Are you a vet who wants to buy a dream home? Then, fulfill your dream with a VA loan program. Established by the United States Department of Veterans Affairs, VA loans assist veterans, service members, and eligible surviving spouses to become homeowners.
However, as the loan program is offered by lenders, you have to fulfill the requirements set by them to qualify for the loan program. And one of the most important of them is the credit score. If your credit score is bad, you may keep wondering how to get a VA loan. But there are several lenders who offer the best VA loans for bad credit. If you are thinking about how to compare the lenders and choose the right one, consider these things:
Expertise in VA loan
As you navigate the home buying process, your loan officer will work both as your educator, as well as advocate. When it comes to getting your Certificate of Eligibility, especially when your credit score is low, locking in the best interest rate and ultimately getting the underwriting approval, the expertise of the mortgage lender will be crucial to make sure that things go smoothly. Ask the lenders how much of their business comes from the VA loans. The higher the percentage, the more likely they are to understand about VA-backed home loans. Some of the VA-specialized mortgage lenders may have received specific training on the VA home loan program and the requirements of military homebuyers. So, you should never forget to compare the expertise of the lender before choosing him or her.
Customer service & satisfaction
The comparisons of interest rates and stats about VA loan volume are crucial; however, they don’t help you to know the complete scenario. Customer reviews are another vital resource for homebuyers as they shop for a VA lender who approves the loan with bad credit. Reviews can tell you more about the experience of working with a lender, such the overall attitude and culture. Online reviews offer an objective look at what the customers are saying. A high volume of negative vs. positive reviews is a red flag, but so as is a low volume of reviews overall. Look for a mortgage lender who has plenty of positive reviews, and work with him or her.
Don’t be afraid to ask a lot of questions when you are speaking with a lender for the first time. By asking the right questions, you will get a clear idea about the type of service that you can expect from him or her. You can ask about the credit score that you need to qualify, what to do if you have bad credit, what will be the debt-to-income ratio, what will be his or her charge, etc. Check whether the lender is offering satisfactory answers to your questions or they are avoiding your questions. If he or she is avoiding, then look for another lender, ask the same questions, and then decide what to do.
These are some of the valuable parameters that will help you to choose the right lender. So, consider all these when comparing several lenders and then choose the right one.
Author Bio: Joan Gallardo, a Senior Loan Officer, with 20+ years of experience, here writes on 2 questions to ask the best mortgage lender in Houston when you are about to choose one of the first time home buyer programs in Houston.