When it comes to securing a mortgage, there are many loan products available. In some cases, homebuyers are eligible for a number of loan types, giving them a few options to choose from when it comes to financing a new home.
Unfortunately, when it comes to VA loans, many qualified veterans do not find out they were eligible until they’ve already committed to another type of home loan.
While a client may be eligible for one type of product that does not necessarily mean it is the best product for that client. For instance, the FHA Mortgage is a great program for many clients. This product is great for first time homebuyers, clients who are tight on assets (and can also use a gift for down-payment or closing cost assistance), as well as credit challenged clients.
But while an FHA home loan may seem like an ideal option, if the client also qualifies for a VA mortgage that may be an even better option.
One of the first questions that a Mortgage Broker should ask you is “Have you or your spouse ever had any military experience?” Too many times this question is not brought up and therefore the VA loan product is never presented to the veteran as an option.
Often, veterans are offered and accepted into other non-VA mortgage products that are competitive and offer favorable terms. Unfortunately, these programs are not as beneficial to veterans as a VA mortgage would be.
The common error is, whether the bank or credit union does not have the VA product in their portfolio or the option is just simply overlooked, many veterans are not being offered the option of a VA mortgage!
The VA program is arguably one of the best mortgage products available, as it should be for our veterans. VA home loans require no down payment, no PMI, and they offer fast closings, often in 30 days or less.
If you’re a qualified veteran, a VA home loan could be your best option.
Interested in learning more about VA Mortgages in New York? Here are some helpful resources to get you started:
Benefits of VA Mortgages in New York & Steps to Obtaining a NY VA Loan – Learn more about the VA mortgage benefits and the steps to take to obtain a NY VA home loan.
New York VA Mortgage Eligibility Requirements – Read through the VA mortgage eligibility requirements to determine if you meet the qualifications for a New York VA home loan.
Details About the VA Home Loan Certificate of Eligibility – Get the details about the COE, or Certificate of Eligibility, that you must obtain to document your status as a veteran and your eligibility for a VA mortgage.
VA Mortgage Refinancing Options – Learn about a home refinance option available through the VA that could save you hundreds or thousands of dollars per year.
If you are a Veteran, and you are NOT in a VA Mortgage, you should contact a Professionally Licensed Mortgage Broker today to see what your options are. The VA program does not have monthly mortgage insurance, so if you are in an FHA Mortgage for example, refinancing into a VA Mortgage will immediately eliminate this insurance and save you on your monthly mortgage payment.
Given the competitive rates offered for VA loans, refinancing out of your non-VA Mortgage and into a VA Mortgage could benefit you tremendously. Maple Tree Funding can run the numbers for you and show you what your savings would look like. Just give us a call today at 518-782-1202 or contact us online to get the conversation started!
Assisting our veterans is a privilege, and we are honored to play a part in helping veterans find the home loans that work best for them. If you are a veteran and are thinking about a purchase, or if you have a home and want to make sure you are using your well deserved and earned benefits properly, please contact us today!
Editor’s Note: This content was published in 2018 but has been updated as of November 2020.