VA Loan Requirements For Prodigy Lending Team In Wylie, Texas
Arguably the best mortgage loan available for potential mortgage lenders all across the United States, VA loans have significantly helped the mortgage industry in Wylie grow over the past decades. A VA loan is a mortgage loan in the US guaranteed by the US Department of Veteran Affairs, hence the name VA loans. The VA loan programs are exclusively for military servicemen, reservists or select surviving spouses. They were initiated by the VA in order to help veterans returning home from service settle back easily into society. It was clear that surviving the rages of war was no mean feat and most veterans who made it back home suffered a lot of physical and psychological problems. VA loans, therefore, are meant to at least provide them with a permanent home as they try to settle back into society. In Wylie, VA loans are considered the best mortgage loan alternative because they offer up to 103.3% financing i.e. they finance the house fully and may even carter for closing costs in some instances. Also, VA loans, unlike every other mortgage loan, do not require borrowers to pay private mortgage insurance hence saves them a lot on expenses.
Despite the name VA loans, these loans are not exactly offered by the VA, instead, they are offered by private mortgage lenders like all other mortgage loans. The VA only guarantees them in case a borrower defaults from payment. One such private lender in Wylie is the Prodigy Lending Team which offers high-quality mortgage lending services. They are committed to providing homes tailor-made for the owners and in sync with their exact needs and expectations. Because Laredo is one of the best and safest cities to live in Texas, most veterans prefer to acquire their retirement homes there and live out the rest of their lives there.
In order to qualify for a VA loan from Prodigy Lending, one has to, first of all, ensure they are eligible for the VA loans. One is only eligible if he/she served in the military or reserves for a specified number of days. For military servicemen, one must have served for a minimum of 90 consecutive days during wartime and 181 days during peacetime. For members of the National Guard or Reservists, one must have served for a minimum of six years. Lastly, the surviving spouses of servicemen who died on active combat or succumbed due to service-related complications can also qualify. This is usually the main qualification requirement for VA loans because unlike other mortgage loans, no minimum credit scores, debt to income ratios, down payments or PMIs are required.
Once Prodigy Lending certifies that you are eligible, they can then go ahead and give you a VA certificate of eligibility or help you apply for one. They then ask for other supporting documents like your W2 forms and certificate of discharge in order to ensure that you were discharged from the military on good terms. Once everything is certified, they can then start processing your VA loan and connecting you with a home of your choice. Prodigy lending also offers the best interest rates for their VA loans than any other government loan and with low closing costs. These are some of the reasons why VA loans are considered the best mortgage loan for people who are eligible.
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