The home buying process can be confusing, but…
There are several reasons that a VA mortgage offers greater advantages to qualified home buyers than conventional loans or FHA loan options. To begin, you may be eligible to secure your VA home loan with low, fixed rates as well as no down payment, no (or regulated) closing costs and no mortgage insurance. In addition, if you have a low credit score, you are likely to qualify for better rates with a VA loan than with a conventional loan.
FHA Loan
If you are unable to pursue a VA home loan, your next best option is to see if you qualify for an FHA (Federal Housing Administration) loan. Our sister company, 1st Mariner Mortgage, can assist you with this type of home loan.
Conventional Loan
A conventional loan is a home loan that typically requires a down payment and includes out-of-pocket closing costs. Additionally, conventional loans have higher requirements against your debt-to-income ratio, such that you may need to have a higher income and hold less debt than you would with a VA home loan. If you are pursuing a conventional home loan, 1st Mariner Mortgage can assist you. Approved VA home loan lenders like VAMortgage.com don’t need to see perfect credit. As a result, we can help veterans who might not otherwise be able to secure conventional financing. In fact, about 80% of VA loan borrowers could not have qualified for a conventional loan. The VA Home Loan Program is one way our nation says “Thank You” to the millions of men and women in military service who have sacrificed for us and protected us over the years.
Reverse Mortgage
You can learn about reverse mortgages from one of 1st Mariner Bank’s mortgage professionals, at 1st Mariner Mortgage, who are located in the same offices as VAMortgage.com. In addition, the 1st Mariner Bank website offers helpful information on their Reverse Mortgage web page. The 1st Mariner Mortgage professionals will explain what a reverse mortgage is, as well as its benefits and limitations, and help you determine if a reverse mortgage is your best option.
Home Equity Loans and Lines of Credit
You can learn about home equity loans and home equity lines of credit from one of 1st Mariner Bank’s consumer lending professionals, at 1st Mariner Bank, who are located in the same offices as VAMortgage.com. In addition, the 1st Mariner Bank website offers helpful information on their Home Equity Loans and Lines webpage. The 1st Mariner Bank professionals will explain what a home equity loan and home equity line of credit is, as well as its benefits and limitations, and helps you determine which one is your best option.
