va mortgage center

[diveforfun97]

Hello all!  I am starting to research lending companies to do my first mortgage.  As a veteran I am leaning towards doing a VA mortgage.  A coworker of mine highly recommended going to vamortgagecenter.com.  I called them to get the basic information, and they seemed nice.  The reviews on the net seem good as well.  But since this is my first mortgage I am very "gun shy".  Has anyone used them and if so what was your experience.  Any information or suggestion would be a great help.  Thank you VERY much!

[Lel]

I do not know anything about this particular website, but as it mentions in their top banner, it is not a government agency.

VA home loans and many other government-sponsored mortgage loans don't necessarily come directly from the government.  They are government-backed loans, but the actual loans are made through private companies.  For example, you can get an FHA loan from a major bank, if you wish.  Incidentally, there are a number of websites that advertise themselves as FHA loan companies, but like the site you mentioned they are non-government entities that just happen to specialize in FHA loans.

While this company may be effective at securing a mortgage for you, you may want to inquire with local lenders in your area to find out whether they handle VA loans.  Depending on where you live, you might find several.

[MarineVietVet]

I agree with Lel that you should talk to several local lenders about VA loans.

The VA itself does not loan anything. They merely back the loan that is given.

Here is a link to the VA website that discusses home loans. http://www.benefits.va.gov/homeloans/

Good luck to you.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[ShanetheMortgageMan]

You may want to read the thread at edited.  It was about working with VAMortgageCenter.com

Granted, that was for an FHA loan, and you are applying for a VA loan, which they specialize in, so I suspect that they'd be much more prepared to handle your transaction. If your friend can provide the name of his loan officer, I would seek out that loan officer since they obviously handled your friends situation pretty well.   Still, difficult situations arise all of the time, it is not anyone's fault, but just the nature of the business.

Edited to remove a link to the dark side. - llecs, myFICO moderator

[Anonymous]

I went VA and used Chase Bank and didn't have a problem at all. Good Luck.

[aoiya]

I just closed on a house on the 30th, using a VA loan. I initially started out with VA mortgage center with a low credit score and with their  guidance as well as from here on the forums, I was able to qualify for a loan. VA mortgage center's minimum requirement is 620 middle score of the 3. Once I reached the minimum, the credit specialist sent me over to the center and I was assigned a processor. He was a nice guy, very helpful and very informative. Though I am also in the process of trying to get a divorce and neither my husband or I were ready to actually set the process going. VA mortgage center required that i have some sort of documents in place to show that we were either divorcing or legally separated in order to go through with the loan. In addition, my family was willing to assist me with approximately $20k for a down payment, and VA mortgage said that it wasn't possible, and the money would have to be mind and not gifted.(FYI, VA mortgage had at this point, already preapproved me $200K)

At this point, i felt like my hands were rather tied and knowing that with my credit score not so great that I just couldn't go with anyone else. As the months went buy and I was still searching for a home, my credit score started creeping higher, and on a whim I attempted a preapproval with USAA. Got preapproval, found a house, signed a contract on Nov 22nd, and closed on Dec 30th. During this time I also asked USAA about not having my husband's name on the loan, because we would eventually start the divorce process and it was not a problem. Also about the gifted $20K, and they had no issue with it either.

Now all in all, I love the service I had with USAA mortgage. My assigned processor jumped through hoops to ensure that we would be closing on the 30th.

In all honesty, I'm not sure how they managed to do it. When I initally called them to let them know I had signed a contract, USAA said it would take approximately 45 days. I can only assumed it was 45 business days( but you have to consider the holidays: thanksgiving, christmas, and very close to the NY) i just wasn't sure they'd make the 30th. However, even the day before closing USAA had not received my eligibilty of benefits from the VA. Supposedly my local VA regional center had an influx of retirees and were behind. My processor managed somehow to get it done, she received my eligibility at 1:30pm CST, turned my documents in to the underwriter, and by 4:30cst I was approved and my paperwork was on its way to the Title company.

The best news, was according to the usaa website that keeps a status on your loan process, i was due in to closing needing approximately $16K, when USAA called to tell me the final closing close it was almost $14K. SWEET!!!!

I'm officially a home owner now!! I am a geek in every sense of the word and was on the internet reading horror stories, and even last minute deals that fell through at the last minute. And i was seriously stressed! I didn't look at or even think about buying anything for the new home until i signed for the house and got the keys.

Guess what I'm doing today ;-))))))

VA mortgage center i think would have been a little bit more complicated but i think they do know what they're doing. Since I had such a abnormal situation, i believe by going with USAA it was the way to go.

FYI, i was so lucky the interest rate was on its way back up when i was under contract and managed to lock in at 4.25%!

if you have any questions i hope i answered them, and didn't detract too much from it..i'm just soo stoked it went so easy.