Military Loans

Military VA Loans

Browse our site for the best military lenders available.  Let us show you how the VA Home Loans Program can get you into a home with very little red tape or money down. Use your hard earned VA benefits to buy or refinance a home with no down payment.  Let us help you get a VA insured mortgage loan at the lowest possible rates.  We also feature the best, lowest rate conventional loans available today!  Want to know if you are eligible for a VA Loan?  Check your eligibility here.  Check out the VA Lenders Handbook.

Installment Loan

Pioneer Military Lending offers competitive interest rates and installment loan products for all ranks. Pioneer ensures that your payments are manageable, have no hidden fees, and provide you with friendly and knowledgeable loan associates.

  • Pioneer Military Loans for all ranks and branches of active-duty and career-retired service members and Department of Defense employees

  • Borrow from $500 to $10,000

  • Interest rates lower than most credit cards and competitive with banks and credit unions

  • 24-hour service from a company that cares.

Check out our Military Installment Loans


5-10 minute Online Personal or Debt Management Loan Application


VA Loans are Good Deals

More than 29 million veterans and service personnel are eligible for VA financing. Even though many veterans have already used their loan benefits, it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement.

Before arranging for a new mortgage to finance a home purchase, veterans should consider some of the advantages of VA home loans

1. The most important consideration, no down payment is required in most cases.

2. Loan maximum may be up to 100 percent of the VA-established reasonable value of the property. Due to secondary market requirements, however, loans generally may not exceed $359,650.

3. Flexibility of negotiating interest rates with the lender.

4. No monthly mortgage insurance premium to pay.

5. Limitation on buyer’s closing costs.

6. An appraisal which informs the buyer of property value.

7. Thirty year loans with a choice of repayment plans:

a. Traditional fixed payment (constant principal and interest; increases or decreases may be expected in property taxes and homeowner’s insurance coverage);
b. Adjustable Rate Mortgage-ARM (lower initial interest rate may allow qualification for a higher loan amount. Annual interest rate adjustment is limited to 1 percent and maximum increase in the interest rate over the life of the loan is capped at 5 percent) .
c. Graduated Payment Mortgage–GPM (low initial payments which gradually rise to a level payment starting in the sixth year); and
d. In some areas, Growing Equity Mortgages-GEMs (gradually increasing payments with all of the increase applied to principal, resulting in an early payoff of the loan).

8. For most loans for new houses, construction is inspected at appropriate stages to ensure compliance with the approved plans, and a 1-year warranty is required from the builder that the house is built in conformity with the approved plans and specifications. In those cases where the builder provides an acceptable 10-year warranty plan, only a final inspection may be required.

9. An assumable mortgage, subject to VA approval of the assumer’s credit.

10. Right to prepay loan without penalty.

11. VA performs personal loan servicing and offers financial counseling to help veterans avoid losing their homes during temporary financial difficulties.

 

VA Loans from Quicken

Quicken Loans is the best way to go VA! Now there is another great way to promote Quicken Loans with the launch of our newest product, 30-year fixed and a 15-year fixed VA Loans!  Veterans Assistance Loans with Quicken Loans! 

What are VA Loans?

The VA (Department of Veterans Affairs) doesn’t actually offer loans. It simply insures loans that are written by banks and mortgage companies. Since the end of World War II more than 14 million veterans and military members have bought homes with the aid of VA loans with no-down payment requirement for most loans. This is a huge benefit and allows many more home buyers – especially in difficult housing and financial markets – to afford a home.

What are the benefits of a VA Loan?

·  100% financing, no down payment loans are common.

·  No PMI on VA loans.

·  No prepayment penalties on VA loans.

·  Loan qualification is sometimes easier than if you were applying for a conventional loan.

·  Less than perfect credit is usually accepted with VA loans.

·  Sellers can pay all closing costs.

·  VA assistance to veteran borrowers in default due to temporary financial difficulty.

·  Ability to finance the VA funding fee (no funding fee for disabled veterans)

·  No commissions, brokerage fees, or “buyer broker” fees may be charged to the veteran buyer.

Why should Veterans apply for a VA Loan through Quicken?

·  At Quicken Loans, our exclusive, simplified mortgage process allows for a quick and easy way to get a VA loan.

·  We use cutting-edge technology to allow you to access your mortgage documents online and follow the progress of your mortgage loan from the comfort of your own home.

·  We offer friendly, expert advice from your mortgage banker is always just a phone call or email away. We’ll even come to you for the closing.

·  You may have heard that VA loans can be confusing and time-consuming. Not with us! We’ll help you cut through the red tape and make the process easy and fast.

VA loans at QuickenLoans.com

What Is a VA Guaranteed Home Loan?

VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fail to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.

Does my entitlement guarantee that I will get a home loan?

No, VA cannot compel a lender to make a loan that would violate their lender policies. Lenders must also comply with VA income and credit standards. If a lender is unwilling to make a loan to you, we can only suggest that you try other lenders.

How much is my entitlement?

Your basic entitlement is $36,000. For loans in excess of $144,000 to purchase or construct a home, additional entitlement up to an amount equal to 25 percent of the Freddie Mac conforming loan limit for a single family home may be available. This loan limit changes yearly. This means that qualified veterans could get a no downpayment purchase loan of up to $333,700 through December 31, 2004 and up to $359,650 effective January 1, 2005.

Is there a maximum loan limit?

There is no maximum VA loan. Lenders will generally lend up to 4 times the amount of a veterans entitlement without requiring a down payment.

Military PCS Advice

PCSing soon?  Are you looking to sell your home?  Perhaps you are looking for a new home to buy or rent.  militaryhomesforsale.com is the place to go.  Here you can list and browse homes for sale and rent.  By selling your home “by owner” you save a lot by avoiding the high commission rates that realtors charge.  With an easy to navigate, powerful search interface, this website is the premier for-sale-by-owner website!

General questions about VA loans

What Is a VA Guaranteed Home Loan?

VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fail to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a downpayment allowing you to obtain favorable financing terms.

What is pre-purchase counseling and why is it helpful?

Pre-purchase counseling gives a person information on (1) the process of buying a home, (2) the key players in the home buying process, and (3) debt management. The goal is to create a more well informed homebuyer. While VA does not require such counseling, we strongly recommend it. There is usually no charge for the housing counseling. An execellent online source of information for first time homebuyers is provided by Ginnie Mae.www.ginniemae.gov/1_learn/h_i_c.asp?section=ypth

To locate a housing counseling office call (800)217-6970 or visit HUDs website at www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm . The Department of Housing and Urban Development (HUD) maintains both the phone number and website.

Does my entitlement guarantee that I will get a home loan?

No, VA cannot compel a lender to make a loan that would violate their lender policies. Lenders must also comply with VA income and credit standards. If a lender is unwilling to make a loan to you, we can only suggest that you try other lenders.

How much is my entitlement?

Your basic entitlement is $36,000. For loans in excess of $144,000 to purchase or construct a home, additional entitlement up to an amount equal to 25 percent of the Freddie Mac conforming loan limit for a single family home may be available. This loan limit changes yearly. This means that qualified veterans could get a no downpayment purchase loan of up to $333,700 through December 31, 2004 and up to $359,650 effective January 1, 2005.

Is there a maximum loan limit?

There is no maximum VA loan. Lenders will generally lend up to 4 times the amount of a veterans entitlement without requiring a downpayment.

How do I get a Certificate of Eligibility?

ACE (automated certificate of eligibility): It may be possible to obtain a Certificate of Eligibility from your lender. Most lenders have access to the ACE system. This Internet based application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds. Not all cases can be processed through ACE – only those for which VA has sufficient data in our records. However, veterans are encouraged to ask their lenders about this method of obtaining a certificate.

You can apply for a Certificate of Eligibility by submitting a completed VA Form 26-1880, Request For A Certificate of Eligibility For Home Loan Benefits, to one of the VA Eligibility Centers, along with proof of military service. In some cases it may be possible for VA to establish eligibility without your proof of service. However, to avoid any possible delays, it’s best to provide such evidence.

How do I obtain a VA Home Loan?

Select a home and discuss the purchase with the seller or selling agent. Sign a purchase contract conditioned on approval of your VA home loan.
Select a lender, present them with your Certificate of Eligibility and complete a loan application.

The lender will develop all credit and income information. They will also request VA to assign a licensed appraiser to determine the reasonable value for the property. A Certificate of Reasonable Value will be issued. Note: You may be required to pay for the credit report and appraisal unless the seller agrees to pay.

The lender will let you know the decision on the loan. You should be approved if the established value and your credit and income are acceptable.   You (and spouse) attend the loan closing. The lender or closing attorney will explain the loan terms and requirements as well as where and how to make the monthly payments. Sign the note, mortgage, and other related papers.  The loan is sent to VA for guaranty. Your Certificate of Eligibility is annotated to reflect the use of entitlement and returned to you.

What are the benefits of a VA home loan?

  • Equal opportunity.

  • No downpayment (unless required by the lender or the purchase price is more than the reasonable value of the property).

  • Buyer informed of reasonable value.

  • Negotiable interest rate.

  • Ability to finance the VA funding fee (plus reduced funding fees with a downpayment of at least 5% and exemption for veterans receiving VA compensation).

  • Closing costs are comparable with other financing types (and may be lower).

  • No mortgage insurance premiums. An assumable mortgage.

  • Right to prepay without penalty.

  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.

  • VA assistance to veteran borrowers in default due to temporary financial difficulty.

What can VA not do?

Guarantee that a home is free of defects. VA guarantees only the loan. It is your responsibility to assure that you are satisfied with the property being purchased. The VA appraisal is not intended to be an “inspection” of the property. You should seek expert advice (a qualified residential inspection service), as necessary, BEFORE legally committing to a purchase agreement.

If you have a home built, VA cannot compel the builder to correct construction defects although VA does have the authority to suspend a builder from further participation in the home loan program.
VA cannot guarantee that you are making a good investment.
VA cannot provide you with legal services.

How do I get my free annual credit reports?

An amendment to the federal Fair Credit Reporting Act requires each of the major nationwide consumer reporting companies to provide you with a free copy of your credit report, at your request, once every 12 months.

To order your free annual report from one or all the national consumer reporting companies, visit www.annualcreditreport.com, call toll-free 877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. You can print the form from ftc.gov/credit. Do not contact the three nationwide consumer reporting companies individually; they provide free annual credit reports only throughwww.annualcreditreport.com, 877-322-8228, and Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

Under federal law, you’re also entitled to a free report if a company takes adverse action against you, such as denying your application for credit, insurance or employment, and you request your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company that supplied the information about you. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; you’re on welfare; or your report is inaccurate because of fraud. Otherwise, a consumer reporting company may charge you up to $9.50 for any other copies of your report.

To buy a full copy of your report (including your FICO score), contact:

Equifax: 800-685-1111; http://www.equifax.com

Experian: 888-EXPERIAN (888-397-3742); www.experian.com

TransUnion: 800-916-8800; www.transunion.com 

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