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va mortgage

Apache is functioning normally

May 29, 2023 by Brett Tams

Table of Contents

FAQ

What is the VA Loan Limit?

2021 VA Home Loan Limit: $0 down payment up to $5,000,000* (subject to lender limits) /2 open VA loans at one time $548,250 (Call 877-432-5626 for details).

How to Apply for a VA Home Loan?

This is a quick look at how to apply for a VA home loan in Merced county. For a more detailed overview of the VA home loan process, check out our complete guide on how to apply for a VA mortgage loan. Here, we’ll go over the general steps to getting a VA home loan and point out some things to pay attention to in Merced County. If you have any questions, you can call us at VA HLC and we’ll help you get started.

  1. Get your Certificate of Eligibility (COE)
    • Give us a call at (877) 432-5626 and we’ll get your COE for you.
  2. Are you applying for a refinance loan? Check out our complete guide to VA Refinancing.
  3. Get pre-approved, to get pre-approved for a loan, you’ll need:
    • Previous two years of W2s
    • Most recent 30 days paystubs or LES (active duty)
    • Most recent 60 days bank statements
    • Landlord and HR/Payroll Department contact info
  4. Find a home
    • We can help you check whether the home is in one of the Merced County flood zones
  5. Get the necessary inspections
    • Termite inspection: required
    • Well or septic inspections needed, if applicable
  6. Get the home appraised
    • We can help you find a VA-Certified appraiser in Merced County and schedule the process
    • Construction loan note: Construction permit/appraisal info
      1. Building permit
      2. Elevation certificate
  7. Lock in your interest rates
    • Pro tip: Wait until the appraisal lock in your loan rates. If it turns out you need to make repairs, it can push your closing back. Then you can get stuck paying rate extension fees.
  8. Close the deal and get packing!
    • You’re ready to go.

What is the Median Home Price?

As of March 31, 2021, the median home value for Merced County is $326,192. In addition, the median household income for residents of the county is $53,672.

How much are the VA Appraisal Fees?

  • Single-Family: $600.
  • Individual Condo: $600.
  • Manufactured Homes: $600.
  • 2-4 Unit Multi-Family: $850.
  • Appraisal Turnaround Times: 7 days.

Do I need Flood Insurance?

  • The VA requires properties are required to have flood insurance if they are in a Special Flood Hazard Area.
  • In Merced County, there are many flood plains, especially in the low-lying areas. Your agent can help you to check whether a property will require flood insurance.

How do I learn about Property Taxes?

  • For questions about property tax, you can get in touch with Merced County Assessor Barbara Levey. Her office is located at 2222 M. St. Merced, CA 95340 or by calling (209) 385-7434.
  • Veterans, owner-occupiers, and senior citizens may be eligible for property tax relief. You can find out whether you qualify through the county assessor. In addition, the Assessor’s Office can do re-appraisals to determine property values and flood risks.

What is the Population?

  • The county’s population of 277,680 is, 61% Hispanic, 26% White, and 7% Asian.
  • Most county residents are between 18 and 65 years old, with 29% under 18 years old and 11% older than 65.
  • In total, the county has about 79,606 households, with an average of three people per household.

What are the major cities?

There is a total of six cities in the county including the city of Merced which also served as the county seat. In addition, the five other cities in the county are Atwater, Dos Palos, Gustine, Livingston, and Los Banos.

About Merced County

Merced County, California is located right in the heart of California’s San Joaquin Valley. This region is known as the breadbasket of the US because of its agricultural production. In addition, while Merced is away from the bustle of California’s biggest cities, the I-5 runs through the county and connects it to the rest of the state.

The City of Merced is the county’s cultural and economic hub. In addition to its connection to California’s primary highway system, it is also home to a major train station. The downtown area has plenty of exciting restaurants, shops, and nightlife.

The county is also home to plenty of green space. There are two national wildlife preserves along the river, where you can hike or bike along miles of trails. Plus, the City of Plenada, on the county’s eastern edge, contains one of the entrances to Yosemite National Park. Residents don’t just enjoy the park’s natural beauty but the droves of tourists it brings to the region each year.

Veteran Information

The county is currently home to 9,662 veterans.

  • Merced County is home to four VFW post:
    • Post 4327 Robert M Kelley – 939 W. Main St. Merced, CA 95340.
    • Post 8327 Livingston – 1605 7th Street, Livingston, CA 95334.
    • Post-2487 Lieut. Laurence F. Muth – 615 E Street, Los Banos, CA 93635.
    • Post 7635 Joseph G. Rose – 145 5th Street, Gustine, CA 95322.
  • VA Medical Centers in the county:
    • Merced VA Clinic – 340 East Yosemite Avenue, Suite D, Merced, CA 95340.
  • County Veteran Assistance Information
    • Merced County Veteran Services – 3376 N State Hwy 59, Merced, CA 95348.

VA Home Loan Information

  • For more information about VA Home Loans and how to apply, click here.
  • If you meet the VA’s eligibility requirements, you will be able to enjoy some of the best government-guaranteed home loans available.  
  • VA loans can finance the construction of a property. However, the property must be owned and prepared for construction as the VA cannot ensure vacant land loans.

VA Approved Condos

Name (ID): VILLA DEL SOL (C01070)
Address: 
NONE
MERCED CA 95348-0000
MERCED
Status: Accepted Without Conditions
Request Received Date: 11/16/1986
Review Completion Date: 11/16/1986

Links

Source: vahomeloancenters.org

Posted in: Auto Insurance, Refinance Tagged: 0 down, 2, 2021, About, active, agent, Appraisal, Appraisals, Asian, average, Bank, Beauty, best, Bike, building, ca, california, california va loans, Cities, city, closing, condo, condos, construction, dos, down payment, Family, faq, Fees, Finance, Financial Wize, FinancialWize, flood, Flood insurance, General, get started, government, green, guide, Hispanic, home, home loan, home loans, Home Price, home value, homes, homes for sale, household, household income, How To, HR, id, in, Income, inspection, inspections, Insurance, interest, interest rates, Land, Learn, loan, Loan Limits, Loans, LOS, low, Main, Make, median home price, median home value, median household income, Medical, miles, More, Mortgage, mortgage loan, Multi-Family, natural, nightlife, office, or, Other, packing, park, price, property, property tax, property taxes, property values, questions, rate, Rates, ready, Refinance, refinancing, Repairs, restaurants, right, river, rose, sale, senior citizens, single, single-family, space, suite, tax, taxes, The VA, time, under, VA, va appraisal fees, va home loan, VA Home Loan Centers, va home loan limit, va homes for sale, VA loan, VA loans, va mortgage, value, veterans, white, will

Apache is functioning normally

May 28, 2023 by Brett Tams

Table of Contents

FAQ

What is the VA Loan Limit?

2021 VA Home Loan Limit: $0 down payment up to $5,000,000* (subject to lender limits) /2 open VA loans at one time $548,250 (Call 877-432-5626 for details).

How to Apply for a VA Home Loan?

This is a quick look at how to apply for a VA home loan in Lawrence County. For a more detailed overview of the VA home loan process, check out our complete guide on how to apply for a VA mortgage loan. Here, we’ll go over the general steps to getting a VA home loan and point out some things to pay attention to in Lawrence County. If you have any questions, you can call us at VA HLC and we’ll help you get started.

  1. Get your Certificate of Eligibility (COE)
    • Give us a call at (877) 432-5626 and we’ll get your COE for you.
  2. Are you applying for a refinance loan? Check out our complete guide to VA Refinancing.
  3. Get pre-approved, to get pre-approved for a loan, you’ll need:
    • Previous two years of W2s
    • Most recent 30 days paystubs or LES (active duty)
    • Most recent 60 days bank statements
    • Landlord and HR/Payroll Department contact info
  4. Find a home
    • We can help you check whether the home is in one of the Lawrence County flood zones
  5. Get the necessary inspections
    • Termite inspection: required
    • Well or septic inspections needed, if applicable
  6. Get the home appraised
    • We can help you find a VA-Certified appraiser in Lawrence County and schedule the process
    • Construction loan note: Construction permit/appraisal info
      1. Building permit
      2. Elevation certificate
  7. Lock in your interest rates
    • Pro tip: Wait until the appraisal lock in your loan rates. If it turns out you need to make repairs, it can push your closing back. Then you can get stuck paying rate extension fees.
  8. Close the deal and get packing!
    • You’re ready to go.

What is the Median Home Price?

As of February 28, 2021, the median home value for Lawrence County is $69,091. In addition, the median household income for residents of the county is $39,993.

How much are the VA Appraisal Fees?

  • Single-Family: $500.
  • Individual Condo: $500.
  • Manufactured Homes: $550.
  • 2-4 Unit Multi-Family: $550.
  • Appraisal Turnaround Times: 10 days.

Do I need Flood Insurance?

  • The VA requires properties are required to have flood insurance if they are in a Special Flood Hazard Area.
  • There are some minimal flood hazard areas in Lawrence County, particularly by Lake Charles, Black River, and its attached streams such as Flat Creek.

How do I learn about Property Taxes?

  • Becky Holder is the Lawrence County tax assessor. Her office can be reached at 315 West Main St. Walnut Ridge, Arkansas, 72476. Additionally, Becky’s office can also be reached by calling 870-886-1135.
  • As a homeowner, Amendment 79 and Act 142 provide that tax relief to make them eligible to receive up to $350.00 tax credit on the property that is their principal residence. Also, homeowners who are 65 years of age or older or 100% disabled may receive a freeze on their assessed value, so their taxes do not increase over the years. Mobile homeowners are also eligible.

What is the Population?

  • The county’s population of 16,406 is 95% White, 2% Hispanic, and 1% Black.
  • Most county residents are between 18 and 65 years old, with 22% under 18 years old and 19% older than 65.
  • In total, the county has about 6,463 households, with an average of 2.4 people per household.

What are the major cities?

The county has at least 5 large cities and communities, including Walnut Ridge, which serves as the county seat. Some other cities and towns making up this county are Imboden, Hoxie, Black Rock, and Ravenden.

About Lawrence County

Lawrence County, Arkansas farmers produce mostly corn, rice, sorghum, and soybeans. Additionally, other industries contribute to the county’s economy, such as manufacturing, poultry, and cattle.

Regarding education, more than 3,000 students benefit from the academic programs provided in its 10 public schools. Besides, higher education can be achieved at the historic Williams Baptist University, which is now famous for its liberal arts program.

The wide variety of rivers and lakes found in Lawrence County offer excellent outdoor opportunities for entertainment such as kayaking, rafting, and canoeing. Furthermore, in Lake Charles State Park, locals and visitors enjoy fishing, camping, and hiking.

Furthermore, the county offers many historical landmarks to visit, so tourists can benefit from its rich history and culture. Also, one of the most famous and visited annual festivals is the Lawrence County Fair, featuring rodeos, shows, exhibitions, and much more.

Veteran Information

Lawrence County has a veteran population of 1,082.

  • County Veteran Assistance Information
    • Lawrence Veteran’s Services Office – 315 West Main Street STE 1, Walnut Ridge, Arkansas 72476.

VA Home Loan Information

  • For more information about VA Home Loans and how to apply, click here.
  • If you meet the VA’s eligibility requirements, you will be able to enjoy some of the best government-guaranteed home loans available.  
  • VA loans can finance the construction of a property. However, the property must be owned and prepared for construction as the VA cannot ensure vacant land loans.

VA Approved Condos

There are no VA-approved condos available in Lawrence County Arkansas. For more information about the VA condo approval process give us a call at (888)573-4496.

Links

Source: vahomeloancenters.org

Posted in: Auto Insurance, Refinance Tagged: 0 down, 2, 2021, About, active, age, Appraisal, Arkansas, average, Bank, best, black, black river, building, camping, Cities, closing, condo, condos, construction, Credit, down payment, Economy, education, Entertainment, Family, faq, Fees, Finance, Financial Wize, FinancialWize, fishing, flood, Flood insurance, General, get started, government, guide, guitar walk, higher education, Hispanic, historic, historic district, historical, history, home, home loan, home loans, Home Price, home value, Homeowner, homeowners, homes, household, household income, How To, HR, in, Income, inspection, inspections, Insurance, interest, interest rates, lake, Lake Charles State Park, Land, Lawrence County, Learn, loan, Loans, Main, Make, making, manufacturing, median home price, median home value, median household income, minimal, mobile, More, Mortgage, mortgage loan, Multi-Family, offer, offers, office, or, Other, outdoor, packing, park, price, principal, programs, property, property taxes, public schools, questions, rate, Rates, ready, Refinance, refinancing, Repairs, rice, rich, river, schools, single, single-family, state park, students, tax, tax credit, taxes, The VA, time, under, VA, va appraisal fees, va home loan, VA Home Loan Centers, va home loan limit, VA loan, VA loans, va mortgage, value, visitors, white, will

Apache is functioning normally

May 26, 2023 by Brett Tams

The home-buying process can seem daunting for first-time homebuyers. The good news is there are some mortgage lenders that offer home loan products designed to provide more ease with the process, which can be very appealing to many first-time future homeowners.

To help you get started, CNBC Select rounded up a list of the best mortgage lenders first-time homebuyers should consider. We evaluated home loan lenders based on the types of loans offered, customer support, credit score requirements and minimum down payment amount, among others (see our methodology below.)

Beyond just the lowest rates, it’s important to go with the lender that offers the best loan terms to suit your needs. There’s a learning curve when it comes to homeownership, but we’ve included an FAQs section below to help you get a better understanding of some aspects of the process.

The best mortgage lenders for first-time homebuyers

Best for loan variety

PNC Bank

  • Annual Percentage Rate (APR)

    Apply online for personalized rates; fixed-rate and adjustable-rate mortgages included

  • Types of loans

    Conventional loans, FHA loans, VA loans, USDA loans, jumbo loans, HELOCs, Community Loan and Medical Professional Loan

  • Terms

    10 – 30 years

  • Credit needed

  • Minimum down payment

    0% if moving forward with a USDA loan

Pros

  • Offers a wide variety of loans to suit an array of customer needs
  • Available in all 50 states
  • Online and in-person service available

Cons

  • Doesn’t offer home renovation loans

Who’s this for? PNC Bank has a wide variety of home loan options, making it easy for first-time homebuyers to find a loan that suits their circumstances. This lender offers conventional loans, FHA loans, VA loans, jumbo loans and HELOCs. On top of that, PNC Bank offers USDA loans, which can be tougher to find among some lenders. PNC Bank also has some specialized loan options, like the Community Loan, which is meant for individuals with lower cash reserves and allows for a down payment as low as 3% and no PMI (private mortgage insurance).

It also offers a Medical Professional Loan for interns, residents, fellows or doctors who have completed their residency in the last five years. Eligible borrowers for this loan can borrow up to $1 million and won’t have to pay PMI, regardless of their down payment amount.

In addition to all these offerings, PNC Bank gives eligible borrowers the chance to qualify for a $5,000 grant to be used toward closing costs. Eligible borrowers must have an income at or below 80% of the median household income for the metropolitan statistical area (MSA), or their desired property must be located in a low- or moderate-income census tract as designated by the FFIEC, according to PNC’s website.

Best for educational offerings

Bank of America Mortgage

  • Annual Percentage Rate (APR)

    Apply online for personalized rates; fixed-rate and adjustable-rate mortgages included

  • Types of loans

    Conventional loans, FHA loans, VA loans, jumbo loans, doctor loans and the Affordable Loan Solution mortgage

  • Terms

    15 – 30 years

  • Credit needed

    Not disclosed

  • Minimum down payment

    0% if moving forward with a VA loan; 3% if moving forward with the Affordable Loan Solution mortgage

Pros

  • Offers a wide variety of loans to suit an array of customer needs
  • Offers an Edu-Series for educating first-time homebuyers as well as other learning resources and materials
  • Online and in-person service available
  • Fixed-rate and adjustable-rate mortgages offered
  • Reduced cost of mortgage insurance

Cons

  • Doesn’t offer USDA loans

Who’s this for? Bank of America stands out for its first-time homebuyer educational resources. Aside from home loan calculators, which are typical for mortgage lenders to provide on their websites, Bank of America has an online “Edu-Series” for first-time home buyers. There are also guides on its website that break down key terms and a list of FAQs geared toward first-time home buyers.

Bank of America also offers a variety of loan options, including a home loan for medical professionals. With this loan, doctors, dentists, residents and fellows can make down payment minimums that are tiered based on the size of the loan they’re applying for. They’ll put down at least 3% on mortgages up to $850,000, at least 5% on mortgages up to $1 million, at least 10% down on mortgages up to $1.5 million and at least 15% down on mortgages to $2 million. If you’re a medical professional, Bank of America will also exclude your student loan debt from your total debt when you’re applying for the loan. This could bring down your debt-to-income ratio for the purposes of applying for the loan and make it easier for you to qualify.

Even if you aren’t a qualifying medical professional, you can still potentially take advantage of tiered down payment terms through the Affordable Loan Solution mortgage option. With this loan, eligible borrowers can make a down payment as low as 3% on loan amounts up to $726,200, and as low as 5% on mortgages up to $1,089,300. Mortgage insurance would be required if making down payments lower than 20%, but according to Bank of America’s website, the mortgage insurance would come at a reduced cost compared to that of other conventional loans.

Best for lower credit scores

Rocket Mortgage

  • Annual Percentage Rate (APR)

    Apply online for personalized rates

  • Types of loans

    Conventional loans, FHA loans, VA loans and Jumbo loans

  • Terms

    8 – 29 years, including 15-year and 30-year terms

  • Credit needed

    Typically requires a 620 credit score but will consider applicants with a 580 credit score as long as other eligibility criteria are met

  • Minimum down payment

    3.5% if moving forward with an FHA loan

Pros

  • Can use the loan to buy or refinance a single-family home, second home or investment property, or condo
  • Can get pre-qualified in minutes
  • Rocket Mortgage app for easy access to your account

Cons

  • Runs a hard inquiry in order to provide a personalized interest rate, which means your credit score may take a small hit
  • Doesn’t offer USDA loans, HELOCs, construction loans, or mortgages for mobile homes
  • Doesn’t manage accounts for jumbo loans after closing

Who’s this for? First-time homebuyers tend to be younger and may not have a long credit history, which can make it harder to qualify for a good mortgage rate. Rocket Mortgage stands here because it accepts applicants with credit scores as low as 580. The lender also has a program called the Fresh Start program that’s aimed at helping potential applicants boost their credit score before applying.

Rocket Mortgage offers conventional loans, FHA loans, VA loans and jumbo loans but not USDA loans, which means this lender may not be the most appealing for potential homebuyers who want to make a purchase with a 0% down payment. Rocket Mortgage doesn’t offer construction loans (if you want to build a brand new custom home) or HELOCs, but if you’re a homebuyer who only plans to purchase a single-family home, a second home, or a condo that’s already on the market, this shouldn’t be a drawback for you.

This lender offers flexible loan repayment terms that range from 8 – 29 years in addition to standard 15-year and 30-year terms.

Best for no lender fees

Ally Bank Mortgage

  • Annual Percentage Rate (APR)

    Apply online for personalized rates; fixed-rate and adjustable-rate mortgages included

  • Types of loans

    Conventional loans, HomeReady loan and Jumbo loans

  • Terms

    15 – 30 years

  • Credit needed

  • Minimum down payment

    3% if moving forward with a HomeReady loan

Pros

  • Ally HomeReady loan allows for a slightly smaller downpayment at 3%
  • Pre-approval in just three minutes
  • Available in all 50 U.S. states
  • Online support available
  • Doesn’t charge lender fees

Cons

  • Doesn’t offer FHA loans, USDA loans, VA loans or HELOCs

Who’s this for? Ally Bank doesn’t charge any application fee, origination fee, processing fee or underwriting fees. These are what’s collectively known as “lender fees” and they can cost you anywhere from a few hundred to a few thousand dollars, and eat into the money you put aside for buying your home. When you’re a first-time home buyer, going through the process as affordably as possible is often top-of-mind, so saving on these fees will let you keep more of your money for other things, like renovations or moving costs.

Keep in mind, though, that Ally Bank may still charge appraisal fees and recording fees and may charge for the title search and insurance. As long as you have all the necessary documents handy and submit complete and accurate information, you can get pre-approved for a loan in as little as three minutes online and submit your application in just 15 minutes.

Best for no PMI

CitiMortgage®

  • Annual Percentage Rate (APR)

    Apply online for personalized rates

  • Types of loans

    Conventional loans, FHA loans, VA loans and Jumbo loans

  • Terms

    15 – 30 years

  • Credit needed

  • Minimum down payment

Terms apply.

Pros

  • Citi’s HomeRun Mortgage program allows for a downpayment as low as 3%
  • Citi’s Lender Assistance program gives eligible homebuyers a credit of up to $5,000 to use toward closing costs
  • Ability to choose between fixed-rate and adjustable-rate mortgages
  • New and existing Citi bank customers can qualify for closing cost discounts based on their account balance
  • HomeRun mortgage program allows for a downpayment of less than 20% without PMI
  • Provides homeownership education and counseling

Cons

  • No options for a 0% downpayment
  • Existing customers need high account balances to receive some of the highest interest rate discounts

Who’s this for? CitiMortgage gives homebuyers a chance to save big-time by waiving the PMI (private mortgage insurance) requirement on loans with down payments below 20%. This can be done by applying for a mortgage through Citi’s HomeRun program, which also allows for down payments as low as 3%.

PMI is typically a required monthly charge with other home loans if you make a down payment of 20% or less. But PMI can cost you tens of thousands of dollars extra over the entire life of the loan. The money you save from not paying PMI could potentially go towards saving for a second property, a home renovation, or any other financial goal you have. HomeRun mortgages also allow borrowers to lock in a fixed rate on their mortgage so they won’t have to worry about their rate increasing down the line.

FAQs

How do mortgages work?

A mortgage is a type of loan you can use to purchase a home. This agreement essentially says you can purchase a home without paying for it in full, upfront — you’ll just need to put some of the money down — usually between 3% and 20% of the home price — and pay smaller, fixed monthly payments over a certain number of years, plus interest and potentially other charges. Having a mortgage allows you to own the property even if you don’t have the hundreds of thousands of dollars in cash needed to purchase it outright.

What is a conventional loan?

A conventional loan is a home loan that’s funded by private lenders and sold to government enterprises such as Fannie Mae and Freddie Mac. It’s a very common loan type and some lenders may require a down payment as low as 3% or 5%.

What is an FHA loan?

A Federal Housing Administration loan, or FHA loan, is a loan program that has some slightly looser requirements. For example, this loan program may allow some borrowers to be approved for a loan with a lower credit score or be able to get away with having a higher debt-to-income ratio. You’ll typically only need to make a 3.5% down payment with this type of loan.

What is a USDA loan?

A USDA loan is offered through the United States Department of Agriculture and is aimed at borrowers who want to purchase a home in a qualifying rural area. USDA loans don’t require a minimum down payment, so borrowers can use this loan to purchase a home for almost no money upfront (you’ll still likely pay fees, though).

What is a VA loan?

VA mortgage loans are provided through the U.S. Department of Veterans Affairs and are meant for service members, veterans and their spouses. They typically require a 0% down payment and borrowers don’t have to pay private mortgage insurance.

What is a jumbo loan?

A jumbo loan is meant for home buyers who need to borrow more than $647,200 to purchase a home. Jumbo loans usually have stricter credit score and debt-to-income ratio requirements, and they also typically require a larger minimum down payment.

How is my mortgage rate decided?

Mortgage rates change almost daily and can depend on market forces such as inflation and the overall economy. However, your specific mortgage rate will depend on your location, credit report and credit score. The higher your credit score, the more likely you are to be qualified for a lower mortgage interest rate.

Be sure to submit the necessary information for more personalized rate estimates from your desired lender.

What is the difference between a 15- and 30-year term?

A 15-year mortgage gives homeowners 15 years to pay it off in fixed, equal amounts plus interest, while a 30-year mortgage gives homeowners 30 years to pay it off. Monthly payments are generally lower with a 30-year mortgage since you’ll have a longer period of time to pay off the loan. However, you’ll wind up paying more in interest over the life of the loan since it is charged on a monthly basis. A 15-year mortgage, on the other hand, lets you save on interest but you’ll likely have to make a higher monthly payment.

How does private mortgage insurance (PMI) work?

Lenders charge private mortgage insurance (PMI) to protect themselves in the event that a borrower defaults on their loan. PMI is assessed to your account if you choose to make a down payment of less than 20%. You’ll be responsible for paying this in addition to your monthly mortgage payments.

However, you can usually have the PMI waived after you’ve made enough payments to build 20% equity in your home.

Bottom line

If you need to take out a mortgage to purchase your first home, you have options. Certain mortgage lenders stand out for first-time homebuyers by considering applicants with lower credit scores, offering lower down payments and providing useful educational resources.

Keep in mind that mortgage interest rates fluctuate often and the rate you receive will vary depending on your location, credit score and credit report. While lenders may post general interest rate ranges on their websites, the best way to get a more accurate estimate of your rate is to provide the necessary information to check your rate.

Our methodology

To determine which mortgage lenders are the best for first-time homebuyers, CNBC Select analyzed dozens of U.S. mortgages offered by both online and brick-and-mortar banks, including large credit unions, that come with fixed-rate APRs and flexible loan amounts and terms to suit an array of financing needs.

When narrowing down and ranking the best mortgages, we focused on the following features:

  • Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan’s term, which means your monthly payment won’t vary, making your budget easier to plan.
  • Types of loans offered: The most common kinds of mortgage loans include conventional loans, FHA loans and VA loans. In addition to these loans, lenders may also offer USDA loans and jumbo loans. Having more options available means the lender is able to cater to a wider range of applicant needs. We have also considered loans that would suit the needs of borrowers who plan to purchase their second home or a rental property. 
  • Closing timeline: The lenders on our list are able to offer closing timelines that vary from as promptly as two weeks after the home purchase agreement has been signed to as many as 45 days after the agreement has been signed. Specific closing timelines have been noted for each lender.
  • Fees: Common fees associated with mortgage applications include origination fees, application fees, underwriting fees, processing fees and administrative fees. We evaluate these fees in addition to other features when determining the overall offer from each lender. Though some lenders on this list do not charge these fees, we have noted any instances in which a particular lender does. 
  • Flexible minimum and maximum loan amounts/terms: Each mortgage lender provides a variety of financing options that you can customize based on your monthly budget and how long you need to pay back your loan.
  • No early payoff penalties: The mortgage lenders on our list do not charge borrowers for paying off the loan early. 
  • Streamlined application process: We considered whether lenders offered a convenient, fast online application process and/or an in-person procedure at local branches. 
  • Customer support: Every mortgage lender on our list provides customer service via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances.
  • Minimum down payment: Although minimum down payment amounts depend on the type of loan a borrower applies for, we noted lenders that offer additional specialty loans that come with a lower minimum down payment amount. 

After reviewing the above features, we sorted our recommendations by best for loan variety, educational offerings, lower redit scores, no lender fees and no PMI.

Note that the rates and fee structures advertised for mortgages are subject to fluctuate in accordance with the Fed rate. However, once you accept your mortgage agreement, a fixed-rate APR will guarantee the interest rate and monthly payment remain consistent throughout the entire term of the loan, unless you choose to refinance your mortgage at a later date for a potentially lower APR. Your APR, monthly payment and loan amount depend on your credit history, creditworthiness, debt-to-income ratio and the desired loan term. To take out a mortgage, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.

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Source: cnbc.com

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Apache is functioning normally

May 23, 2023 by Brett Tams

Table of Contents

What is the VA Loan Limit for Hinsdale?

2023 VA Home Loan Limit for Hinsdale is: $726,200

Check out other counties: Colorado VA Loan Information 

How to Apply for a VA Home Loan in Hinsdale?

This is a quick look at how to apply for a VA home loan in Hinsdale county. For a more detailed overview of the VA home loan process, check out our complete guide on how to apply for a VA mortgage loan. Here, we’ll go over the general steps to getting a VA home loan and point out some things to pay attention to in Hinsdale County. If you have any questions, you can call us at VA HLC and we’ll help you get started.

  1. Get your Certificate of Eligibility (COE)
    • Give us a call at (877) 432-5626 and we’ll get your COE for you.
  2. Are you applying for a refinance loan? Check out our complete guide to VA Refinancing.
  3. Get pre-approved, to get pre-approved for a loan, you’ll need:
    • Previous two years of W2s
    • Most recent 30 days paystubs or LES (active duty)
    • Most recent 60 days bank statements
    • Landlord and HR/Payroll Department contact info
  4. Find a home
    • We can help you check whether the home is in one of the Hinsdale County flood zones
  5. Get the necessary inspections
    • Termite inspection: required
    • Well or septic inspections needed, if applicable
  6. Get the home appraised
    • We can help you find a VA-Certified appraiser in Hinsdale County and schedule the process
    • Construction loan note: Construction permit/appraisal info
      1. Building permit
      2. Elevation certificate
  7. Lock in your interest rates
    • Pro tip: Wait until the appraisal lock in your loan rates. If it turns out you need to make repairs, it can push your closing back. Then you can get stuck paying rate extension fees.
  8. Close the deal and get packing!
    • You’re ready to go.

As of April 31, 2021, the median home value for Hinsdale County is $341,490. In addition, the median household income for residents of the county is $56,339.

How much are the VA Appraisal Fees in Hinsdale?

  • Single-Family: $800.
  • Individual Condo: $825.
  • Manufactured Homes: $850.
  • 2-4 Unit Multi-Family: $1000.
  • Appraisal Turnaround Times: 7 days.

Do I need Flood Insurance in Hinsdale?

  • The VA and lenders require properties to have flood insurance if they are in a Special Flood Hazard Area.
  • There is currently no digital data for Hinsdale County in the FEMA Flood Map Service Center. The only significant flood hazards are located around Lake Fork, which includes Lake City.

How do I learn about Property Taxes for Hinsdale?

  • Luke de la Parra is the current Hinsdale County Tax Assessor. His office can be reached at 317 Henson Street, PO Box 28, Lake City, Colorado 81235.
  • Colorado’s state offers Coloradoans the opportunity to be eligible for the Property Tax, Rent, Heat Credit Rebate (PTC Rebate). Some basic requirements are that applicants live in Colorado for at least one year, be 65 years or older, or the surviving spouse of 58 years of age, or a disabled person. Income and expenses will guide how much is given in the rebate.

What is the Population in Hinsdale?

  • The county’s population of 820 is 88% White, 5.7% Hispanic, and 3% Mixed Race.
  • Most county residents are between 18 and 65 years old, with 15% under 18 years old and 31% older than 65.
  • In total, the county has about 377 households, with an average of 2.2 people per household.

What are the major cities in Hinsdale?

The County has one town, the town of Lake City, which also serves as the county seat.

About Hinsdale County

Most of Hinsdale County is made up of parts of several different national forests and the Weminuche Wilderness Area. The national forests that makeup Hinsdale are the Gunnison National Forest, the Rio Grande National Forest, the San Juan National Forest, and the Uncompahgre National Forest.

Hinsdale County is also the location of several hiking trails where visitors can enjoy the sites of nature that Colorado has to offer. The Continental Divide Trail is a 3,100-mile-long trail that runs between Mexico and Canada. In Hinsdale, the Continental Divide Trail passes through many of the highest regions of the San Juan Mountains.

The County’s economy depends on its largest employment industries: Construction, Public Administration, and Accommodation. As a result, the most common types of jobs are in the Construction, Management, and Office Administration occupations. 

Furthermore, when it comes to education, the County’s small size only allows for one school district currently in existence. The one school district in the County is the Hinsdale County School District No. RE-1, which administers one school with about eighty students in total. Thankfully neighboring counties have more educational opportunities for residents.

Veteran Information

The county is currently home to 68 veterans.

  • County Veteran Assistance Information

VA Home Loan Information

  • If you meet the VA’s eligibility requirements, you will be able to enjoy some of the best government-guaranteed home loans available.  
  • VA loans can finance the construction of a property. However, the property must be owned and prepared for construction as the VA cannot ensure vacant land loans.

VA Approved Condos

Currently, there are no VA-approved condos available in Hinsdale County. However, if you’re interested in getting a condo through the condo approval process, call us at (877) 432-5626. Our team will assist you through the process.

Source: vahomeloancenters.org

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Apache is functioning normally

May 20, 2023 by Brett Tams

Thomas Short

Posted on: March 7, 2018

When you’ve finally decided it’s time to buy a home, a lot of things can start moving quickly. However, if you aren’t prepared, the VA loan application process and take much longer than you would like.

VA loans already close slightly slower than most other loan programs, but the wait is well worth it. They’re usually the best loan program available for those who are eligible, due to their low mortgage rates and 100% financing.

To make sure that the VA application process goes smoothly, there are a few steps you’ll want to take to prepare. These won’t take much time, and they can save you from plenty of stress down the road.

Click to begin the VA application process.

Check your eligibility

Before you start the application process, double check to make sure that you’re eligible. A full list of requirements can be found on the VA page, but generally speaking, the VA loan is available to veterans, current service members and surviving spouses.

Next, you’ll need to apply for a Certificate of Eligibility (COE). You need a COE so your lender can verify that you’re eligible for the program. You can get your COE online to save your lender (and yourself) some time.

Check your credit score

Technically, there is no minimum credit score required to be approved for a VA loan. However, lenders will want to see a score of 620 or higher in most cases.

One thing to note is that the higher your credit score is, the better the mortgage rate you’ll get. This means lower monthly payments throughout the life of the loan.

You can check your credit score through sites like Experian, Equifax and Transunion, giving you a better idea of what your score is. Keep in mind that other sites don’t always have an accurate representation of your score.

After finding your credit score, it’s smart to make moves to bump your score higher. This might mean paying off debts, holding off on opening new credit cards, etc. You want your credit as high as possible before you apply.

Check current VA mortgage rates.

Make sure you have enough saved

You won’t need to pay a downpayment for a VA loan, but that doesn’t mean that you don’t need money. Upfront costs will be needed at closing, and those can range in the thousands.

Also, you’ll need to budget to pay your monthly payments. You’ll also be in charge of your own repairs and replacements, costs that renters don’t need to cover. If your new home will have a yard, you’ll need to buy a lawnmower. If you’re getting more rooms, you’ll need to buy furniture.

There’s no set amount that you should save before buying a home, but going through and calculating how much money you think you’ll spend will give a better idea of how much you should store before applying.

Get your documents together

Once you’re ready to apply for a VA loan, you’ll be getting in touch with your lender. But before they can pre-approve you, they’ll need some of your information.

To save them the hassle of looking it up themselves or to prevent having to schedule a second meeting in the future, make sure that you have the following documents with you when you apply:

  • Certificate of eligibility
  • Credit report
  • Proof of income/employment history (W-2)
  • Bankruptcy information (if applicable)
  • Personal information (name, address, SSN, etc.)

If you’ve prepared well enough, you’re going to make this process a lot easier for your lender.

Getting started

Before anything, you can begin the pre-qualification process. This is just a quick process to help you find out how much home you can afford.

While pre-qualification is fast and easy, it’s also the first step in buying a home with any loan program.

Click to begin the pre-qualification process.

Source: militaryvaloan.com

Posted in: Auto Insurance, Renting Tagged: 2, bankruptcy, before, best, Blog, Budget, Buy, buy a home, Buying, Buying a Home, closing, Credit, credit cards, Credit Report, credit score, Debts, double, Downpayment, Employment, Equifax, experian, Financial Wize, FinancialWize, financing, furniture, future, Getting Started, Giving, history, home, How To, Income, lenders, Life, list, loan, loan programs, Loans, low, low mortgage rates, LOWER, Make, money, More, Mortgage, MORTGAGE RATE, Mortgage Rates, Moving, new, new credit cards, new home, or, Other, payments, Personal, personal information, programs, proof, proof of income, rate, Rates, ready, renters, Repairs, save, second, Sites, smart, stress, The VA, time, TransUnion, VA, VA loan, VA loans, va mortgage, VA Mortgages Explained, veterans, W-2, will, Yard

Apache is functioning normally

May 18, 2023 by Brett Tams

5 Home Buying Tricks That Can Save Veterans $53,000

If you ask any twenty Veterans whether they want to own their own homes someday, chances are all of them will say yes.

But data from the past five years reveals that 94% of Veterans have bypassed this benefit, only one of them has used a benefit that makes home buying unbelievably easier.

VA mortgage rates are at historical lows. Now is the time to lock in your rate. Even a modest jump in interest rates can have big consequences when applied to loans as large as a home mortgage. For example, consider the cost of waiting too long and having VA interest rates rise by a mere one percent. The difference between a 30-year, fixed-rate mortgage of $250,000 at 4% APR and one at 5% APR is nearly $150 per month and more than $53,000 over the life of the loan!

Click here to check your VA loan eligibility >>

Good News: There’s Still Time to Lock in a Low Rate

The Veteran’s home loan program began in 1944 as a “thank you” to servicemembers returning from World War II. Since then, millions of current and former military personnel have purchased homes with no down payment and easier qualifying terms.

Click here to check your VA loan eligibility >>

Veterans who use this loan program have access to 5 advantages that make Veteran loans hands down the best loan product out there.

  1. No Down Payment. Most loan programs require at least 3% down and as much as 20%. But a VA loan requires no down payment whatsoever. This saves Veterans years of scrimping and saving prior to buying a home.
  2. No Mortgage Insurance. Most home buyers pay hundreds of dollars per month in mortgage insurance if they make a down payment of less than 20%. Veterans who use a VA home loan do not pay PMI so they buy more house with less money.
  3. Less-than-Perfect Credit OK. The non-Veteran home buyer often needs stellar credit to buy a home. This isn’t the case for Veterans. Credit score minimums are much easier to reach.

Tip: Many Veterans assume they are not eligible for their home buying benefit. But the minimum service requirement is between 90 days and 2 years for most Veterans. Check your eligibility >>


Select your state to see your new rate.

  1. Lower Rates. Veteran home loan interest rates are about 0.25% lower than rates for conventional loans, according to a recent lender survey. Veteran home buyers will likely end up paying less in interest compared to the average home buyer.
  2. Closing Cost Reduction. Veteran home loans come with limits on how much you can be charged in loan fees. These loans come with built-in protections for Veterans.

Here’s How to Find Out if you Qualify

Veterans eager to get the process started should send their request to a VA lender.

More Details on Veteran Loans and Qualification>>

mva-table

Sources:

Veteran Population Statistics

EllieMae Origination Insight Report

Home Loan Guaranty Report

Trump Says Fed Keeping Rates Low

Source: militaryvaloan.com

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Apache is functioning normally

May 17, 2023 by Brett Tams

For just the second time since the housing crisis, the Federal Housing Finance Agency (FHFA) has agreed to raise the maximum conforming loan limits for mortgages backed by Fannie Mae and Freddie Mac.

That means VA loan limits have gone up too. In 2017, limits for VA loans match conventional limits published by FHFA.

For much of the country, the Fannie Mae and Freddie Mac loan limit has been the norm for the past year.

In 2017, the limit increased to $424,100, for single-family homes. The limit has remained subdued in recent years because no increase could legally be approved unless housing prices recovered to pre-crisis levels.

<<Click Here For Today’s VA Loan Rates>>

Big Increase Reason For Big Celebration

And that’s the real reason this increase is a big deal.

FHFA analysts have said that until now, the average U.S. housing value remained largely stuck. No matter what real estate agents claimed, the market was not happy, and overall prices did not beat those of third quarter 2007 — the “official” pre-implosion price level.

But as of today, the Home Price Index shows clearly that average home prices have blown through those of Q3 2007, and that conforming loan limits can be increased.

Going Higher

While the conforming loan limits for much of the country will increase to $424,100, more expensive places get an increase, too.

Limits for so-called “high-cost areas,” where 115 percent of the local median home value exceeds the base loan limit, will also increase where merited.

The new limit, which applies in areas with the most high-end markets, will be up to $636,150.

<<Click Here For Your VA Eligibility Check>>

Jumbo Homeowners Benefit Too

Homeowners with so-called “jumbo” mortgages may be soon able to refinance to lower mortgage rates, even though today’s conforming rates are higher than they were prior to the 2016 election.

That’s because loan amounts that previously fell into the (usually) more expensive non-conforming range might now be considered conforming — acceptable for purchase by government-sponsored enterprises Fannie Mae and Freddie Mac.

William Brown, the president of the National Association of Realtors, told HousingWire that this is long overdue.

“Today’s conforming loan limit increase is a much-needed recognition of rising home prices in high-cost markets, and a help to first-time and lower-income borrowers looking to utilize an FHA mortgage.

Credit remains tight, but this decision will help more qualified buyers address the hurdles and high costs standing between them and the dream of homeownership.”

What Are Today’s VA Mortgage Rates?

Whether you’re refinancing a jumbo home loan in 2023 or looking to buy a new home today, your mortgage rate depends on your property location as well as other factors. Check with a lender now to see what’s available to you.

>>See Today’s VA Loan Rates Here<<

Source: militaryvaloan.com

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Apache is functioning normally

May 16, 2023 by Brett Tams

5 Refinance Tips That Can Save Veterans Up To $53,000 Starting In 2023!

Many homeowners are afraid to refinance.

It’s sad, but true.

They are often intimidated by the process. But the benefits are too big to ignore.

VA mortgage rates are at historical lows. Now is the time to lock in your rate. Even a modest jump in interest rates can have big consequences when applied to loans as large as a home mortgage. For example, consider the cost of waiting too long and having VA interest rates rise by a mere one percent. The difference between a 30-year, fixed-rate mortgage of $250,000 at 4% APR and one at 5% APR is nearly $150 per month and more than $53,000 over the life of the loan!

>Take Advantage of Today’s Low VA Rates<<

Fortunately, if you have a VA loan already, the process is easier — and less confusing — than for most homeowners. A VA-to-VA refinance is the key to eliminating the hassle.

And that’s exactly what the little-known VA Streamline loan does for you.

The VA Streamline Refinance gives the most to veterans and here’s why…

1. Refinance with Ease. A VA Streamline loan is also known as the Interest Rate Reduction Refinance Loan (IRRRL), because veterans can lower their rate and monthly home payment quickly and easily.

The veteran has already been approved for their first VA loan; now they can get a , lower interest rate, without going through the full approval process again.

2. No appraisal necessary. As long as a veteran already has a VA loan, they do not need to go through the process of an appraisal. This means that even if a homeowner owes more than what their house is worth, they can still be approved because no one will know the current value of the home.


**TIP: the VA homeowner ALSO does not need to sign up for mortgage insurance because bankers believe that since the loan is with the federal government, it is a lower risk. This makes the approval that much easier!

>>Get Your New Low Rate Now>>


3. No hassling with paystubs, bank statements, or tax returns. When a VA homeowner wants to refinance their home, there is no need to go through the process of checking pay stubs or bank statements or tax returns! This means that as a VA homeowner you can qualify if a spouse or co-homeowner has become unemployed or if there’s a reduction in family income.

4. Quick Closing. With a VA- VA Streamline loan the closing process is quick. You can get your new rate and be paying less monthly in weeks, not months.

mva-table

5. Dive into low VA rates. Right now, general mortgage rates are extremely low, and VA loan rates are even lower. The government backs these loans, so banks can lend at an ultra-low interest rate. With this information in-mind, those who have a VA loan can expect to lock in extremely low rates.

** Let’s re-cap the secrets a VA homeowner can TAP into…

  • No appraisal necessary
  • No mortgage necessary
  • No income documents necessary
  • A quick closing
  • Low VA rates

>Low VA Rates Are Waiting For You Here.<<

Select Your State For Lower Rates

Source: militaryvaloan.com

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Apache is functioning normally

May 14, 2023 by Brett Tams

If you’re in the market for a conventional or Department of Veterans Affairs (VA) home loan and come from a military background, a USAA mortgage can be your best option.

This mortgage lender also offers home loans for first-time homebuyers with low down payment requirements. However, you won’t be able to get approved for a USAA mortgage if you don’t qualify for membership or want an FHA or USDA loan.   

USAA overview

United Services Automobile Association (USAA) started in 1922 as an automobile insurance company for military officers. Over the decades, the organization has expanded its product offerings to include mortgages, consumer loans, banking accounts and various types of insurance.

Current members of the U.S. Armed Forces, veterans and their immediate families are eligible for USAA membership. It’s possible to apply for conventional, VA and jumbo loans to buy a house or refinance an existing mortgage.

Your mortgage options include:

  • Conventional: Fixed-rate purchase, low down payment purchase, rate-and-term refinance and cash-out refinance
  • VA: Purchase, interest rate reduction refinance loan (IRRRL) and cash-out refinance  
  • Jumbo: Conventional purchase, VA purchase and VA jumbo IRRRL

Currently, Mr. Cooper (formerly Nationstar) services all USAA Bank mortgages, and you can mail a payment to the USAA headquarters by mail or schedule payments online or by phone. 

Find the right VA loan: Best VA mortgage lenders

How to qualify for a USAA mortgage

If you’re not a USAA member yet, you’ll need to apply for membership. Membership is open to U.S. military members, veterans, their spouses and children of USAA members.

Some of the initial borrower requirements include:

  • Credit score of 620 or above for all loans.
  • Debt-to-income (DTI) ratio of 50% (lower for conventional loans). It’s variable for VA-backed loans.
  • Two years of tax returns.
  • Pay stubs for the last 30 days.
  • W-2 forms for the past two years.
  • Bank and investment account statements.

You will also need to present your Certificate of Eligibility (COE) if you’re applying for a VA-backed home loan.

The minimum loan amount is $50,000 on all products and up to $3 million with a jumbo loan.

Additional requirements may apply for a specific loan program. For example, you may need to complete a free online course for the low down payment conventional purchase loan.

How to apply for a USAA mortgage

You can apply online anytime or by calling a loan officer during the week. Depending on your circumstances, you may need to call to start the application process.

The first step is getting mortgage preapproval. USAA will do a hard pull of your credit report in order to provide a rate quote. You should also have your desired purchase price and down payment amount in mind to estimate your loan-to-value (LTV) ratio.

After comparing your loan options, you will apply to confirm your eligibility and finalize your interest rate, term and loan APR.

Many loan programs require a property appraisal to complete the application process. The VA IRRRL loans most likely won’t need an appraisal.

The average duration for the underwriting process is from 30 to 45 days on purchase and refinance loans.

Compare the average rates: Current mortgage rates

How to pay your USAA mortgage online

You can schedule one-time payments and enroll in autopay through your USAA account. You can also watch how-to videos on coordinating payments and linking your accounts at USAA’s payment support site. 

Pros of a USAA mortgage

  • Low down payment loan options.
  • Positive customer service ratings.
  • Can apply online or by phone.
  • Specializes in VA home loans.

Cons of a USAA mortgage

  • No FHA, USDA or home equity loans.
  • Must contact the lender to estimate rates and fees.
  • Strict membership requirements.
  • No phone support on weekends.

USAA perks and special features

Here are some of the best aspects of getting a mortgage through USAA.

Savings and discounts

The lender doesn’t offer interest rate discounts or other incentive programs to reduce your closing costs. Like other banks, you can purchase discount points or potentially roll your lender fees into the loan which may be of benefit. Additionally, all loans have a fixed interest rate.

As many USAA members are eligible for VA loans, they can avoid common mortgage fees including private mortgage insurance (PMI). These loans also have low down payment requirements compared to a conventional loan. The lender usually won’t charge origination fees on VA purchase loans or refinances, but a one-time funding fee and origination fee (up to 1% or a maximum of $1,295) for conventional purchase and refinance loans applies.

As USAA also offers homeowners insurance and auto insurance, you might receive a 10% discount on your home insurance premium by bundling these products. However, you should compare rates and coverage from several insurance providers to find your best option.

First-time homebuyer loan

While you cannot apply for FHA loans through USAA, the lender offers first-time homebuyer loans that require a down payment of 5% or less. You’re eligible for this 30-year conventional loan when you haven’t owned a home in the past three years, but you might be required to complete an online education course to qualify.

You may also consider this loan type if you’re not eligible for a VA home purchase loan.

Easy to apply

Borrowers can apply for a mortgage online or by phone and receive hands-on help. After getting approved, you can continue to work with USAA if you start to struggle with affording your mortgage payment. You can call the mortgage assistance department (1-855-430-8489) to review your repayment options. 

How USAA could improve

There are several downsides that may hinder you from getting a USAA mortgage.

Provide additional loan options

While the conventional, VA and jumbo mortgage options will suit many borrowers, not having access to FHA loans, USDA loans or adjustable-rate mortgages (ARM) can make it harder to compare your loan options. 

USAA also doesn’t offer home equity loans which are a second mortgage that prevents refinancing your existing mortgage balance. To tap your equity through USAA, you must apply for a conventional or VA cash-out refinance which replaces your existing rate and term along with having higher closing costs as the loan balance is bigger. 

Offer weekend phone support

While the USAA mortgage team receives consistently high marks for customer service, you can only call its loan officers on weekdays and there are no physical branches. 

Other mortgage lenders might be better if you anticipate completing the application steps over the weekend. However, you can start and monitor the application process online 24/7.

Have less restrictive membership requirements

You must have military experience or be an immediate relative of a USAA member to join and apply for financing. 

USAA customer service and reviews

You can speak with a USAA loan officer by phone Monday through Friday from 7 a.m. to 8 p.m. CT. Keep in mind, however, that phone support isn’t available on the weekends. 

The lender has 171 mortgage-related complaints in the Consumer Financial Protection Bureau (CFPB) Consumer Complaint Database. This number is relatively low and borrowers primarily mention challenges with scheduling payments. Some also report troubles advancing through the application process without delays.

This institution has negative Better Business Bureau (BBB) and Trustpilot ratings but mainly focus on its banking and insurance products. 

USAA mortgage alternatives: USAA vs. Navy Federal vs. Chase

USAA is an excellent lender for VA and conventional loans but doesn’t offer as many specialty programs. As a result, you may consider one of these two alternatives which offer more loan types with low down payment requirements or the ability to borrow from your home equity.

Navy Federal Credit Union has similar membership requirements as USAA Bank and caters to the military community. Borrowers ineligible for VA loans may consider the Homebuyers Choice or Military Choice loan programs that require no down payment or private mortgage insurance. This lender also offers home equity loans and lines of credit (HELOC).

If you don’t come from a military background or want to work with a brick-and-mortar national bank, Chase Bank is an excellent option. Its mortgage options include conventional, FHA, VA and jumbo loans. Home equity products are available too and the lender offers relationship discounts for qualified borrowers. 

Frequently asked questions (FAQs)

USAA uses Mr. Cooper (formerly Nationstar) to service its mortgages although you can schedule payments through your USAA member dashboard or by contacting USAA.

No, USAA only offers conventional, VA and jumbo home purchase loans as well as mortgage refinancing.

A minimum 620 credit score is necessary for conventional and VA home loans. Other factors also apply including your DTI ratio, current income, employment history and down payment requirements.

Yes, you can get pre-approved for a USAA mortgage online or by phone after agreeing to a hard credit check and submitting the necessary initial documents such as proof of income, bank statements and recent tax returns.

Source: usatoday.com

Posted in: Savings Account Tagged: 2, 2023, 30-year, All, Alternatives, apr, ARM, armed forces, Auto, auto insurance, average, balance, Bank, Banking, banks, best, blueprint, Borrow, borrowers, brick, business, Buy, buy a house, Cash-Out Refinance, CFPB, chase, Children, choice, closing, closing costs, company, cons, Consumer Financial Protection Bureau, consumer loans, conventional loan, Conventional Loans, Credit, Credit Report, credit score, credit union, ct, Current Mortgage Rates, customer service, Debt, debt-to-income, decades, Department of Veterans Affairs, discount points, Discounts, down payment, DTI, education, Employment, equity, existing, experience, Features, Fees, FHA, FHA loans, Financial Wize, FinancialWize, financing, First-time Homebuyers, fixed, Free, getting a mortgage, HELOC, history, home, home equity, Home equity loans, Home Insurance, home loan, home loans, home purchase, homebuyer, Homebuyers, homeowners, homeowners insurance, house, How To, Income, Insurance, interest, interest rate, investment, Jumbo loans, Jumbo mortgage, lenders, loan, Loan officer, loan officers, loan programs, Loans, low, LOWER, Make, market, member, military, More, Mortgage, mortgage fees, Mortgage Insurance, mortgage lender, mortgage lenders, mortgage payment, Mortgage Rates, mortgage refinancing, Mortgages, Mr. Cooper, offer, offers, or, organization, Origination, origination fee, Other, payments, PMI, points, premium, present, price, private mortgage insurance, products, programs, proof, proof of income, property, pros, protection, Purchase, Purchase loans, questions, rate, Rates, ratings, Refinance, refinancing, repayment, returns, Reverse, reverse mortgages, Review, Reviews, right, savings, second, specialty, tax, tax returns, The VA, time, Underwriting, united, usaa, USAA Mortgage, USDA, usda loans, VA, VA loan, VA loans, va mortgage, value, variable, veterans, veterans affairs, W-2, will, work

Apache is functioning normally

May 12, 2023 by Brett Tams

Rob Saunders

Posted on: April 11, 2018

VA home loans remove many barriers to homeownership and allow eligible servicemembers and veterans to buy a home more easily. VA mortgage rates are lower than those of most other loan types. The VA loan is simply the best way to buy a home. Why? Because with a VA mortgage:

  • No down payment is required.
  • No mortgage insurance is required.
  • You get a great interest rate.
  • More lenient credit guidelines are available to you.

The VA home loan is an amazing benefit available only to current and former US armed forces service members who meet eligibility requirements. In 2023, the VA home loan will continue to be one of the most popular VA benefits.

Use your VA loan benefit and get a quote here.

Because VA home loans are backed by the federal government, VA-approved lenders can lend with greater flexibility. Your status as an eligible service member or Veteran lets you take advantage of this home buying benefit that is not available to just anyone

You’ve earned it, so complete this short one-minute form to use your VA home loan for your home purchase.

VA Home Loans Require No Down Payment, No Mortgage Insurance

VA home loans require zero down payment which significantly reduces out-of-pocket expenses. Qualified buyers can purchase a home costing up to $453,100 – or even higher with a VA jumbo loan – without a down payment.

Also, VA loans do not require mortgage insurance. Most other loan types require you to pay a significant amount each month to a private mortgage insurance company if you make a down payment of less than 20% of the purchase price. A VA loan eliminates that cost, freeing up that money for other expenses.

Use your VA loan and get a rate quote here.

Current VA Home Loan Rates

VA mortgage rates are some of the lowest we’ve seen in years. It’s a great time to buy a home and take advantage of these low VA rates.

A low rate on your mortgage means you qualify for more house. Today’s lower home prices combined with low rates means you might qualify for the home you’ve always dreamed of.

Use your VA Loan and start your home buying journey by completing this short online form.

VA Eligibility Service Requirements

There are several ways you may be eligible. General guidelines are that you have the following service history:

  • 90 days in wartime while in active duty
  • 181 days in peacetime while in active duty
  • 2 years or the full time called if enlisted after 9/7/1980
  • You were separated from service due to a service-connected disability
  • You are an unmarried surviving spouse of a service member who was KIA/POW/MIA.

Check rates and get your Certificate of Eligibility here.

Additionally, eligibility may be established for those who have served in the Selected Reserves or National Guard, Public Health Service officers, cadets of the United States Military, Air Force, Coast Guard Academy, and others.

Apply for and use your VA home loan here.

How Do I Know if I am Eligible?

The only way to be 100% sure that you are eligible to purchase a home with a VA loan is to receive a Certificate of Eligibility (COE) from the VA. There are two ways to obtain your COE:

  • Have your lender obtain your COE through VA’s eligibility website. Typically a loan officer can obtain your COE in just minutes, often without a DD-214 (if separated from service) and your Request for COE Form 26-1880, although sometimes these forms are needed. Calling a VA-approved lender is the quickest and easiest way to obtain your COE. Complete a short contact request form.
  • You can order your COE by visiting VA’s eBenefits website. This process may take longer.

If you are an unmarried spouse of a veteran who was killed in action, you may be eligible for VA financing. You will need to complete Form 26-1817.

What Do I Need before I Contact a VA Lender?

For your initial call or contact request to a VA lender, you don’t need any documentation. Most of the initial information the lender will ask about, you already know.

The lender will request your COE, so they will need your service history information.
To get pre-approved, the VA loan officer will need information on your monthly income, the approximate amount in your checking and savings accounts, and a few other personal details. This is all part of the VA home loan qualification process. Our lenders are pre-screened and reputable, so your information is safe and secure.

Check rates and get started on your pre-approval here.

What Types of Properties can I buy?

The VA home loan allows you to buy many types of properties:

  • Single-family homes (non-connected)
  • Two- to Four-unit homes
  • Attached townhouses (VA approved projects only)
  • Condominiums (VA approved projects only)
  • Mobile Homes/Manufactured Homes (provided the home comes with land, is permanently affixed, and the structure is at least 20 feet wide and 700 square feet if a double-wide.)
  • In some cases, you can buy land or a home in need of repairs, with the intent of constructing or repairing the home.

Get a personalized VA rate quote here.

VA loans are only valid on a home that you plan to keep as your primary residence. They cannot be used to obtain a rental home, investment property, or second home. They can, however, be used to purchase a 2- to 4-unit property even if you live in one unit but rent out the rest.

Homes must also meet Minimum Property Requirements (MPRs), which are standards for the condition of the home. For an in-depth look at MPRs, see our blog post or contact one of our VA loan professionals.

I’m Ready to Take Advantage of my VA Home Loan Benefit

As an eligible veteran, you’ve earned the privilege of using a VA home loan, one of the best mortgage products available today. As a VA buyer, you have an advantage over most home buyers: you don’t need a down payment.

If you’re ready to proceed with buying your home with a VA home loan, call (866) 240-3742 to speak with a licensed lender who can answer any questions that you might have and who can help you find the lowest rate on a loan. The home of your dreams is made better with a great loan.

Get started on your home buying goals today.

Source: militaryvaloan.com

Posted in: Auto Insurance, Renting Tagged: 2, 2023, About, action, active, air, All, armed forces, ask, before, Benefits, best, Blog, Buy, buy a home, buyer, buyers, Buying, company, Condominiums, cost, Credit, Disability, double, down payment, expenses, Family, Financial Wize, FinancialWize, financing, General, get started, goals, government, great, health, history, home, home buyers, home buying, home loan, home loans, home prices, home purchase, homeownership, homes, house, Income, Insurance, interest, interest rate, investment, investment property, journey, Land, lenders, Live, loan, Loan officer, Loans, low, low rates, LOWER, Make, member, military, mobile, money, More, Mortgage, Mortgage Insurance, Mortgage Products, Mortgage Rates, most popular, or, Other, out-of-pocket expenses, Personal, plan, Popular, pre-approval, price, Prices, private mortgage insurance, products, Professionals, projects, property, Purchase, questions, rate, Rates, ready, refinancing, Rent, rental, Repairs, safe, savings, Savings Accounts, second, second home, servicemembers, short, single, single-family, single-family homes, spouse, square, states, The VA, time, townhouses, united, united states, VA, va home loan, VA loan, VA loans, va mortgage, veterans, will
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