The process of applying for a VA mortgage is little to no different than all of the other types of loans. Actually, the application form for a VA mortgage is the same as compared to FHA, HUD and conventional loans. The first step of the loan process is generally as follows: the mortgage lender will verify the potential borrower’s assets and income as well as a full credit report to make sure they are an eligible candidate.
If everything submitted by the applicant looks good and the value of the appraised property seems to be sufficient to cover the loan that is requested, the lender will most likely close the loan under VA standard procedures. The percentage is very low (roughly 10%) when it comes to loan applications that are required to be submitted to the VA office for final approval.
Here are some of the step-by-step instructions on how to get a VA mortgage approved:
● The loan applicant must have entitlement and be an eligible veteran.
● The credit risk of the veteran must be acceptable.
● The occupant of the property but be the veteran for a reasonable period of time upon the closing of the loan.
● The verified income of the veteran and his or her spouse must be sufficient and consistent to ensure that mortgage payments and other homeowner costs can be sufficiently covered.
Once veterans and their families get their VA mortgage approval, everything will seem to fall into place. But what if one finds himself in a position where they need to save a bit of money on their mortgage payment? When a VA refinance seems to be the most suitable option, then Mortgage Investors, otherwise known as MIC, is your “go to” company.
MIC is a VA authorized direct lender for an incredible VA approved government program that is strategically and efficiently designed to lower your mortgage payment. The entire process is exceedingly easy and fast. In comparison to the less impressive refinance companies out there, here are some of the potential benefits of working with MIC that are worth noting:
● Local representatives in your state will come to your home to explain all of the VA benefit options, as well as what to expect every step of the way.
● No equity is required by the loan holder
● You may be able to skip an entire mortgage payment
● No appraisal or income verification will be required
● You may receive an escrow refund back from your current lender
● You can potentially pay more toward the principal
● The in-home closing could occur in as little as 8-10 days
Mortgage Investors is truly a fantastic company with a commendable 75 year track record. It is no surprise that veterans are exceedingly happy and satisfied clients of MIC. If you have a VA mortgage, are current on your payments and need to save money, now is the time to call MIC. Representatives are available to speak with you most hours of the day, Monday through Sunday. Call today at 866-659-2477 to reap the many benefits of their VA refinance program!