VA Loans in Collierville, TN

If you’re looking into a VA loan in Collierville, TN, it can be confusing.

That’s why we’ve put together the best resources on the internet to help you qualify and get the best rates, even if you have low credit!

Key Resources:

VA Loan Eligibility – Income, Credit Score, and Service Requirements
Best VA Loan Rates by Credit Score
Current 30 Year VA Mortgage Rates

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What is a VA Loan?

A VA loan is a mortgage offered through the U.S. Department of Veterans Affairs. VA loans help U.S. servicemembers, veterans and eligible spouses become homeowners by purchasing or building a home, improving or repairing a home, or refinancing a mortgage.

Your typical VA loan has many benefits that make it one of the easiest ways for military families to own a home. The VA home loan guarantee is an agreement that VA will reimburse a lender – including private banks, credit unions, mortgage companies and other lending entities – if the homeowner forecloses on the home. This guarantee also takes the place of a down payment. For that reason, it’s a popular choice for military families.

The VA Home Loan Benefit Also Offers

  • Competitively low interest rates
  • Expanded credit guidelines
  • Limited closing costs, that may be paid by the borrower, seller or another party
  • No PMI or private mortgage insurance, which can reduce your overall monthly mortgage payment

VA loans do not have loan limits, so long as the borrower can afford the property and it must appraise for at least the purchase price. If the prices exceed the appraisal, a down payment may be required.

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VA Advice You Won’t Hear Every Day

Whether you’re looking to purchase or refinance, the Wendy Thompson Team has the experience to help.

VA loans have many benefits that make it one of the easiest ways for military families to own a home. You’re probably familiar with the 0 down payment option, expanded credit guidelines and competitive rates.

But here’s what’s really important about VA loans that most people won’t tell you:

  • What you qualify for and what you can afford are 2 different things. Let us help you understand both before you commit.
  • Just because you can borrow 100% doesn’t mean you should. Nothing beats a 15 minute phone call to understand your options.
  • There’s a good chance you’ll be gone (on duty) for some or most of the process, so email will be important to staying informed throughout the loan process.
  • Collect your documents early on so you don’t get asked for them more than once.
  • Get as many details nailed down ahead of time as you can, especially the monthly payment and closing costs. The last thing you want is a surprise at the last minute when you’re out of town.
  • You CAN get everything the online lenders promise from a local lender

Our Mission is to Serve You

To ensure your loan process goes smoothly – with no surprises – we work with you to understand your obligations including the monthly payment and closings costs. As an online lender, The Wendy Thompson Team offers the same level of customer service and expertise as a local entity. There’s a good chance you or a family member will be on active duty for some or all of the process, and we keep you informed every step of the way.

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VA Loan Basics

There’s a reason that the VA Loan program is so popular among military families. After all, who doesn’t love low rates, flexible credit requirements and a low or no down payment option?

Eligibility

Most members of the US military will be eligible for a loan. Some of the specific qualifications include:

  • Active duty military generally qualify after 6 months of service
  • Reservists & National Guard must wait 6 years to apply, but if they are called to active duty before that are eligible after 180 days of service
  • Spouses of deceased military members may be eligible
  • You will need an certificate of eligibility, but it is NOT required to start the process

Other VA Program Features:

    • 0% down payment is available, but not required
    • No mortgage insurance is required
    • There is a one time funding fee which varies depending on the down payment
    • Flexible credit guidelines
    • Payment assistance is available if you happen to miss payments
    • Refinancing is allowed
VA loans are relatively straightforward. However, that doesn’t mean your family’s finances are! So while it’s a great idea to pre-qualify online and see what the numbers are, it’s best to schedule a short follow up phone call to discuss your situation and get a firm estimate on the important numbers.

Areas We Serve

The Wendy Thompson Lending Team is licensed to write conventional mortgage loans anywhere in the United States.
However, as a local, Memphis based company, our primary service areas include:
Shelby County

Arlington
Bartlett
Collierville
Eads
Germantown
Lakeland
Memphis
Millington

Gibson County

Dyer
Humboldt
Medina
Milan
Trenton
Yorkville

Fayette County

Oakland
Somerville

Madison County

Jackson

Haywood County

Brownsville

Decatur County

Decaturville
Parsons

Mississippi

Olive Branch
Southaven

Lexington County

Chesterfield
Lexington

Tipton County

Atoka
Brighton

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*We don’t sell or spam your information and you will only be contacted in the manner you choose. This info is for The Wendy Thompson Team Only