After 75 years, VA loans continue to be an amazing home financing option for veterans and current military members who qualify. We are proud to provide VA loans in the state of Iowa and encourage any who qualify to talk to us - even if you’ve been pre-approved with a different lender.
You may be wondering: Why should I consider RMN for my VA loan if I’m already pre-approved with a different VA lender? The only way to be sure you are receiving the best financing options is to talk with multiple lenders before completing your home purchase! Here are 3 reasons to work with RMN for your VA loan.
Experienced VA Loan Lenders
RMN is an experienced VA lender, with years of experience processing VA loans and hundreds of approved VA loans under our belt. RMN opened in 1987 with the goal to offer better government lending for our borrowers. This was especially true regarding VA lending. Since then we have dedicated ourselves to being experts on the VA program and providing excellent VA loans.
Some local lenders have finally realized the advantage to providing VA loans. However, because they are relatively new to the program, these lenders have not committed to hiring an underwriter and seeking the requisite VA approvals for prior-approval. Our underwriter has been underwriting VA loans for over 30 years – he is trusted by VA and he knows how to get them done.
Unfortunately, many borrowers don’t understand the importance of working with an experienced VA lender until it’s too late. By working with a less experienced VA lender, you run the risk of complications arising or the loan falling through. We are always here to help borrowers who experience issues with other lenders, but we know it is best for your peace of mind to avoid those issues from the beginning!
In-House Underwriting for VA Loans
When you start working with a lender for a VA loan, it is important to understand their underwriting process. Before you begin, make sure to ask them these questions:
- Do you have an in-house underwriter?
- Is the underwriter physically located at your office?
If the answer to either of these questions is “no”, you run the risk of the underwriting process taking longer, forcing you to spend far too much time following up with the loan process.
As lending rules have changed, larger institutions often struggle to process, underwrite and close loans in a timely manner. Even if the loan officer is local, the processing or underwriting likely isn’t completed locally. That results in potential delays and a lot of calls, scans, faxes, etc. back and forth to get things done.
Here at RMN, we do have in-house underwriting, with our underwriters located at our office. This allows our loan officers and underwriters to communicate seamlessly and work together to approve, process and close on your VA loan.
Faster Close Times
Because we offer in-house underwriting, we are able to detect potential issues at the beginning of the loan process. We have to ability to address and resolve these issues quickly, before they cause delays.
In contrast, it may take weeks before a VA underwriter will even review a loan file from a lender who doesn’t have an in-house underwriter. The underwriter, who isn’t local, then must struggle to communicate effectively with the loan officer and processors, creating even more delays in the closing process. To cover their own lack of efficiency, these lenders incorrectly tell borrowers that VA (and other government) loans take at least 45 days to close.
At RMN, we simply walk down the hall to talk to our processors and our underwriters, so things get done immediately. There isn't a better way to explain it – it is just that easy!
VA Loans and the MCC
The Mortgage Credit Certificate (MCC) is a tax credit program offered to first-time home buyers and those who qualify for a VA loan. The MCC allows borrowers to receive a tax credit of 50% of the interest paid on their mortgage for that year, up to $2,000, for the life of the loan.
RMN is proud to be one of the leading providers of the MCC in the state of Iowa. We processed 25% of the MCC’s in Iowa in 2019 and helped our borrowers save thousands. When you work with us for your VA loan, we can help you save too!
In addition to our simple loan process and knowledge of government loans like the VA loan, we have competitive closing costs and interest rates. To learn more about working with RMN or to receive a mortgage quote, request a free, no-obligation consultation with one of our loan officers today!