The Ultimate Guide to VA Mortgage Loan Hacks: Expert Tips and Tricks

VA Mortgage Loan Hacks: Expert Tips and Tricks

Attention all veterans and active duty members, Scott Dill, the owner of Texas Home Loans here, here to help you with hacks that will help you get into your home with ease. Look no further, introducing the ultimate VA guide for mortgage loan hacks. Hack number one, boost your credit score. A higher credit score means better loan terms and interest rates.

Pay all bills on time and minimize debt to optimize your chances for approval. Hack number two, understand your entitlement. Know your maximum loan amount you qualify based on your VA entitlement. Every dollar maximizes your buying power. You can contact us. I can get you your COE. We can look at your DD 214.

We can get that squared away and figure out your exact entitlement. Hack number three. Explore lender credits. Some lenders offer credits that apply towards closing costs on interest rates. These are some of those programs. Sometimes they roll out. Sometimes they don’t. Let us, if you get a hold of us, we’ll let you know exactly which ones do roll up.

Utilize the VA appraisal practice appraisal process to your advantage. That helps make sure that you get the home value you need. Now, in your VA contract, you cannot waive your Tidewater rights. Tidewater rights are when you buy a house, you say, I don’t care what it appraises for. I’ll still be liable to purchase a home.

VA does not allow that. It’s a consumer protection item. It’s a good thing it’s not waived because if it does come in low, you could be stuck having to make up the difference. But because the tidewater is still in place, if it comes in low, you can get out of the contract. Hack number five, avoid funding fees.

If you’ve got a service connected disability, which will show up in your COE. You could be exempt from some, if not all of your funding fees for your closing, and this helps you minimize your loan size because that goes on top of your loan size when you get that loan. Now, hack number six, consider refinancing options.

After you make six payments or you’ve had a VA loan for 210 days, you’re eligible for an IRRL, an interest rate reduction loan, otherwise known as an IRRL loan. This is a great product. It allows you to lower the interest rates with hardly any fees. We only have a 500 fee for this loan. You’ve got, you’ve got decreased title insurance.

There’s no appraisal, no income docs are required, and I can zero your cash flows so no asset docs are required. The only thing I need is your insurance and clear title work. You do have to pay that out, that mortgage on time. You can’t have any mortgage lates in the last 12 months to get an EARL loan.

Hopefully this helps. Don’t miss out on these expert tips and tricks from Texas Home Loans.