Who is Veterans United and VA Mortgage Center.com?
Veterans United is a financial services firm and parent company of VA Mortgage Center.com, the nation’s leading dedicated VA lender. In the last year alone, we’ve made available more than $1.6 billion in VA financing. Headquartered in Columbia, Missouri, we employ more than 700 people in nearly two dozen states and have maintained an A+ rating with the Better Business Bureau for five straight years. Our mission is to help veterans and active duty personnel take advantage of the benefits earned by their service. We are here to proudly serve those who have served.
How is Veterans United involved in the community?
We are committed to enhancing lives and strengthening communities across the country. Veterans United and its employees donated more than $550,000 to military charities and community groups in 2010 alone. We’re proud to support military organizations such as Fisher Housing Foundation, Hire Heroes USA, Homes for Our Troops, Fisher House Foundation, Paralyzed Veterans of America and the National Coalition for Homeless Veterans. Our employees contribute thousands of hours to volunteer projects, from Boys & Girls Club to building a house each year for a veteran in need. To further our philanthropic goals, we recently launched the Veterans United Foundation. Learn more about our new foundation at EnhanceLives.com
Why choose the VA Loan program?
The number one reason veterans and active duty borrowers chose the VA loan program is simple: The ability to purchase a home with no money down. That incredible benefit opens the doors of homeownership to thousands of people who might otherwise struggle to secure financing. VA loans also feature no private mortgage insurance, flexible credit and income requirements and consistently lower rates than other loan products. Your VA loan entitlement is a hard-earned benefit. This program provides qualified borrowers with unmatched buying power and flexibility. For the vast majority of veterans, service members and military families, the VA loan program represents the simplest and most powerful path to homeownership.
How do I get prequalified and what happens afterward?
The best way to start the application process is to speak to one of our VA loan specialists today. Our team can prequalify borrowers over the phone in a matter of minutes. We will gather some of your basic financial information and take a look at your credit score. You’ll then receive our loan application packet and get on the path to preapproval, which is a more involved process that requires a more detailed look at your finances and your ability to handle a mortgage and its associated costs.
What if I don’t have copies of my discharge paperwork?
VA lenders have to obtain all kinds of official paperwork in order to process a loan, from the borrower’s Certificate of Eligibility to tax returns and other crucial documents. It’s easy for paperwork to get lost over time, so borrowers shouldn’t worry if they can’t locate their discharge documents or other important pieces of paper. We can obtain fresh copies of your most important documents with no hassle. Borrowers can also contact the VA and other entities to secure the paperwork themselves. The lack of this paperwork won’t necessarily derail the loan process, but it’s best to work with the lender as quickly as possible to take care of document needs.
Can I pay off a VA Loan early?
VA loans do not have any kind of prepayment policies. That means borrowers can pay off their loans early without penalty. That’s a significant benefit for homeowners who want to cut down on their interest costs over time. Paying an additional $50 or $100 a month toward your premium can shave off years and tens of thousands of dollars from your 30-year fixed-rate mortgage.
I see that VA Loans are assumable, what does that mean?
With most loan products, when a home is sold the existing mortgage must be paid off. But there are instances when a homebuyer can take over the loan balance, interest rate and terms of the existing mortgage. This is referred to as “assuming” the loan. VA loans are one of the only fixed-rate mortgages that are assumable. This key difference gives homeowners increased flexibility when the time comes to sell their home.
When is the VA Loan not my best option?
For the vast majority of veterans, active duty service members and military families, the VA loan represents the most flexible and powerful loan program on the market. Qualified borrowers can purchase a home worth up to $417,000 and more without a down payment or out-of-pocket spending. But there are some cases when a VA loan may not represent the best fit. Veterans with significant cash reserves who can cover a 20-percent down payment may want to consider conventional financing. But that isn’t the typical financial situation for most military borrowers. For everyone else, VA loans often make the most financial sense and allow veterans to get the biggest bang for their buck.