A VA loan is perhaps the most powerful and flexible lending option on the market today. Rather than issue loans, the VA instead pledges to repay about a quarter of every loan it guarantees in the unlikely event the borrower defaults. That guarantee gives VA-approved lenders greater protection when lending to military borrowers and often leads to highly competitive rates and terms for qualified veterans.
Benefits of VA LoansFar and away, the most significant benefit of a VA loan is the borrower's ability to purchase with no money down. Apart from the government's UDSA's Rural Development home loan and Fannie Mae's Home Path, it's all but impossible to find a lending option today that provides borrowers with 100 percent financing.
VA loans also come with less stringent underwriting standards and requirements than conventional loans. In fact, about 80 percent of VA borrowers could not have qualified for a conventional loan. These loans also come with no private mortgage insurance (PMI), a monthly expense that conventional borrowers are required to pay unless they put down at least 20 percent of the loan amount.
VA loans offer a few other bells and whistles:
Competitive interest rates that are routinely lower than conventional rates
No prepayment penalties
Higher allowable debt-to-income ratios than for many other loans
Streamlined refinancing loans that require no additional underwriting
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"I had a very difficult time finding a lender. I contacted Residential Savings Mortgage, and from the very beginning, the staff was congenial and professional. They helped me immensely, and saved me a considerable amount of money. They communicated regularly, and put my mind at ease, every step of the process. I have never dealt with a more wonderful financial company in my life. The entire team worked diligently on my application, and because of that, words cannot express my gratitude. I recommend them highly, and if need be, would not hesitate to call on them again in the future."
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"Will Morgan and team go above and beyond. Will works against all odds to make things happen. He has an excellent understanding of customer desire, financial ability and means. He works within the limits of customer desire and financial ability to make dreams come true. If you want the best Broker there is, look no further, Will Morgan's your man!"
"This is the third home that I have purchased and I never had a Real Estate professional that cared more than Will Morgan. Extremely knowledgeable and explained the process thoroughly."
"Will helped me purchase a duplex last year. He was fast, he was efficifent. He's got a lot of experience and provides excellent customer service. He guided me through the process and made sure I understood at every step. I was very happy eith the results. Highly recommended."
"Will Morgan was our Mortgage Broker for three properties last year. Excellent service! Very knowledgeable, his staff is courteus and prompt. All around efficient and a real pleasure conducting business with him."
"wow is all i can say, from start to finish he closed the purchase on my loan in 14 days. He spoke with me on the 10th of the month and we closed on my purchase on the 24th of the month. The greatest service i ever seen in this business. he always answered the phone, was always pleasant to deal with, a true great business man and person."