VA-Approved Mortgage Lender Resources for Brokers

Serving Those Who Serve: Resources to Support VA Clients

As a mortgage broker, helping veterans achieve homeownership is both rewarding and a significant business opportunity. VA loans offer unique advantages for those who have served our country, but navigating the various products and resources requires specialized knowledge. This guide breaks down everything you need to know to best serve your veteran clients. The first step? Partnering with a VA-approved mortgage lender.

Why You Should Partner with a VA-Approved Mortgage Lender

Strong core VA product offerings your VA clients can depend on
Specialized VA programs to expand your client base
Streamlined access to key VA lending portals and tools

Our Core VA Loan Products

VA Purchase Loans

VA purchase loans offer some of the most competitive interest rates of any loan type. For eligible borrowers, this can be a great way to make significant savings over the life of the mortgage.

No down payment required
Credit scores as low as 550
No PMI (will pay a VA funding fee)

VA Interest Rate Reduction Refinance Loan (IRRRL)

VA borrowers refinancing an existing VA loan can take advantage of this streamlined rate and term refinance option. These refinances typically close faster than a standard refi, and require minimal documentation.

No appraisal required
Lower funding fee (0.5%)
Quick closing timelines, typically 30 days or less

VA Cash-Out Refinance

Help your VA borrowers access their home equity with a VA Cash-Out Refinance. This option gives them flexible funds to use for home improvements, debt consolidation, and more.

Can be used to refinance from other loan types to a VA loan
Requires full underwriting and appraisal
Standard VA funding fee applies

VA Renovation and Construction Loans

Available for purchase or refinance, Renovation loans are an essential product offering in a market where most homes within the average buyer’s budget may need some TLC. VA Renovation loans allow your clients to roll their project costs and mortgage into one, convenient loan. That means only one set of closing costs, one hit to their credit, and one monthly payment to keep track of.

Allows veterans to purchase and renovate homes with one loan
Can finance up to $35,000 in improvements
Same core benefits as standard VA loans

Similarly, Construction loans can streamline the complex construction financing process by rolling build costs and the VA mortgage into one loan. You can search for VA-approved builders here.

Our Specialized VA Loan Programs

VA Loan Housing Grants

Different states may offer additional housing grants for VA borrowers. For example, we partner with Utah Housing Corporation (UHC) to offer the Utah Housing Veteran First-Time Buyer Grant. Eligible veterans and service members residing in Utah can access a $2,500 grant with no repayment required, which can be paired with UHC’s other financial assistance options.

VA Temporary Buydowns

Our Temporary Buydowns can help your VA borrowers save on interest by allowing them to pay more at closing to temporarily reduce their interest rates for a set period of time. Cardinal Financial Wholesale offers 3-2-1, 2-1, and 1-1 buydown options.

VA Condo Loans

Condos that meet the VA’s requirements can be financed with a VA mortgage. Condo loans are a great financing solution for buyers who want to start building equity, but don’t want to take on the full responsibilities of a traditional home. For active service members who may often find themselves relocating, Condo loans can also provide more flexibility. You can check to see if a condo is VA-approved here.

Important VA Links and Resources for Mortgage Brokers

Beyond the tailored resources that your broker partner should be able to provide, the VA has several important tools and platforms to be aware of.

VA Loan Guaranty Hub: Official guidelines and updates
VA Lender’s Handbook: Comprehensive guide to VA lending requirements
VA Regional Loan Centers: Provide localized support for complex cases
VA Appraisal Management System: Portal for ordering and tracking VA appraisals

Partnering with a VA-Approved Lender: Key Takeaways

Now that you understand the VA resources at your disposal, here are a few helpful tips to keep in mind to avoid some common obstacles you may encounter as a VA broker:

Seller reluctance: Educate listing agents on VA appraisal and closing timeline improvements
Entitlement complexity: Master the calculations for veterans with partial entitlement
Funding fee exemptions: Know how to identify and document exemption qualifications

By specializing in VA loans, you can better serve the millions of veterans in the United States while building a consistent referral stream. To best serve your VA clients, you need to understand not just the products, but the unique needs and circumstances of veteran homebuyers. When you partner with a VA-approved mortgage lender like Cardinal Financial Wholesale, we make it easy.

To best serve your VA clients, you need to understand not just the products, but the unique needs and circumstances of veteran homebuyers.