From the President, Kevin S Retcher, Fairfax Virginia, Cpl United States Marine Corps.– There is no greater honor than to assist a fellow veteran buy or refinance their home. The VA Loan ( Veteran Home Loan) is one of the best / Few Benefits we get from serving. First Meridian Mortgage’s mission is surrounded by the ethic’s, morals and integrity learn in the corp. We are a 19 year old, veteran owned business with one mission in mind. To originate mortgage loans with the lowest interest rate and with the lowest closing cost to the consumer. I can guarantee that all facts are disclosed and put in writing, so as to avoid any surprises. We disclose to you the consumer what we make on all of our loans, Banks or lenders will not do that.
Last but not least we live by the motto “if we are on time we are late”.
Semper Fi! Kevin Retcher
The VA loan is one of the most beneficial benefits awarded our serviceman. The va loan affords advantages that are not available on conventional loans. These loans usually have Lower payments, lower interest rates, no down payments, easier qualifying, and no mortgage insurance. These are just some of the benefits that our serviceman and servicewoman deserve for service.
The VA home loan program was designed to help men and women returning from active duty purchase homes that are affordable. Service men and women who qualify for this type of loan are offered no down payment options as well as no private mortgage insurance. Because the Veterans Administration guarantees 25% each VA loan, the financial institution holds a lower risk in originating VA loans. Since these loans have lower risk, the interest rates on VA loans are significantly lower than on conventional loans.
One of the major benefits of VA loans is that they allow veterans to purchase a new home without paying anything up front.
Your first step will be to fill out our simple and quick contact form. We get in touch with you to go over the details of your situation, learn more about your needs and discuss what we can do to help you prequalify for a home through a VA loan.
Getting prequalified will give you an idea of how much home you can afford, as well as insight into what the financing process will look like. This first step will put you on the path to decide whether or not buying a home with a VA loan is the right decision at the moment.
Once you’ve been prequalified, the next step is going to be getting preapproved. During this stage, you will have a preapproval package of documents containing everything you need to get your VA home loan.
At first glance, the paperwork may seem very overwhelming. But don’t worry, we take care of the heavy lifting to make the process much smoother and less complicated on your end. Some of the information you will have to provide includes:
After you have completed the verbal application and provided the above paperwork to us, we can provide you with a prequalification letter to give to your real estate agent. This letter will show your real estate agent that you are financially able to purchase a home based on the paperwork provided. A preapproval is also available with an actual submission of a written application. First Meridian can send the a signed application into underwriting for full approval. Please add assume additional 3 business days for approval.
Now that you have your preapproval letter in-hand, you can start the process of house hunting! Since you’ve been preapproved, you know what your budget is, which will help you narrow down your search and find your new home!
You’ve gone from house to house and finally found the perfect home for you. Now it’s time to make an offer and negotiate a contract. During this step, it’s important to have a real estate agent that is experienced with purchasing homes with a VA loan in order to structure the deal in a way that allows you to put no money down if you’d like to.
After we receive the paperwork for your loan, we will use a copy of your DD-214 to get your certificate of eligibility from the VA. This will prove your eligibility for the VA loan program. We get this process completed as quickly as possible so that your closing isn’t delayed.
After you’ve found your home, your loan officer will order a property appraisal. In order to qualify for a VA loan, the home must be move-in ready and any major problems will have to be fixed before closing the loan.
Once you’re “under contract” to buy your home, your loan paperwork is sent to an underwriter for review. Underwriters verify financial information and other documents, and may request any other necessary items. They will make sure that all the information is accurate and meets the VA guidelines.
After the loan is approved, you’ll set a closing date. During the closing you’ll sign paperwork, finalize your VA loan and be the owner of your new home!
Ready to get started? Call First Meridian today at 703-799-5626 or fill out our simple online form to get in touch with a VA loan specialist in Maryland, Washington DC or Virginia.
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