NAS Patuxent RiverVA Lender
Arlene and Jim are local loan officers who are committed to providing the right loan to finance your home.
Arlene and Jim work extensively on military relocations and especially love helping active duty members and their families make a smooth transition to Maryland. Despite living on the east coast, they are accustomed to working in the Pacific Time Zone for their clients’ convenience and always make themselves available via phone, email or text.
First Home Mortgage Corporation is a licensed, full service, residential lender. They take the time to understand the needs of clients in order to find the best solutions, whether it’s a first time buyer or experienced home owner.
Please reach out and let us know how we can assist you!
WHAT IS A VA LOAN?
The VA Loan is a federal loan offered to veterans, military members and qualified military spouses created to help families purchase or finance their home during the home buying process. It is a government-backed loan guaranteed by the U.S. Department of Veterans Affairs (VA). Each loan is issued by a qualified VA lender that determines the rates, terms and conditions of the loan based on VA rules and guidelines.
The VA Home Loan was created in 1944 by the United States government to help returning service members finance and purchase for their families without needing excellent credit or a down payment.
Due to the housing market crisis that happened between 2008 and 2012, traditional home loan lenders have made it more difficult to qualify for a home loan. VA Home Loans makes it easier for qualified service members to qualify for loan programs with very strict qualifications.
$0 No Money Down
Qualified borrowers can take advantage of a VA loan without putting down a down payment.
Federal Loans do not require Private Mortgage Insurance, reducing the overall costs associated with the loan.
Competitive Interest Rates
Lenders have more freedom to offer lower interest rates to home buyers due to being backed by the federal government.
In general, you can qualify for a VA Loan with fewer requirements, making it easier to get approved.
Up to 20% Down
Qualified borrowers are required to put down a payment of up to 20%.
PMI (Insurance Required)
Private Mortgage Insurance is required for any home buyer that finances 80% or more of their home.
Higher Interest Rates
Without any government guarantees, interest rates are usually higher to compensate for additional risks.
Standard Qualification Procedures
All standard approval procedures must be followed which makes it more difficult for a homeowner to qualify for financing a home.