VA Loans

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VA Loans

i3 Lending specializes in VA loans, which are guaranteed by the Department of Veterans Affairs (VA). These loans were established to provide transition assistance and other benefits to men and women who served or are serving in the Armed Forces of the Nation. This includes the Army, Navy, Air Force, Marines, Reservists, National Guardsmen, and certain surviving spouses. Also, if you are a disabled veteran, you may qualify for additional benefits on a VA home mortgage loan.

Benefits of a VA Loan

  • No money down for loans up to $417,000
  • No PMI (Private Mortgage Insurance)
  • Government limits the amount of closing costs and origination fees lenders can charge, as well as appraisal fees
  • Streamlined refinance loans can be closed in 7 to 10 days
  • Protection built into ARM products that caps the annual allowable rate increase
  • There is no limit to the number of times a veteran may use the program

In addition to these benefits, the VA Home Loan program offers default assistance to veteran borrowers in financial difficulty through a higher level of service and a greater range of alternatives to avoid foreclosure. Delinquency and foreclosure rates for VA loans are substantially less than for FHA loans

The VA Funding Fee

The Veterans Administration assessed a Funding Fee to all VA loans between .5% and 3.3% of the loan amount. The fee is added into the amount of the loan to be paid over the life of your VA home mortgage loan. The VA Funding Fee replaces the much higher priced Mortgage Insurance required when you get a conventional home loan. If you are a Disabled Veteran, you may qualify to get the fee waived completely.

Qualifying for a VA Mortgage Loan

The VA offers excellent qualifying standards. The VA does not use credit scoring in their analysis of the loan. Even if you have experienced some financial difficulties in your life that caused your scores to be low but have maintained a good payment record over the past year or so, you may qualify for a VA mortgage loan. This can be a tremendous savings compared to the cost of conventional loans when the borrower's credit scores are low.

VA Mortgage Loans may be refinanced

VA mortgage loans have built in features allowing a loan to be refinanced to a lower interest rate without all of the criteria normally associated with a conventional loan. This is called an Interest Rate Reduction Loan; the veteran can secure a lower interest rate without any credit checks, appraisal, and income or asset verification and can roll the costs of the transaction into the loan so there are no out of pocket costs.

Learn more about Government mortgage loans Click here

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  • Alabama : Consumer Credit License NMLS# - 22208.
  • California : Loans made or arranged pursuant to a California Finance Lenders Law license (603L562).
  • Colorado : i3 Lending, Inc., (888) 975-1374 NMLS# - 1020884. Regulated by the Colorado Division of Real Estate.
  • Delaware : Licensed Mortgage Loan Broker, Broker License# - 012797, Lender License# - 019014.
  • Florida : Mortgage Lender License# - MLD1115.
  • Louisiana : Residential Mortgage Lending License NMLS# - 1020884.
  • Maryland : Mortgage Lender License# 06-20724.
  • Michigan : Mortgage Broker/Lender License: i3 Lending, Inc., NMLS# - FL0019528.
  • Mississippi : Mortgage Lender License NMLS# - 1020884.
  • New Jersey : Loans made or arranged by third parties. Licensed by the N.J. Department of Banking and Insurance. Correspondent Residential Mortgage Lender License #NJ-C-01020, NMLS# - 1020884.
  • North Carolina : Mortgage Loan Act Certificate of Registration: i3 Lending, Inc., NMLS# - L-162337.
  • Ohio : Mortgage Loan Act Certificate of Registration: i3 Lending, Inc., NMLS# - SM.501900.000. 1900 Boothe Circle, Suite #100, Longwood, FL 32750
  • Pennsylvania : Licensed by the Pennsylvania Department of Banking and Securities under Mortgage Loan Correspondent Lender License #45072, NMLS# - 50211.
  • South Carolina : DCA Mortgage Broker License NMLS# - MB-1602200.
  • Tennessee : (Mortgage License# - 115450).
  • Texas : Licensed by the Texas Department of Savings and Mortgage Lending, License # 1020884.
  • In Texas - Consumers wishing to file a complaint against a company or a residential mortgage loan originator should complete and send a complaint form to the TEXAS department of savings and mortgage lending, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. Complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550.
    The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, Please consult the department’s website at www.sml.texas.gov.

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