VA home loan application with Mutual of Omaha Mortgage

To all current and former Service members in our nation’s military, we want to say thank you for your Service. Beyond pleasantries, our Mortgage Bankers – a team consisting of current and former Service members – want to help fellow brothers and sisters-in-arms achieve the goal of home ownership. Let’s talk about how to apply for a VA home loan with Mutual of Omaha Mortgage.

One of the first steps needed to start an application on a VA home loan with Mutual of Omaha Mortgage is to obtain your Certificate of Eligibility (COE). This document is verification from the Department of Defense as to the length of service with our nation’s military. In order to be eligible for VA benefits, you must have served at least 24 consecutive months on active-duty, or 90 days of continuous active service as a reservist. Once we’ve squared away your service history and VA benefit eligibility, it’s time to learn more about your civilian life. Our bankers our happy to help you through the process of obtaining your COE. 

The VA home loan and your finances

To make your VA home loan application run smoothly, we need a few documents to help us verify your loan eligibility. Recent paystubs, previous W-2s and your credit history will be verified by the Banker that handles your application. These documents help form the final VA home loan terms and rates to fit within your projected financial capabilities. Our Bankers will work with you to determine a plan of action, should you have outstanding credit card or other high-interest debts. All mortgage products, including VA loans, are subject to certain debt-to-income limitations. Never worry; this is all a measure to ensure your VA home loan remains affordable and attainable. When you apply for a VA home loan, there are many great benefits that you’re entitled to with your VA eligibility.

Of the 20+ million active duty service members and veterans with mortgages,a 2014 report shows less than 12% are utilizing their VA mortgage benefit*.

Apply for a VA home loan and receive great benefits

Among the great VA benefits are eased-up income and credit requirements. VA home loans do not require applicants to put money down on a house. You’re more than welcome to put down a payment and help reduce the principle of the total loan at closing, but it’s not required. Another great benefit when you apply for a VA home loan is the guaranty program. All VA home loans are guaranteed by a federal program, so you are not required to purchase Private Mortgage Insurance (PMI). Your Mutual of Omaha Mortgage Banker will be able to explain in greater detail the benefits you’re entitled to when you apply for a VA home loan.

 

Apply for a VA home loan today

If you’re ready to get started with a VA home loan application with Mutual of Omaha Mortgage, call or click here. Our team of former Service members is grateful to receive your business and to fulfill their mission of helping out fellow soldiers at home.

We look forward to speaking with you soon!

Regulations and Fees

While the VA Loan is a federal program, the government generally does not make direct loans to veterans. Private lenders, including Mutual of Omaha Mortgage, finance the loan while the Department of Veterans Affairs offers a guaranty. This guaranty provides incentive for private lenders to offer loans with better terms.

Loan Limits
In most parts of the country, veterans who qualify for the VA Loan can purchase a home worth up to $453,100 without putting any money down: borrowers in high-cost counties may be able to purchase homes far exceeding that amount without a down payment. With a required minimum down payment, Mutual of Omaha will authorize VA loans above county limits in excess of $1.5 million. To find out the VA Loan Limit in your area, reach out to a Mutual of Omaha Mortgage Banker today.

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*According to a 2014 report on Department of Veterans Affairs loan guarantee data.