U.S. Military Family - Comparison to VA Guaranteed Loan Program

The Home Loan Benefit Program powered by Quicken Loans (HLBP) boasts the highest level of customer service and expertise in the home financing industry. An amazing Nine out of Ten clients say they’d refer a friend or family member to Quicken Loans.

The Home Loan Benefit Program, powered by Quicken Loans sends everything to you, no matter where you are in the U.S., even the Notary. There is no need for you to travel to a bank or office; in fact you don’t have to leave your home for the whole procedure, from application through closing!

Here are some other reasons to use our Home Loan Benefit Program instead of a VA Guaranteed Loan.

Documentation

VA
Requires several hard-copy/ink-signed documents including the application, paycheck stubs, W2s, proof of service and certificate of eligibility.

HLBP
Includes a broad range of documentation options from Full Documentation to No Documentation in order to meet your financial needs. Plus, you’ll experience less time and hassle when you review and accept your application documents online using our e-signature technology.

Eligibility

VA
Eligibility requires many different regulations for meeting the Military Service Requirements for active military, veterans and surviving spouses as well as credit, income and asset evaluation.

HLBP
Eligibility is based purely on your financial credentials - income, property, assets, and credit – so you have fewer hoops to jump through.

Rates and Fees

VA
No commission or brokerage fees may be charged to you for obtaining a VA loan. The VA regulates closing costs a veteran may be charged in connection with closing a VA loan. However, a funding fee of up to 3.3% of the amount of the loan is required up front each time you use
your certificate.

HLBP
There is no up-front funding fee! And you can count on your closing costs to be competitive with any lender. After all, a competitive market is the best regulator. Also, as a member of the Military Relocation Service Program, you will receive $500 off your already low closing costs. Remember also that your closing costs can be paid by the seller when purchasing your home or rolled into the loan amount
on a refinance!

PMI (Private Mortgage Insurance)

VA
There is no monthly mortgage insurance premium. However, you must pay a Funding Fee of 1.25% to 3.3% as an up-front guarantee to the Veteran’s Administration—even if you have 20% or more down payment available.

HLBP
We have creative financing solutions that eliminate the PMI requirement with less than a 20% down payment. You will never pay PMI when you have greater than 20% equity or down payment.

Program Availability

VA
There are only a handful of loan programs available which are highly restrictive in their approval process. Borrowers must have a credit score greater than 600 with no collections or other liens on the property. Bankruptcies must have been discharged for at least two years to be eligible, as well.

HLBP
There are over a hundred programs (fixed, adjustable rates, fully amortizing, interest-only, home equity, etc.) for clients in just about every financial situation, from pristine credit scores to less-than perfect credit to past credit problems.

Loan Amounts

VA
Lenders generally limit the maximum VA loan to $417,000 because most are sold in the secondary market, which limits VA loans to that amount.

HLBP
We can fund loans in excess of $1,000,000 as long as you qualify.

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