Does it seem like there are a lot of mortgage loan experts out there offering their advice to Vets? This post is no exception, I suppose. However, with that said, I’m going to step out on a limb here and offer up that if you are a Vet the number one home buying tip you should clue in on is: use a VA loan to buy a home if you don’t have 20% to put down on a home. In addition to this tip, below are four simple things to keep in mind as you wade through the plethora of loan offers and program descriptions on your way to selecting the right loan officer and loan offer.

Again – The number tip for a Vet or anyone eligible for a mortgage – Get a VA Loan

If are eligible for a VA loan then you should know that it is one of the best mortgage loans a person can get. Below are some of the features of this loan that make it very attractive:

• You will not have to pay mortgage insurance no matter how little you put down for your downpayment
• You can get 100% financing which means you don’t have to put any money out for a down payment
• Home sellers can pay nearly all or all of your closing costs
• VA loans have highly competitive interest rates and limit the amount of fees that a lender can charge

Now for the rest of the tips concerning VA loans:

Tip #1 – Make sure you stay in the loop

Loan officers are busy – make sure you to contact them if they don’t contact you. Time is really of the essence and if you wait around for a phone call you may miss the boat with getting qualified, or locking in an interest rate.

Tip #2 – Don’t over pay for your comfort

In other words, you may qualify for a higher price and monthly payment than you really feel comfortable. Just because you qualify for a higher price and payment doesn’t mean you have to buy a home for that amount of money. You can always downsize what you buy with no extra work or time with the underwriter. The last thing you want to do is to pay more your home than you feel comfortable paying just because you qualify for something higher.

In the reverse, you need to be okay with the bank if they qualify you for less than you think you can afford. The bank is only trying to protect themselves from issuing a mortgage that could have problems with being paid back and in a sense they are protecting you from getting yourself in too deep. Hoping for a raise or an inheritance is not a safe financial planning bet to bank on – play low and stay safe.

Tip #3 – Talk to 3 lenders

When shopping for a VA lender for your VA loan, at a minimum, get loan offers from three different mortgage companies. Even if you want to go with a preferred company – do yourself a favor and get another opinion or two for loan costs and for what you qualify for – this will keep everyone honest.

Tip #4 – Ask Questions

Remember this about getting a mortgage – the only bad question is the question that you don’t ask. The worst time to start asking questions is at the closing table – as soon as you have a question – start asking them. It will help you have a smooth home buying experience.

Current statistics show that of the 25 million eligible veterans, only 10% to 15% use VA loans when purchasing a home. This means only 3.75 million veterans of the 25 million are actually using a VA home loan on their property. Here at LowVARates we have confronted this problem head-on. It is our goal and focus to educate these 25 million eligible veterans so that more and more of them are utilizing their harder VA benefits when they go to buy their first home or refinance their current home loans.

Our proof VA loan specialists bring a combined 20+ years of experience in assisting veteran homeowners utilize their VA loan benefits. This experience has taught us that the majority of those veterans who do not use their VA home loan benefits do so because of miss representation or miss information from other real estate or mortgage professionals. It is very common for a real estate agent when working with a veteran to tell the veteran that there are better loan options for them. There is nothing further from the truth in today’s mortgage and economic environment. The truth of the matter is most real estate agents have no idea what is in with the VA home loan interest only how great of loan it really is.

Prior to the housing collapse of 2007 there were other financing options that on the surface did appear to be easier or more efficient for veterans who are looking to buy a home. I say on the surface because we now know these loans were toxic in many of these loans have been the cause of our real estate meltdown. History will and has repeated itself time and time again and we do not want veterans making the same mistake when some of these alternative loans returned to the marketplace.

Though the race feels that the Department of Defense, the Department of Veterans Affairs, and other community organized military groups need to learn more about the VA home loan program and as the VA is concerned need to do a much better job of educating active-duty military of the home loan benefits that await them when they return from service. Until these deserving veterans receive the education and support from our government , LowVARates will continue to do all that it can to develop training videos, websites and blog posts so that our veterans know more about their VA home loan benefits.

In summary, veterans are just not aware of the amazing benefits that await them when they go to buy all. We commend the Department of Veterans Affairs and all approved VA lenders for extending and assisting with the VA home loan program, however more needs to be done to inform and educate our veterans so that when they go to buy a home or refinance a home they look no further than their VA home loan benefits.

For the Veterans living in Pennsylvania who currently have a VA loan, many have heard about the Pennsylvania VA streamline refinance – also known as the VA IRRRL program.

Many are also wondering “what is the minimum credit score for the Pennsylvania VA streamline refinance?” to which there is a potentially confusing answer:

The answer to the question of “what is the minimum credit score for the VA streamline refinance is:

According to VA guidelines, there is no minimum credit score. But according to lender guidelines, there may be a requirement for minimum credit score depending on the lender.

VA isn’t the organization that actually lends you money, various VA / HUD approved lenders do. And so even though the VA doesn’t have a minimum credit score guideline, if a particular lender does, then that guideline will apply and a with that particular lender, they will have a minimum credit score requirement for the VA streamline refinance program.

VA Streamline Refinance: What Minimum Credit Scores Apply?

Although each lender has their own guidelines, many lenders right now are requiring their minimum credit score for the VA streamline refinance is 620. There may be a select few that don’t require a minimum credit score, but most of the lenders offering the VA streamline refinance are requiring a 620.

So if your mid credit score is below a 620, and you have a lender (or two, or three…) tell you that they require a 620 minimum credit score, be sure to ask them if they are aware of any other lender who doesn’t require a minimum credit score for a VA streamline.

There is at least one lender out there who currently is still offering the VA streamline with no credit score requirements.

But it could change at any time!

The Pennsylvania mortgage team has officially launched! We will work hard to bring you the latest Pennsylvania mortgage related information such as information about:

• Mortgage rates
• Lenders
• Loan officers
• FHA mortgage loans
• VA mortgage loans
• HomePath mortgages
• Reverse mortgages
• Government regulation
• Texas mortgage news

and much, much more.

Please contact us directly with any questions that you may have about mortgages and we will work hard to provide the right answers!