Latitude Financial is proud to reward our veterans and active duty service members with significant savings through our VA loan program.
You've Served Us, Now Let Us Serve You.
Active-duty and veteran military members hold a special place in our heart. That’s why we are proud to offer VA loans with fast approvals, flexible guidelines, and higher loan to value ratios.
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The VA Loan Process
After you’ve filled out our Apply Now form, we’ll lead you through this four-step process.
1. Review
We will review your application and then contact you to discuss the next steps in the loan process.
2. Pre-Approve
Once pre-approved, we’ll help you select the loan that meets your needs. We will then order an appraisal and send initial loan disclosures.
3. Verify & Approve
You provide us with documentation of the information you submitted in your application. We’ll verify and approve your loan for closing.
4. Close
After signing the closing documents, we’ll coordinate the loan closing and fund your loan. It’s just that simple!
Veteran Affairs
What is a veteran affairs mortgage loan?
Whether you’re a veteran or still in active service, why not join 22 million happy beneficiaries of the VA mortgage loan to get the home you’ve always wanted? With lending requirements becoming ever more robust following the disastrous housing crash, VA loans are a lifeline if you need to buy a house or refinance your mortgage.
VA loans offer $0 down payment mortgages to qualified applicants including active military members, veterans, and some spouses. Often called a Veterans Affairs Mortgage Loan or simply a Veteran Affairs Loan, the VA loan is arguably more important now than when it was created back in 1944. With credit standards continuing to tighten and down payment requirements rising, VA loans will help you get the house you deserve so check to see if you qualify.
Benefits of VA Loan
Why you should consider a VA mortgage loan if you qualify.
$0 Down Payment: It’s hard to find a mortgage that doesn’t require a stiff down payment with some conventional loans demanding 5% to 20% down. With a Veteran Affairs Mortgage Loan, you can get the ball rolling without any deposit in place.
Keen Interest Rates: The VA guarantee inspires confidence in lenders and this government backing leads to extremely competitive interest rates on VA loans. Save money over time not just up-front.
No Need For PMI: You won’t be forced to buy Private Mortgage Insurance with VA loans. Normally any financing over 80% attracts mandatory PMI so you can avoid this extra expense.
Less Stringent Lending Criteria: The government backing of a Veteran Affairs loan means the bank assume less of a risk. As a result, you’ll find more lenient lending guidelines in place. If active service has led to a blemished credit history or diminished savings, a VA loan may get you back in the driving seat so you can get the home you want now.
VA Loan Benefit is Reusable: As long as you pay off your VA loan, you’ll be able to use your entitlement repeatedly even if you’ve lost a home to foreclosure.
No Prepayment Penalty: Sometimes, life treats you well and you might want to make some extra payments on your mortgage. Chipping away at the loan with overpayments can shave off thousands of dollars in interest over the years. With VA loans, you won’t be penalized for prepayment.
Get Help If You’re Struggling With Repayments: If circumstances change and you start struggling to repay your Veteran Affairs Mortgage Loan, the VA can step in to liaise with the lender. A team of counselors is in place to ensure you can negotiate lower payments and explore alternatives to foreclosure if things get to that stage. There’s no need to suffer in silence with a VA loan and no need to fear losing the roof over your head.
VA Loan Restrictions
Things you should know about a veteran affairs loan.
You Can’t Use a VA Loan For a Second Home: The Veterans Affairs Mortgage Loan is for primary residences only. While you can forget about buying a vacation home, there is some leeway here… You can purchase a multi-unit property as long as you live in one of those units.
There Are Limits On The Type of Home You Can Buy: VA loans are normally provided for homes in good repair that you can move into without renovation. You won’t be able to buy a property with the intention of fixing it up using a Veteran Affairs Loan, unless you get a special VA Renovation Loan; ask your broker about this possibility.
You Can’t Use a VA Loan For a Second Home: The Veterans Affairs Mortgage Loan is for primary residences only. While you can forget about buying a vacation home, there is some leeway here… You can purchase a multi-unit property as long as you live in one of those units.
There Are Limits On The Type of Home You Can Buy: VA loans are normally provided for homes in good repair that you can move into without renovation. You won’t be able to buy a property with the intention of fixing it up using a Veteran Affairs Loan, unless you get a special VA Renovation Loan; ask your broker about this possibility.
Veteran Affairs Loan Comes With a Mandatory Fee: Although VA loans don’t call for insurance, there is a modest fee attached which helps to keep this valuable program rolling. If you’re unable to meet the fee, it can be rolled over into the mortgage and waived completely if you have a service-related disability.
Restrictions on Co-Borrowers: If you plan to take out a VA loan with a co-borrower, unless they are your spouse or a veteran sharing VA loan entitlement, you’ll find it tough. Not all VA lenders offer joint loans so make sure you dial this in if you’re not the sole borrower.