VA Mortgage Loans

VA Home Loans

Ogden Mortgage Loans offers VA home loan financing to veterans buying or refinancing homes in Utah. Located in Ogden, Utah, with close proximity to Hill Air Force Base and the Utah National Guard, Ogen Mortgage loans serves military personnel and military families in Utah with VA mortgages for purchase, VA refinance loans, VA cash-out refinances, & VA IRRL’s (VA Streamline refinance). Whether you are transferring to Hill Air Force Base or you are already in Utah, Ogden Mortgage loans is a local VA mortgage lender to help with your VA home loan financing.

We do not charge fees that other mortgage lenders and banks charge, such as Processing fees, origination fees, underwriting fees, admin fees, other junk fees. These savings add up to thousands of dollars in savings for closing costs.

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Time after time we beat out other VA mortgage lenders with better pricing, lower closing costs than many of the national VA lenders. As a VA mortgage broker, we get wholesale pricing and pass the savings on to the veterans. This adds up to savings of thousands of dollars in closing costs.

A VA loan is a mortgage that is made by private lenders but partially backed by the Department of Veterans Affairs. There are no limits on how much you can borrow, but there are limits on how much the VA will guarantee.

One of the benefits of VA loans, also known as Veterans Affairs mortgages, is that they consistently offer lower rates than traditional bank financing, according to Ellie Mae.

Eligible borrowers may only use VA loans for their primary residence. You can’t finance an investment property or vacation home with a VA loan.

The main draw of a VA mortgage is that they make it easier to get financing by offering no-down-payment loans and more lenient credit and income requirements than conventional mortgages. Once you have your certificate of eligibility or COE, you can apply for a VA home loan.

You may qualify if you:

It’s important to note that getting a COE doesn’t mean veterans qualify for a mortgage — these are two separate processes. Once you qualify for a COE, you can shop for a home loan. However, you still have to meet lender requirements which include things like income verification, credit (FICO) score, and debt-to-income ratio.

Do VA loans require PMI?

Unlike other low down-payment mortgage options, a VA loan doesn’t require private mortgage insurance.  Federal Housing Administration (FHA) loans and conventional loans with less than 20 percent down require PMI, which can end up costing the borrower thousands over the life of the loan.

The benefit translates into significant monthly savings for VA borrowers. For instance, a borrower who makes a 3.5 percent down payment on a $200,000 FHA-insured mortgage would pay $100 a month for mortgage insurance alone.

VA loan funding fees?

The costs of getting a VA loan are generally lower than other types of low-down-payment mortgages, they also have a one-time funding fee that varies depending on a few different factors, including the amount of the down payment and military category. This fee offsets the taxpayers’ costs to insure the loan in case of default since there’s no PMI or down payment required.

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