A VA loan is perhaps the most powerful and flexible lending option on the market today. Rather than issue loans, the VA instead pledges to repay about a quarter of every loan it guarantees in the unlikely event the borrower defaults. That guarantee gives VA-approved lenders greater protection when lending to military borrowers and often leads to highly competitive rates and terms for qualified veterans.
Benefits of VA LoansFar and away, the most significant benefit of a VA loan is the borrower's ability to purchase with no money down. Apart from the government's UDSA's Rural Development home loan and Fannie Mae's Home Path, it's all but impossible to find a lending option today that provides borrowers with 100 percent financing.
VA loans also come with less stringent underwriting standards and requirements than conventional loans. In fact, about 80 percent of VA borrowers could not have qualified for a conventional loan. These loans also come with no private mortgage insurance (PMI), a monthly expense that conventional borrowers are required to pay unless they put down at least 20 percent of the loan amount.
VA loans offer a few other bells and whistles:
Competitive interest rates that are routinely lower than conventional rates
No prepayment penalties
Higher allowable debt-to-income ratios than for many other loans
Streamlined refinancing loans that require no additional underwriting
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Our Happy Clients
"Darren Scott and his time were very organized and walked us through the entire process. His team is always available to answer questions and all fees quoted upfront were accurate and matched the final closing numbers. I would recommend Darren and his team to anyone looking for a home loan."
"Darren was very helpful thru the process and made it simple as we purchased our home. he worked very well with our agent and we closed without any issues and on time. I recommend him if you are looking for honest and straight forward agent that looks out for you."
"Tahir and Shakira were extremely helpful the entire time. As a first time home buyer, I was not very knowledgeable about the process so I felt very fortunate to have these two to call on. They were very responsive and willing to help me understand every detail as we went along. My family and I are very happy in our new home! I HIGHLY RECOMMEND RESIDENTIAL SAVINGS!"
Tahir Khan and Lisa are a great team you can trust.They keep their word and make sure everything will go smoothly.Had a excellent experience with them when I moved in to FL from out of state.Much recommended.
I worked with Residential Savings Mortgage for the purchase of our home and again for my refinance . I can honestly say that Michael Carmell and the staff there made my process fast, easy and pleasant . They are very helpful and informative through it all. After my first experience with them, I didn't think twice. I called Michael as soon as I was thinking about refinancing my home because I knew I could trust them and that I would be in good hands. I highly recommend Residential Savings Mortgage. They truly deliver what they promise and guide you step by step until the very end .
My experience with Michael Carmell at Residential Savings Mortgage was excellent. From the beginning to end he was always very professional. I did not feel pressured at all, he was very polite and patient. Thank you Michael for the painless process, I really appreciate the fast turnaround. Thank you for answering all my questions. I would highly recommend Michael to friends and family. Michael you have been AWSOME!!! Keep up the great job. Thank you and God Bless