Home Purchase - Home Refinance
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First and foremost, a VA home loan is truly a real benefit for your service. Lower interest rates, no down payment, no monthly mortgage insurance, and more. There is no better home loan on the market. Unfortunately, there are some common myths that exist, that simply are not true.
A persistent myth about VA loans is that they are harder, and/or there is a lot of red tape involved in getting a VA loan. This couldn't be further from the truth. Another myth is that VA appraisals always come in low, take longer to get done, or are otherwise problematic.
Our closing times line are essentially no different on VA Loans than any other loan, and we see absolutely no difference between VA loan appraisals and any other loan.
If anyone, especially a Real Estate Agent, trying telling you otherwise, or tries to discourage you from a VA Loan, we'll be happy to set them straight.
All home loans start the same way, with a loan application. We can take that application over the phone, in our St Paul, MN office, or with a online VA Loan Application.
Call (651) 552-3681, complete the online application, or schedule an office appointment, or specific time telephone application.
Once we have your application, it will be reviewed by a licensed, and experienced in VA loans Loan Officer. Any missing information will be obtained, and the Loan officer will discuss with you your wants, needs, and goals. We will also discuss how much house your qualify, what estimated payments might look like, and how much money you may need to bring it all together.
Once our VA loan experts have reviewed and discussed your qualification, the next step is full VA loan preapproval. This is the next logical step, and requires you to submit all your standard supporting documentation, including:
Depending on your situation, we may need additional documentation, including things like divorce decrees, bankruptcy documents, self employed tax returns, 1099's and more. Your Loan officer will give you a list of documents needed for your specific circumstances.
You do need a valid VA Certificate of Eligibility to get a VA loan. Most people don't have one, but as an approved VA Lender, we can in most cases obtain it for you. In rare cases, we may need your assistance by you providing your DD214 discharge papers.
We hate collecting as much as you hate gathering the documents, but understand that no matter what lender you use, you will have the same document requirements.
You can drop off documents, e-Mail, secure upload, or snail mail. Whatever works for you. But the faster we get them, the faster we can get you fully preapproved.
Once we have received and reviewed your documents, you will receive a preapproval letter needed to show Real Estate Agents in order for you to make offer's any any home.
Lastly, understand a preapproval letter is not a loan guarantee, but it tells everyone that you've met with a lender, had credit run, shown your supporting documents, and everything looks good for final approval once you find that perfect house.
By now, most people have been looking at homes online, but at this stage, with preapproval letter in hand, and knowing how much you can afford, it is now time to connect with a Real Estate Agent.
The agent you select will discuss your housing wants, needs, desires, neighborhoods, and price points. They also usually will start sending your automated listing via e-Mail on houses that fit what you are looking for. The will show you the houses you like, advise you on making offers, and help negotiate a winning offer.
We know many good local real Estate Agents if you need a referral to agents who know, and understand military families and the VA loan program - Just ask!
Finding that perfect house and making offers can be both nerve wrecking and exciting for our military borrowers - but eventually you'll make a successful offer and have a closing date on the horizon. Typically you'll want to do a home inspection at this time, and your agent will help set that up.
It is also important at this stage to reach out to your Loan officer to let them know you have a winning offer, so they can get started on the final stages of the loan process, like ordering the homes appraisal, and title searches.
Now that you have found that perfect home, your Loan officer will send paperwork for you to sign based on the exact house, exact price, exact interest rate and more. Depending on how long it has been since your initial preapproval, they will probably be asking for updated pay stubs, banks statements, and more, as VA guidelines require we always have the most recent information.
Your Loan Officer and Loan Processing will put your final document package together, and present it to the VA underwriting for final approval. This sounds scary as the underwriter looks though all your documents and confirms all your information is accurate and meets VA loan guidelines. It is common they ask for additional documents or have questions. It does not mean the loan is in trouble, it is more of putting a pretty bow on your file.
Eventually, the file is done, and you are given a Clear-to-Close!
We are almost there... Once Underwriting has approved your loan, the file goes into the Closing Department, who prepares all the documents you will sign, and writes the check needed at closing.
You will also at this time be sent final numbers. You must sign for an acknowledge the final numbers at least three days prior to closing.
Finally the big day has arrived. Generally you will do a pre-closing walk-though of the house to make sure everything on the house is still OK, then go to a Title Company for the physical closing
All the jokes you have heard about signing paperwork at closing are just that. While you sign papers, it really is only about 30-pages on average.
Next thing you know, you are being handed the keys to your new home.
Congratulations, you are now a home owner, and we could not have been more thrilled to be part of your journey.
Thank you for your business!
Top rated nationally and locally year after year. Because clients agree - expert Loan Officers, interest rates you can brag about and amazing service sets us apart from the big banks and internet lenders.
33 Wentworth Ave E, St Paul, MN 55118
(651) 552-3681
Loans@VAMortgageMN.com
Cambria Mortgage, Inc | NMLS #322798
Branch Manager: Joe Metzler, NMLS #274132
Branch NMLS #1888858
We are not acting on behalf of, or under the direction of the VA or the Federal Government. The Veterans Administration does not lend directly to the public, only through approved lending institutions like us here at Cambria Mortgage.
The Department of Veteran Affairs requires mortgage companies who offer VA Loans go through a stringent approval process. We are proud tp a VA approved mortgage lender and are proud to help military families use their VA Loan Benefits.
Equal Housing Lender, Cambria Mortgage NMLS# 322798. Our lending services provided only in the following states: Minnesota, Wisconsin, Iowa, North Dakota, South Dakota, Colorado, and Florida. This is not an offer to lend or to extend credit, nor is this a guaranty of loan approval or commitment to lend. The information here may not be up-to-date and may no longer be accurate. Products and interest rates are subject to change at any time due to changing market conditions. Actual rates available to you may vary based upon a number of factors. Consumers must independently verify the accuracy and currency of available mortgage programs. All loan approvals are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal and title report. © 1998 - 2024, Joe Metzler, NMLS 274132
Rates listed here are national averages. Your actual interest rate may vary based on your personal situation, loan type, credit scores, and closing cost choices. Lower rates available by paying discount points (higher closing costs). Lower closing costs available by taking a higher interest rate. Rates below reflect PURCHASE loan interest rates, refinance rates tend to run higher.
NOTICE: You will be leaving this VA Mortgage website, and will be taken to the Cambria Mortgage MY ACCOUNT page. You must already have a login and password to view your account, upload documents, etc.