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I have found that banks can do mortgage loans, but are quite unknowledgeable about how they work, and the requirements. I am looking for one that specializes in VA home loans. Also my husband has a better credit score than I do, which he is the vet, so does mine matter as much in the loan process?

Thanks in advance!

3 Thoughts on What is the best VA mortgage lender? ~In Indiana?
  1. Reply
    February 1, 2014 at 9:02 am

    If he has enough income maybe they can do the whole loan based on his credit and income and then your credit won’t matter (but you won’t be on the loan or title), but if they need to use your income then your credit will matter.

    Anyhow almost any decent bank does VA loans and not like one specializes in it more than another. I suggest you go to a good local bank (don’t go to the huge ones unless you have to as they are erratic in giving out loans and qualifying you) and just get prequalified with them.

  2. Reply
    February 1, 2014 at 9:09 am

    In applying for and being approved for a VA mortgage loan credit scores are not used in the approving process of obtaining a VA mortgage loan. You, as the spouse, may be added to the VA mortgage loan application with or without provable income.

    Your combined income would increase the loan amount a mortgage lender would lend you to purchase a house. The amount of money you would be approved for would be based on the amount of debts on your credit report and the amount one would earn to pay these debts. A formula would be used by your mortgage underwriter to come up with a debt ratio, based on these two items. Your debt ratio should not exceed 39%. In a few cases this debt ratio might exceed 39%, however, it is highly recommended your debt ratio do not exceed 39%.

    Most banks would be authorized to do government mortgage loans, the requirements of approval by the VA are the same as with any other mortgage lender that indicate they specialize in VA mortgage loans. You might have had a bad experience with a mortgage loan officer of your bank, that might was not properly schooled on VA mortgage loans.

    Your mortgage loan officer would collect the information and documents from you, however, he/she would be required to submit the collected documents to the underwriter, of the bank, who would be an expert in what is required for a VA mortgage loan to be approved by the Veteran Administration. .

    The Veteran Administration provide all mortgage lenders who are authorized to do VA mortgage loans, to include your local banks, the guidelines necessary to get your VA mortgage loan approved. Each mortgage lender would collect the same documents and the same information.

    You may select any mortgage lender authorized to do VA mortgage loans you feel comfortable with doing business with and getting your A mortgage loan approved.

    From one combat veteran to another veteran thanks for serving.

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”

  3. Reply
    February 1, 2014 at 9:55 am

    USAA, hands down.

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