (great to work with). Everyone's situation is different, so i recommend reading the VA underwriting guidelines before applying.
Livewire,
I have to look that up. We just purchased in Salem last week using a 2nd VA loan.
Dear pittpan2005:
Here's the official ORVET Home Loan web site. I've not read through it, but I wonder if an Oregon Vet can carry a VA home loan on a house and also carry an ORVET home loan on a second home at the same time?
I mean, it's nice to dream..... But I am curious if a person can carry a primary home loan (VA) and have a 2nd recreational "vacation home" loan (ORVET) using them both at the same time?
http://orvethomeloans.com/
V/R,
nwlivewire
In retrospect, we have used Wells Fargo Home Mortgage (WFHM) exclusively for VA home loans and Conventional home loans without any issues and/or concerns to date!
As a direct result, we continued to receive the "best" rates available at the time WFHM processed the home loan application(s) for customers with excellent credit ratings and excellent credit history.
Indeed, please do you homework as other have previously mentioned above because at the end of the day, your home mortgage loan may get "sold" to another home mortgage company or may get "purchased" by another home mortgage company due to the lending institution/bank's high rate of competition within the real estate market.
With that all said, please take care and enjoy life in your new home!
Thus, I quite often comment that "possessing well-informed knowledge is truly a powerful equalizer."
Best Wishes!
Good point. USAA will sell a BA loan immediately upon closing to one of the big three (Sallie Mae, Freddie Mac, or one other who's name escapes me)In retrospect, we have used Wells Fargo Home Mortgage (WFHM) exclusively for VA home loans and Conventional home loans without any issues and/or concerns to date!
As a direct result, we continued to receive the "best" rates available at the time WFHM processed the home loan application(s) for customers with excellent credit ratings and excellent credit history.
Indeed, please do you homework as other have previously mentioned above because at the end of the day, your home mortgage loan may get "sold" to another home mortgage company or may get "purchased" by another home mortgage company due to the lending institution/bank's high rate of competition within the real estate market.
With that all said, please take care and enjoy life in your new home!
Thus, I quite often comment that "possessing well-informed knowledge is truly a powerful equalizer."
Best Wishes!
I read into the ORVET program. An ORVET loan must be owner occupied. So, using your hypo, the person would take a VA mortgage on their primary, then convert it to a rental/vacation home, and use the ORVET as the new primary residence. The one major stipulation with the ORVET is once it is no longer owner occupied the loan becomes due. You could also refinance and get around it.
Thanks for doing the reading on this ORVET program!
I would imagine as long as the Vet established primary residence through receivership of mail to that address/P.O.Box, voter registration, FED/State tax return address, driver's license address, then that might clearly demonstrate primary address.
Something to think about for using later - maybe....
I was told by another Vet here (one of my neighbors) that you DON'T originally need to have joined the service inside the state of Oregon to qualify for the ORVET loan, that you DON'T need to be disabled to use it, and that the honorably discharged Veteran can even have just arrived into the state of Oregon and CAN qualify for this ORVET loan.
If that's the case, then this ORVET loan could be a really good option for almost every Vet who lives/moves/relocates to Oregon when they don't want/can't/can no longer use their VA loan. No previous past residency/enlistment qualifications, competitive rates to conventional loans, and all that other stuff. I suppose the Vet has to provide Current intent to reside/current residency in Oregon, which can be easily established as mentioned above.
V/R,
nwlivewire
After all of the recent stories that have come out of Wells Fargo, I would refuse to ever get a loan from there solely on principle. Then again, you could say the same thing about Bank of America, because both of them have a great deal of skeletons in the closet.
I suppose that might be a reason why some folks call the big banks "the Banksters".
Even so, it's good to know from folks who have posted on this thread what and who worked for them - and who didn't.
V/R,
nwlivewire
I'll be looking for another bank as well once I sell the home I'm currently in! Hopefully I can find a bank that will work in conjunction with the VA Specially Adaptive Housing Grant
What great timing. Wife is heading to OR for zone reconn, ahead of retirement. Had this same conversationa few times with few, and ORVET program keeps coming up. Love it when she says, "Don't you need a 214 for that?"
If you decide to go with the ORVET Loan Program, let us know how this works out for you!
V/R,
nwlivewire