#valoans #preapproval #realestate
Serving Veterans is my civilian MOS! Need a mortgage or want to discuss your scenario? We are licensed and serving Veterans in 48 states for purchase and refinances.
Here is how to contact me:
1. Check your eligibility and receive a personalized evaluation of your VA Loan: [ Ссылка ]
2. Email me at jimmy@valoansforvets.com
3. Call me 602-908-5849
Instagram- [ Ссылка ]
Facebook- [ Ссылка ]
Jimmy Vercellino, Mortgage Loan Originator/Regional Residential Mortgage Director NMLS 184169 at First Western Trust
Corporate NMLS 477166
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Lender.
3602 E Campbell Ave, Phoenix, AZ 85018
Equal Housing Lender- For licensing, go to www.nmlsconsumeraccess.org
Top 1% VA Lenders in the Nation
More Helpful Content:
VA Loan Secrets: [ Ссылка ]
How VA Loans Differ From Other Loans: [ Ссылка ]
VA Loan Pros and Cons: [ Ссылка ]
Items Needed for a VA Home Loan: [ Ссылка ]
What Are The Different Types of VA Loans?: [ Ссылка ]
VA Loans In 2022: Everything You Must Know: [ Ссылка ]
How Does A VA Loan Work?
What is up motivators? It is Jimmy Vercellino, mortgage originator specializing in VA loans. Today I wanted to Roger up with you and I want to discuss How the VA Home Loan works. This way, you as a Veteran or Active Duty Service member or family of a Veteran or Maybe a Realtor can understand how the VA home loan works. That way you can understand the benefit and most importantly deploy and utilize - got out there and put some rounds down range.
Let’s get this party started. How does the VA home loan work? That’s a good question. How does it work? Well, here’s what happens. The mortgage lender, lends you, the Veteran, the money. So why is it called a VA Loan? All the VA does is just to guarantee the loan. In reality, it’s referred to as a VA Guaranteed Loan. Here’s how it works.
You got the lender; let’s just say that they are making a loan to a veteran for $100,000. Here is what the VA does. They say something along the lines of Mr. Lender, in the event that this Veteran were to foreclose on this loan for any given reason, we’ll send you a check Mr Lender for 25% of the balance. Now here’s what happens next. The Veteran ends up foreclosing (we know that this isn’t going to happen, right?) But for the sake of instruction and example, the Veteran ends up foreclosing and right now the VA ends up cutting a check for $25K to the lender. That’s all the VA is and that’s all the VA does. They guarantee the loan in the event that you the Veteran were to default on the $100,000 loan. Now, with that being said, here’s the cool part. It’s kind of like you’re putting down 25% on the purchase because you’ve got that guarantee from the department of Veterans affairs. Now that allows you to purchase a home up to any purchase price you like. Keep in mind you still have to qualify from an income and credit score standpoint. This allows you to purchase a home up to any purchase price you’d like with no money down. It’s the ONLY loan you can do that with by the way which is exactly why this is called a VA guaranteed loan. Now the lender has to underwrite your loan according to what’s referred to as the VA Lender’s Handbook. This VA Lender’s Handbook has a bunch of information that we as lenders have to read to make sure that we are originating the loan the VA will provide a guarantee on. So that’s it. The lender lends the money. The VA guarantees the loan I the event of default and now you my friends as a Veteran have a VA backed or guaranteed loan.
