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Friday, 31 August 2018 20:35

VA Path to Home Ownership

The VA home loan offers some great benefits for the veterans still in the military who have their certificate of eligibility or those just coming out of service, either from deployment or once they completed their active duty.

Many of these veterans have no idea that they can qualify for a new home or even how to go about it. Indigo Mortgage is honored to say that we have helped numerous veterans live the dream of home ownership.

We meet the veterans face to face and conduct a one on one homebuyer’s seminar. We will determine if the veteran can qualify and then walk them through the loan process and educate them on home ownership. Indigo Mortgage loves showing veterans the true benefits of the VA loan-- things like zero down payment, no mortgage insurance requirement, and low interest rates.

We may also be able to offer lender credits. Indigo Mortgage is one of the few mortgage companies that can offer lender credits in which the lender helps pay down the veteran’s closing costs. That may provide thousands of dollars to veterans to cover closing costs, all at equal or better rates being offered by other lenders. Recently, we lowered a veteran’s rate by .25% and still gave him lender credits of several thousand dollars for closing costs.

We encourage veterans to just simply give us a call and let us help in determining their path to home ownership. Indigo Mortgage takes this responsibility seriously and we advise veterans not to try this process with national or out of state lenders as our veterans deserve personal service.

Published in Blog
Tuesday, 28 August 2018 20:16

Jumbo Loans for VA Borrowers

A Veteran’s Administration or VA jumbo loan is used when a veteran needs a mortgage above $453,150, the current limit for conventional mortgages.

For veterans looking to purchase a home, the best reason to consider a VA jumbo loan is that the interest rate today is in the mid 4% range on a 30 year fixed rate; they would be hard pressed to find any other Jumbo priced so low.

The VA jumbo works best for the veteran who has 10% or more in VA disability as the funding fee is waived; that funding fee can some times be somewhat pricy depending whether the veteran has used their benefit before.

We have been able to help veterans with VA jumbo loans who wish to purchase or need a refinance to consolidate a 1st and 2nd mortgage, refinance out of a short term jumbo ARM (adjustable rate mortgage), or to do major home improvements.

The terms are all the same but there will be a huge difference in rates, and historically, Indigo Mortgage has lenders that offer the lowest rates available on the market for VA jumbo loans as well as other mortgage loans.

The best thing for a veteran to do if considering a VA jumbo loan is to simple call us and ask some questions, we will be happy to help any way we can. It’s another reason why it’s important to shop the mortgage around and to work with a local mortgage company.

Published in Blog
Monday, 03 July 2017 18:37

Should You Consider a VA Jumbo Loan?

VA Jumbo Loans are a great loan option for veterans, but at Indigo Mortgage, we’ve noticed that this option is often overlooked. Here’s a quick look at what a jumbo loan is, and some reasons you may want to consider one if you’re looking for a mortgage loan.

Published in Blog
Thursday, 14 July 2016 14:48

KKOB on July 12

Veterans must beware of rates that seem too good to be true.

Beware of scams that claim interest rates that are extremely low in the 2.5% or 2.75% range. These rates usually do not include closing costs or origination fees.

Veterans must make sure to read the fine print when receiving deals like this in the mail from mortgage companies. We urge you to stay local with New Mexico's #1 VA mortgage broker Indigo Mortgage, so we can help advise veterans on these deals and always do right by the veteran.

Published in Radio
Thursday, 10 March 2016 19:46

Crazy VA Rate Mailers

Over the last few weeks at Indigo Mortgage, we've had several of our Veterans call and say they received a letter from a mortgage lender offering them crazy rates such as, 2.5% or 2.75% interest on a 30-year mortgage. They wanted to know if Indigo Mortgage could match those offers....

Published in Blog
Indigo Mortgage would like to make sure all you veterans take advantage of the benefits you’re entitled to. Veterans and servicemembers are eligible for home loan benefits through the Department of Veterans Affairs (VA). Veterans may use VA benefits as many times as needed if all previous VA loans were paid off. That’s referred to as “subsequent use.”

A current trend is finding veterans splitting their entitlement, having two loans at the same time. For example, a veteran with a VA loan on a property may to use it again to purchase a second owner-occupied property without paying off the existing one if the new loan is more than $144,000 and both loans do not exceed a combined total of $417,000. Jumbo mortgages above $417,000 are available in some cases.

Also, the VA is now allowing 100% cash-out on refinances, so if a lender has told you they only allow 90%, keep shopping around. Indigo Mortgage provides 100% cash-out on VA loans with the same low rate.

The VA never has mortgage insurance, but there is a funding fee that they finance. This fee is waived if the veteran receives 10% or more disability.

Be wary of lenders offering extremely low interest rates, such as in the 2% range. These are adjustable-rate mortgages, not fixed-rate ones, and will be extremely costly in the long run.

Remember to stay local when shopping for your VA loan. Indigo Mortgage is proud to be the #1 VA mortgage broker in New Mexico, which we achieved by veterans referring one another to us because of our great service.

Call Indigo Mortgage today to get the most out of your VA benefits.

Published in Blog
Tuesday, 20 October 2015 00:00

KKOB on October 20

Indigo Mortgage Serves First-Time Veteran Home Buyers

Published in Radio
Wednesday, 16 September 2015 00:00

Indigo Mortgage Explains Jumbo Loans for Veterans

Many people have never heard of the VA jumbo loan and don’t know what it entails. The VA jumbo loan is used when a veteran needs a mortgage loan greater than $417,000. Today, the interest rate for a VA jumbo loan is well below 4% for a 30 year fixed rate mortgage.

Published in Blog
Thursday, 15 August 2013 16:32

Veteran Purchase Loans

Today we are going to revisit the subject of VA or Veterans’ purchase loans and the great opportunity these low rates are affording Veterans.

Indigo Mortgage has been able to lock several VA purchase loans, where most or ALL of the closing costs are being paid for by the lender and the seller. It works like this: at some point interest rates start generating a credit and the higher the interest rate the higher the credit. Recently, a rate of 4.25% has actually generated enough of a credit that it covered all of the Veteran’s closing costs. This means that the Veterans put zero down, pay zero closing costs, and in some instances the Veteran is even getting their earnest money back.

Most lenders today keep these credits and do not roll them to the borrower but as a mortgage broker we can, and do, pass those credits on to the borrower. This is why it is so important for a Veteran to shop that purchase loan around as it can save them thousands at closing.

Remember although the VA guarantees the mortgage, the lenders decide what rate they want to offer.

These credits apply to all VA mortgage loans; even for streamlines and cash-out refinances, the credits still apply. The Veteran just needs to call Indigo Mortgage and we can do a mortgage evaluation or a pre-qualification and see if we can save the Veteran some money with this credit.

Published in Blog

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