Veterans First Mortgage specializes in serving military customers with VA loans and other mortgage products. The company has garnered attention for its focus on veterans and active-duty service members, offering competitive rates and expertise in VA lending.
Veterans First Mortgage receives generally positive reviews, with an average rating of 3.5 out of 5 stars from customers. Borrowers appreciate the lender’s efficiency, helpfulness, and knowledge of VA loan processes. Many reviewers commend the company’s loan officers for going above and beyond to ensure smooth transactions.
While Veterans First Mortgage primarily caters to military borrowers, they also offer conventional, FHA, and USDA loans to non-veterans. The lender’s average interest rate for 30-year VA loans was reported as 2.77% in 2021, which was slightly lower than rates offered by major competitors. This combination of specialized service and competitive rates makes Veterans First Mortgage an option worth considering for those eligible for VA loans.
Understanding VA Loans
VA loans offer unique benefits for eligible veterans, active-duty service members, and select military spouses. These government-backed mortgages provide favorable terms to help make homeownership more accessible for those who have served.
Basic Requirements for VA Loans
To qualify for a VA loan, applicants must meet specific service requirements. This typically includes 90 consecutive days of active service during wartime, 181 days of active service during peacetime, or 6 years of service in the National Guard or Reserves.
Credit score requirements are generally more flexible than conventional loans. While the VA doesn’t set a minimum credit score, most lenders look for a score of at least 620.
VA loans don’t require a down payment in most cases, allowing veterans to purchase homes with 100% financing.
Income stability is crucial. Lenders will verify that applicants have sufficient, reliable income to cover mortgage payments and other debts.
Certificate of Eligibility (COE)
A Certificate of Eligibility (COE) is a crucial document for VA loan applicants. It verifies eligibility for the VA home loan benefit.
Veterans can obtain their COE through the VA’s eBenefits portal, by mail using Form 26-1880, or through their lender.
The COE outlines the veteran’s entitlement amount, which determines how much they can borrow without a down payment.
Some lenders can obtain the COE electronically in minutes, streamlining the application process.
VA Funding Fee Explained
The VA funding fee is a one-time charge on VA loans, designed to reduce the cost of the program for taxpayers.
This fee varies based on factors such as:
- Type of service (regular military, Reserves, or National Guard)
- Down payment amount
- First-time or subsequent use of the VA loan benefit
The fee can be rolled into the loan amount or paid upfront. Some veterans, such as those receiving VA disability compensation, may be exempt from this fee.
The VA Mortgage Process
The VA mortgage process begins with selecting a VA-approved lender. These lenders are familiar with VA loan requirements and guidelines.
Next, the veteran obtains their Certificate of Eligibility and completes a loan application.
The lender will then review the application, verify income, and order a VA appraisal. This appraisal ensures the property meets VA minimum property requirements.
Underwriting follows, where the lender assesses the applicant’s financial situation and the property’s value.
If approved, the loan moves to closing. At this stage, the borrower signs final documents and receives the keys to their new home.
First-Time Home Buying with Veterans First
Veterans First offers specialized support for first-time military homebuyers. Their VA loan programs provide unique benefits to service members and veterans entering the housing market.
Steps in the Home Buying Process
Prospective buyers start by getting pre-approved for a VA loan through Veterans First. This helps determine their budget and shows sellers they’re serious.
Next, buyers work with a real estate agent to find suitable homes within their price range. Veterans First recommends choosing an agent familiar with VA loans.
Once a home is selected, Veterans First assists with the official loan application and underwriting process. They coordinate the VA appraisal to ensure the property meets requirements.
The final steps involve a home inspection, reviewing closing documents, and completing the purchase. Veterans First guides buyers through each stage, explaining key details along the way.
Choosing the Right VA Loan
Veterans First offers several VA loan options for first-time buyers. The standard VA purchase loan is popular, requiring no down payment for qualified borrowers.
VA Energy Efficient Mortgages allow extra funds for home improvements that reduce energy costs. This can be appealing for older properties needing updates.
The VA renovation loan combines home purchase and renovation costs into one loan. It’s useful for fixer-uppers or homes needing accessibility modifications.
Interest rate reduction refinance loans (IRRRLs) let existing VA loan holders refinance to lower rates. While not for purchases, they can help later in homeownership.
Veterans First loan officers work closely with borrowers to select the most suitable VA loan type based on their specific needs and financial situation.
Refinancing Options
Veterans First Mortgage offers two main refinancing options for VA loan holders. These options cater to different financial goals and circumstances.
Streamline (IRRRL) vs. Cash-Out Refinance
The Interest Rate Reduction Refinance Loan (IRRRL), also known as the Streamline refinance, is designed to lower interest rates quickly and easily. It requires minimal paperwork and often doesn’t need an appraisal. This option is ideal for veterans who want to reduce their monthly payments or switch from an adjustable-rate to a fixed-rate mortgage.
Cash-out refinancing allows homeowners to tap into their home equity. This option replaces the existing mortgage with a new, larger loan. The difference is given to the homeowner as cash. It’s useful for debt consolidation, home improvements, or other major expenses.
Both options have unique benefits and requirements. The IRRRL typically offers faster processing and lower closing costs. Cash-out refinancing provides more flexibility but may have stricter eligibility criteria and higher interest rates.
Veterans should carefully consider their financial needs and long-term goals when choosing between these options. Consulting with a Veterans First Mortgage specialist can help clarify which refinancing path is most suitable.
Customer Experiences with Veterans First
Veterans First Mortgage has garnered numerous positive reviews from customers, highlighting their efficient service and dedication to military borrowers. The company demonstrates a commitment to addressing feedback and maintaining open lines of communication with clients.
Testimonials and Reviews
Many customers praise Veterans First for their exceptional customer service. Connor Bushnell, a loan officer, received accolades for his efficiency and thoroughness in processing VA mortgages. Clients frequently mention the company’s expertise in handling VA loans and their ability to close within tight timeframes.
Several reviewers noted the clear communication throughout the mortgage process. The company’s A+ BBB rating reflects their strong reputation. On TrustPilot, Veterans First boasts a 5-star rating based on over 2,200 reviews, indicating high customer satisfaction.
Handling Customer Feedback
Veterans First appears proactive in managing customer feedback. They respond to negative reviews promptly, typically within a week. This responsiveness suggests a dedication to resolving issues and improving their services.
The company engages with both positive and negative feedback, demonstrating a commitment to transparency. By addressing concerns publicly, Veterans First shows willingness to learn from customer experiences and make necessary improvements.
Their approach to feedback management likely contributes to their strong overall ratings and positive reputation in the VA mortgage industry.
The Loan Application Process
Veterans First Mortgage streamlines the loan application process for military borrowers. The company focuses on efficiency and personalized guidance to help veterans secure their home loans.
Preparing Your Documents
Applicants should gather essential documents before starting the loan process. These typically include:
• Proof of military service (DD-214 or Statement of Service)
• Recent pay stubs and W-2 forms
• Bank statements from the past few months
• Tax returns from the last two years
Veterans First Mortgage may request additional paperwork depending on individual circumstances. Having these documents ready can significantly speed up the application process.
Working with a Loan Officer
A dedicated loan officer guides applicants through each step of the mortgage process. Loan officers like Connor Bushnell are known for their efficiency and helpfulness. They:
• Explain loan options and terms
• Answer questions about VA benefits
• Review financial documents
• Provide updates on application status
• Assist with any issues that arise
Loan officers at Veterans First Mortgage strive to make the process smooth and stress-free for military borrowers. They often go above and beyond to ensure all details are in order and executed quickly.
Mortgage Options and Rates
Veterans First Mortgage offers various loan programs with competitive interest rates. The company specializes in VA loans but also provides FHA and conventional options to meet different borrower needs.
Comparing VA Loans and FHA Loans
VA loans are a popular choice for eligible veterans and service members. These loans offer 100% financing with no down payment required. FHA loans, on the other hand, typically require a 3.5% down payment. VA loans don’t have mortgage insurance, while FHA loans include both upfront and annual mortgage insurance premiums.
VA loans often have lower interest rates compared to FHA loans. In 2021, Veterans First Mortgage’s average 30-year VA loan rate was 2.77%, which was competitive in the market. FHA loans may have slightly higher rates but can be easier to qualify for with lower credit scores.
Understanding Mortgage Insurance
Mortgage insurance protects lenders against default. VA loans don’t require mortgage insurance, which can result in significant savings for borrowers. FHA loans include two types of mortgage insurance: an upfront premium and an annual premium.
The upfront premium for FHA loans is typically 1.75% of the loan amount and can be financed into the mortgage. Annual premiums range from 0.45% to 1.05% of the loan amount, depending on the loan term and down payment. These premiums increase the overall cost of FHA loans compared to VA loans.
How to Find Great Mortgage Rates
To secure great mortgage rates, borrowers should compare offers from multiple lenders. Veterans First Mortgage (VFM) provides competitive rates, especially for VA loans. Improving credit scores and making larger down payments can lead to better rates.
Shopping around during rate-lock periods is crucial. Rates can vary daily, so timing is important. Some lenders offer rate-match guarantees. Borrowers should also consider discount points, which allow them to pay upfront for lower interest rates.
It’s important to review the annual percentage rate (APR) alongside the interest rate. The APR includes fees and provides a more comprehensive view of the loan’s cost. Mortgage reviews and company reputations can offer insights into customer experiences and service quality.
Community and Support
Veterans First Mortgage recognizes the importance of supporting military communities beyond just providing home loans. The company engages in various initiatives to give back and offers resources to assist veterans.
Veterans Community Initiatives
Veterans First Mortgage participates in several programs to support military families. They sponsor an annual Veterans Family Gift Shop, providing free holiday gifts to service members and their loved ones. The company also partners with Fisher House Foundation to donate care packages for families of hospitalized veterans.
Through Operation Outreach, Veterans First employees volunteer at local VA hospitals and veterans’ centers. This program allows staff to connect directly with the community they serve. The mortgage lender also supports veteran-owned small businesses by prioritizing them as vendors and suppliers when possible.
Support Resources for Veterans
Veterans First Mortgage offers educational resources to help veterans navigate the home buying process. Their website features guides on VA loan eligibility, funding fees, and using VA benefits. The company provides a VA Option Clause to protect buyers if their VA loan falls through.
A dedicated support team assists veterans with questions about their mortgage applications and VA benefits. Veterans First also maintains partnerships with veteran service organizations to connect clients with additional resources as needed. Their loan officers receive special training on military-specific financial challenges to better serve veteran borrowers.
Team and Service Commitment
Veterans First Mortgage boasts a dedicated team committed to serving military borrowers. Their staff prioritizes customer satisfaction through personalized service and expertise in VA loans.
Meet the Team
Veterans First Mortgage employs professionals with extensive experience in VA lending. Kaitlynn Mattison and Tyler Worrell are among the key team members known for their expertise. The company’s leadership brings three decades of insight into VA loans and refinancing.
Connor, another notable team member, has received praise from clients for his attentiveness. The staff undergoes rigorous training to stay updated on VA loan policies and regulations.
Our Pledge to Customer Satisfaction
Veterans First Mortgage emphasizes great service as a cornerstone of their business. They offer a streamlined loan process, aiming for efficiency without sacrificing quality.
The company’s commitment to military borrowers is evident in their high customer ratings. Many reviews highlight the team’s professionalism and thorough explanations of loan details.
Veterans First Mortgage maintains open lines of communication throughout the lending process. They provide regular updates and are readily available to answer questions, ensuring clients feel supported.
