Today Lending Blog

Recently, VA loans have been extended to include active duty and reservist along with veterans. This is good new for anyone in the Army, Navy, Marines, Air Force, and National Guard.

VA loans offer no down payment

With no money down, who can resist that? No money is required for loans up to $417,000. As long as the seller agrees to pay the closing cost, you can buy a home with no money out of pocket. Be sure to ask your lender about the 100% loan option.

No Insurance Fees

Most mortgages require the buyer to pay an insurance fee. However, the VA uses a Funding Fee. This fee takes the place of the traditional insurance fee and can be included in the loan. In addition, disabled veterans can get this fee waived altogether. If you are disabled don’t forget to ask the lender if you qualify for the waiver.

Bad credit not always a problem

VA loans don’t look solely at credit scores. People with bad credit that have a recent good payment history may qualify. This means that if you are paying your bills on time and have been for the last year, you may qualify for a VA loan. VA loans tend to offer a better rate than traditional loans. If you have bad credit, ask about a VA loan anyway. You just may qualify.

Finding a lender who deals with VA loans

The best option when buying a house is to find a lender who deals with multiple types of loans. A good lender should offer VA, USDA, HUD, and FHA loans along with the standard mortgage loans.

Resource Box

Today Lending (www.TodayLending.com) is owned by Chris and Kelly Davenport and is one of the top home lending institutions in all of Oklahoma and Texas. Chris and Kelly Davenport are also top real estate consultants in Tulsa, Oklahoma and own The Davenport Company (www.DavenportCompany.com) which services home buyers and sellers in the Greater Tulsa region. Contact Chris anytime at (918) 340.0010 for more information.

Those looking for a no down payment mortgage loan are in luck. Changes in VA home loans in Tulsa, OK make more military personnel eligible for VA loans. New laws now make the active military eligible for VA loans along with veterans.

The benefits of VA home loans are many, but here are just a couple of reasons to consider a VA home loan.

#1 No down payment

This is the number one reason people seek out a VA loan. The average down payment on a home often means people simply can’t afford a home. Since VA loans finance 100% of the home loan, homebuyers will not need to put down any money for the house.

#2 Reasonable Fixed Interest Rate

A VA loan will have a higher fixed interest rate than a traditional loan. However, this rate is generally only ¼ to 1% higher than the average rate. When you factor in the no down payment, this higher rate is often worth it. After all, if the down payment prevented you from getting a home then a slightly higher rate is no big deal.

#3 Skip the Insurance Fees

Unless you can afford to put down 20% on your home, you would have to pay an insurance fee for your house on a traditional loan. VA loans have their own fund, which is added into the mortgage. In addition, some disabled veterans can have the fee waived.

Veterans and military personnel are encouraged to check out VA loans in Tulsa OK. The money you save with a VA loan could be the difference between owning your home and not.

Resource Box

Today Lending (www.TodayLending.com) is owned by Chris and Kelly Davenport and is one of the top home lending institutions in all of Oklahoma and Texas. Chris and Kelly Davenport are also top real estate consultants in Tulsa, Oklahoma and own The Davenport Company (www.DavenportCompany.com) which services home buyers and sellers in the Greater Tulsa region. Contact Chris anytime at (918) 340.0010 for more information.

Has a change in income, illness or other issues caused you to fall behind on your mortgage payments?  Don’t ignore the problem; get help if you are struggling with your VA home loan OK.

Everyone at some time or another falls on hard times and that’s okay.  Know that you do have options and there is help available.  Taking the proactive approach, even when you can’t see the forest through the trees, can mean the difference in saving your home or losing it.

Of course the VA has resources to help you through the financial crises.  The VA has nine regional loan centers that assist homeowners in avoiding foreclosure through counseling and other special arrangements.  Depending on your circumstances, the VA can jump and help you overcome your obstacles.

Another option is to contact your lender and ask for help.  This might be easier said than done, but your lender doesn’t want your home back and they are usually willing to help you stay in your residence.  Options such as repayment plans, loan modifications, and forbearance are just a few of the options that may be available to you.

The key to getting out of your financial hole is communicating.  Call your lender and see what can be done to help you today.  Help is available if you are struggling with your VA home loan OK, you just have to get it.  The longer you wait, the harder it will take to come out of your current situation.  Make that call today!

Has a change in income, illness or other issues caused you to fall behind on your mortgage payments?  Don’t ignore the problem; get help if you are struggling with your VA home loan OK.

Everyone at some time or another falls on hard times and that’s okay.  Know that you do have options and there is help available.  Taking the proactive approach, even when you can’t see the forest through the trees, can mean the difference in saving your home or losing it.

Of course the VA has resources to help you through the financial crises.  The VA has nine regional loan centers that assist homeowners in avoiding foreclosure through counseling and other special arrangements.  Depending on your circumstances, the VA can jump and help you overcome your obstacles.

Another option is to contact your lender and ask for help.  This might be easier said than done, but your lender doesn’t want your home back and they are usually willing to help you stay in your residence.  Options such as repayment plans, loan modifications, and forbearance are just a few of the options that may be available to you.

The key to getting out of your financial hole is communicating.  Call your lender and see what can be done to help you today.  Help is available if you are struggling with your VA home loan OK, you just have to get it.  The longer you wait, the harder it will take to come out of your current situation.  Make that call today!