• CMG MORTGAGE, INC. NMLS #1820

VETERANS & ACTIVE MILITARY

VA loans are designed to provide housing opportunity for those who have served or are presently serving in the U.S. Military and their families.


CMG Financial is a U.S. Department of Veteran Affairs (VA) approved issuer (lender) and proudly supports our service members through not only our mortgage services, but also through our own philanthropic activities managed by The CMG Foundation.

At CMG Financial, we don’t just say we support our men and women in uniform, we act on it.

WHO QUALIFIES FOR A VA LOAN?
  • Veterans
  • Active-duty service members
  • Reservists
  • National guard members
  • Eligible surviving spouses who are or wish to become a homeowner

ADVANTAGES OF A VA LOAN
  1. Federally guaranteed loan which enables more favorable terms
  2. Allows eligible borrowers to buy, build, repair or improve a home
  3. No down payment needed in most cases.
  4. No monthly insurance premium payment (upfront premium is required / some applicants may be exempt)
  5. Negotiable interest rates competitive to the conventional loan market
  6. Right to repay without penalty to reuse your VA benefits
  7. Flexible refinance options to reduce the interest rate

All loan programs displayed on this website may not be available in every state.
VA LOAN PROCESS
Step 1: Locate A Loan Officer to Work With

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Step 2: Obtain Your Certificate of Eligibility

CMG Financial will assist you in obtaining your VA loan Certificate of Eligibility when you begin the process. However, if you wish to do this on your own, you can choose to download the document yourself, complete and mail it to the VA along a copy of your DD214. Form: https://vip.vba.va.gov

Step 3: Pre-Qualify for a Loan

You will be required to provide financial information, including income, assets and debts, so that your Loan Officer can determine how much of a loan you can afford. CMG Financial will then issue you a letter stating the loan amount for which you prequalify. Please note that a pre-qualification letter is not an offer of credit or a loan approval. Loan qualification may be subject to change upon verification of income, asset and debt information.

Step 4: Find Your Home and Make the Offer

Provide your Realtor with the CMG Financial pre-qualification letter along with the specifics you are looking for. Once you find your home, you and your licensed Realtor will put together a formal contract to the Seller and provide Earnest Money.

Step 5: Property Inspection

Once your offer has been accepted, you have the right to have a licensed inspector review the home for any potential problems or safety hazards. In some cases, you may request repairs to be completed prior to closing the sale.

Step 6: Select a Loan Program

Your CMG Financial Loan Officer will guide you through the VA loan options available, including fixed and adjustable-rate programs, along with the interest rate and fees to select from. Our goal is to make sure you are fully aware of all of the advantages of each product available.

Step 7: Complete the Loan Application

The loan approval process begins with your completion of a Uniform Residential Loan Application through your dedicated CMG Financial Loan Officer. At this time, you will be asked for a number of supporting documents, most of which are described below. Once your Loan Officer has received your application and documentation, the loan approval process can begin.

Documents required for most VA home purchase loans:

  1. Most recent 2 years Federal Tax Returns (all schedules of 1040’s)
  2. Most recent 2 years Corporate Tax Returns (if applicable)
  3. Most Recent 2 years W-2’s
  4. One month’s most recent pay-stubs
  5. Copy of Driver License
  6. Most recent two-month’s worth of bank statements to source down payment and closing funds (all pages / even blank ones)
  7. For all properties owned, please gather:
    • Most recent mortgage statement (including home equity loans)
    • Most recent homeowners association statements
    • Most recent homeowners insurance policy statement

Step 8: Processing the Loan Application

Your CMG Financial Loan Officer has a team of highly experienced Loan Processors supporting your needs as well. The loan processing team is responsible for verifying the accuracy of the information you provide in your application. In addition, they will review your credit report, order an VA appraisal, title commitment and other third-party information necessary to submit your loan into underwriting.

Step 9: Loan Underwriting and Decision

Once fully processed, your VA loan will be submitted into underwriting for a decision. CMG Financial staffs many of the most experienced underwriters in the industry and can typically complete the initial review within 24 to 72 hours. If there are additional supportive documents needed, our underwriter will condition for those items and work closely with processing as well as your Loan Officer to help you satisfy those requirements.

Step 10: Clear to Close / Document Signing

Once the application has been approved and all underwriting conditions have been met, your loan will move on to the next stage. Depending on the state in which the property is located, loan documents might need to be signed and executed by a notary of public prior to funds being disbursed or are disbursed at signing. Either way, CMG Financial is equipped to facilitate both procedures expeditiously so that you can close your new home purchase on-time and without hassel.

Step 11: Funds Disbursed and Loan Recording

Once the title company receives the funding check from CMG Financial, they make the security of the loan a mater of public record. Escrow is now officially closed and you are ready to move in!


VA LOAN OPTIONS

VA FIXED & ARMS

  • Loan limits are based off median home value estimates
  • Fixed-rate: 15, 20, 25 and 30 year terms available
  • Adjustable-rate: 3/1 and 5/1 terms available
  • No down payment needed in most cases
  • No monthly Mortgage Insurance premium
  • Primary residences only

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VA HIGH BALANCE FIXED & ARMS

  • Loan limits are based off median home value estimates
  • Fixed-rate: 30 year terms available
  • No down payment needed in most cases
  • No monthly Mortgage Insurance premium
  • Primary residences only

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MORE HOME PURCHASE LOAN PROGRAMS
Conventional Loans
FHA & USDA Loans
Jumbo Loans
All In One Loan
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Find out more about the home buying and home refinancing processes.



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HOME PURCHASE CALCULATORS

Explore the possibilities using our mortgage calculators. CMG Financial is dedicated to providing mortgage solutions to meet unique financial situations and goals.

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© 2016 CMG Financial, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS ID #1820 in most, but not all states. CMG Mortgage, Inc. is an equal opportunity lender, licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act No. 4150025; Loans made or arranged pursuant to a California Finance Lenders Law license No. 6053674. Offer of credit is subject to credit approval. For State specific licensing, visit www.cmgfi.com/licensing.php. To verify our state licenses, please visit www.nmlsconsumeraccess.com. This site is not intended to serve as a business solicitation for residents in the state of Massachusetts and New York.