VA Mortgage Broker

A Veteran’s Administration or VA loan is a mortgage the United States government makes available to veterans to pay them back for their military service.

A VA mortgage broker is a mortgage professional who is usually a veteran who specializes in arranging these mortgages for veterans. Many people want to get VA loans because they are easier to get and cheaper than other mortgages. VA loans can give a homeowner a much lower interest rate and lower payments than other mortgages.

VA loans used to be one of the most common mortgages in the United States. They are less popular today because the number of veterans in the country has fallen drastically.

Qualifying for a VA Loan

To qualify for a VA loan you will have to be a veteran of the United States military. Being a veteran means that you served in the military and received an honorable discharge. Veterans who didn’t see combat are just as eligible for VA Loans as other veterans.

Some widows and spouses of veterans may also qualify for a VA loan. Persons serving in the regular military, the reserves and the National Guard may also qualify for VA Loans

VA Loan Specialist

The best way to see if you are qualified for a VA Loan is to contact a VA mortgage broker or VA loan specialist. This is a kind of broker that specializes in arranging mortgage financing for veterans. Many VA loan specialists are veterans themselves so they are very used to working with veterans.

You’ll probably need to work with a VA mortgage broker because the process for getting a VA loan is complex. Since VA loans are much less common in recent times many mortgage brokers are unfamiliar with them and don’t know how to apply for VA loans.

If you can’t find a VA mortgage broker in your area you can contact one online by typing the term VA loan specialist into a search engine. This should give you a list of VA loan specialists that can contact.

Advantages to VA Loans

There are substantial advantages to VA loans for those who can qualify for them. A VA loan is one of the few mortgage products currently being offered that has no down payment requirement.

No private mortgage insurance is required with a VA loan this can substantially lower the price of a mortgage. In a normal mortgage PMI is required for those who don’t make a 20% down payment. This can substantially raise your monthly mortgage payment.

Credit requirements are also lower with VA loans so they are easier to get for people with bad credit. An experienced VA mortgage broker can help you get a VA loan.