Quicken Loans announced today that they now offer VA Loans. Veterans Assistance Loans with Quicken Loans are for 30 year fixed rate and 15 year fixed rate products.
We think a quality loan originator like Quicken Loans offering the VA Program will be a big benefit for veterans and active duty service members. Quicken Loans is an independent mortgage originator. (They are not a part of Intuit, but license the Quicken name.) Since they just focus on Home Loans, they will surely make the process of getting a VA Loan easier than it has traditionally been.
Below is the information they released about their new program.
What are VA Loans?
The VA (Department of Veterans Affairs) doesn’t actually offer loans. It simply insures loans that are written by banks and mortgage companies. Since the end of World War II more than 14 million veterans and military members have bought homes with the aid of VA loans with no-down payment requirement for most loans. This is a huge benefit and allows many more home buyers – especially in difficult housing and financial markets – to afford a home.
What are the benefits of a VA Loan?
· 100% financing, no down payment loans are common.
· No PMI on VA loans.
· No prepayment penalties on VA loans.
· Loan qualification is sometimes easier than if you were applying for a conventional loan.
· Less than perfect credit is usually accepted with VA loans.
· Sellers can pay all closing costs.
· VA assistance to veteran borrowers in default due to temporary financial difficulty.
· Ability to finance the VA funding fee (no funding fee for disabled veterans)
· No commissions, brokerage fees, or “buyer broker” fees may be charged to the veteran buyer.
Why should Veterans apply for a VA Loan through Quicken Loans?
· At Quicken Loans, our exclusive, simplified mortgage process allows for a quick and easy way to get a VA loan.
· We use cutting-edge technology to allow you to access your mortgage documents online and follow the progress of your mortgage loan from the comfort of your own home.
· We offer friendly, expert advice from your mortgage banker is always just a phone call or email away. We’ll even come to you for the closing.
· You may have heard that VA loans can be confusing and time-consuming. Not with us! We’ll help you cut through the red tape and make the process easy and fast.