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What Do I Need To Know When Considering a VA Loan For My Mortgage?

Summer Kim-Davis offers expert advice to help you get started with the loan process.

How does a VA loan differ from other loans?

VA loans offer 100 percent financing with no PMI (private mortgage insurance). For example, if the home price is $424,100, then the applicant may borrow $424,100. Unlike conventional loans, there is no PMI even if the down payment is less than 20 percent.

How do I know if I qualify for a VA loan?

VA loans are for veterans who serve or have served our country. Borrowers will need to be eligible for the loan. The loan requires a Certificate of Eligibility, and IKON Mortgage has a VA Portal called WebLGY to look up and obtain the certificate with a simple call or via email if a veteran qualifies.

In my professional opinion, it is a great time to purchase or refinance home now.

What are some unique aspects of a VA loan?

VA loans offer competitive rates and more lenient underwriting guidelines for veterans. Of course, this differs from lender to lender. I have heard from clients that our rates are by far the best in the market. Also, VA loans lends up to $2 Million. Of course, a loan amount above $484,350 (as of Feb, 2019) in Texas will require a down payment. However, the down payment requirements are much less than conforming Jumbo loans with no PMI.

What are some things I should look for in choosing a lender if I want to pursue a VA loan?

The borrower will need to find a local lender who specializes in VA loans and is reliable and available in person. I have seen and heard a lot of nightmare stories about veterans who use online mortgage companies for VA loans that operate from a call center and offer no customer service. If that’s the case, you’ll be lucky if you end up with a good loan that closes on time, because there is no one available to answer the call when issues arise. Unfortunately, we hear about these situations from clients who come to us for help after trying an online mortgage company. 

Is this housing market and current interest rates good for a VA loan?

The rates are typically lower with VA loans than most conventional loans. In my professional opinion, now is a great time to purchase or refinance a home, as the housing market seems to be continuously growing in Dallas-Fort Worth.

What are some important things to know when choosing a type of loan for my mortgage?

IKON Mortgage offers hundreds of other loan products, including conventional loans, Jumbo loans, ARM loans, FHA, USDA, portfolio loans, etc. VA loans are, of course, different than these. Most veterans I meet assume the loan process will be difficult. It’s not more difficult; it just requires specific documents to be signed accurately to be acceptable for underwriting. This is why it is important to work with a mortgage lender who is reliable and specialized in VA loans to ensure a clean approval. My hope is that veterans who serve or have served our country find a mortgage lender who appreciates and treats them with the respect they deserve.


About the Expert

Summer Kim-Davis
IKON Mortgage, Inc.

Summer Kim-Davis is quickly becoming the name to know in the local mortgage industry. In just over seven years, she has risen to the top in her field and is frequently recommended by happy clients when it’s time for their friends and family to choose a lender to secure financing for a new home. Davis recently opened her own mortgage company, IKON Mortgage, to better serve her growing number of clients. With more than a decade of experience, Davis understands the ever-changing mortgage industry and works tirelessly and creatively to find solutions for her clients’ financing needs, no matter how complex. Her background in art, she believes, helps foster this creativity so clients can achieve their goals of owning their dream home. “I try to avoid standard, cookie-cutter guidelines,” she says. “My company offers the products, services, and experience that can solve a variety of unique issues. We see things other bankers might overlook.” Davis stays on top of the fluctuating market and provides up-to-date information and thorough knowledge. Whatever the loan type, she’s an expert. Her personable, trustworthy, and effective communication keeps clients happy and ensures they return when it’s time to finance their next home. Outside of running her growing mortgage firm, she stays busy with the nonprofit organization she founded, Pros for Paws, which helps neglected and homeless animals in need.

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