There are many reasons why you should work with a lender who specializes in VA home loans and we are going to discuss that today.
First, a VA home loan specialist truly understands your VA benefits. They know that using a VA loan to purchase your home will save you $1,000s in the lifetime of your loan. On average VA home loans make up just 4-5% of the home loans written each year. So if a lender writes a 100 loans in a year, they are only doing 1 VA home loan per quarter. This does not make them an expert. Further, a lender who writes VA loans every month understands the requirements set by the VA. This will make the entire process easier for you. Therefore, you should also look for a lender who goes above and beyond to understand the VA underwriting and laws. Maybe they take a class or go to the lender conference and attend the VA session.
Second, you will want to work with a VA home loan specialist so that you obtain the correct information. In fact, getting bad advice from the wrong lender can problems for years. For example, the lender telling you that a conventional or FHA loan is the better option for you. It is never a better option.
Third, a lender who writes a high percentage of VA loans will be able to guide you in obtaining the documentation that you will need. For instance, your COE and DD214 which are required to close the VA loan.
You can obtain the needed documents yourself by going to https://milconnect.dmdc.osd.mil/milconnect/
- From your signed-in homepage, click or tap on Correspondence/Documentation. Then select Defense Personnel Records Information (DPRIS) from the drop-down menu.
- Choose the Personnel File tab
- Select Request My Personnel File
- Fill out the form. In the Document Index section, check the boxes next to the document(s) you’d like to request.
- Click or tap on the Create and Send Request button.
** You can request your:
- Report of Separation
- Other release papers
To know if the lender you are speaking with is a VA Home Loan Specialist, ask these questions:
- What do you do in the community for veterans?
- How many VA loans have you written this year?
- Is your origination fee a flat fee or a collective fee?
** the collective fee enables you to also pay other closing fees such as title, survey, or pest inspections and not just the lender’s fee.
We hope this will help you as you buy the home you have earned and deserve. A big thank you to Brad Stinson, a VA Home Loan Specialist in Michigan for the information that he shared with us so that we could pass it along to you.
If you are not currently working with a lender, fill out our form on www.report-to-base.com/va-loan to make sure that you work with a lender that is an expert and has your best interest in mind.