A Marine Veteran Helping Veterans Buy Homes
If you're a Veteran, active-duty service member, or eligible surviving spouse looking for a VA loan in Albuquerque, New Mexico, you may be able to purchase a home with zero down payment and no monthly private mortgage insurance.
I'm Burx Norrod, an Albuquerque mortgage broker, U.S. Marine Corps Veteran, and mortgage loan originator with more than two decades of experience in home lending.
I understand that not every VA borrower fits neatly into a bank's lending box. As a mortgage broker, I can shop among multiple wholesale lenders and VA loan programs to find options based on your individual situation.
Whether you're purchasing your first home, relocating to Albuquerque, stationed at Kirtland Air Force Base, buying in Rio Rancho, or you've previously been turned down for a VA mortgage, I'm happy to take a look at your scenario.
Ready to explore your VA loan options?
Contact me for a free VA loan consultation, credit review, and assistance obtaining your VA Certificate of Eligibility (COE).
The VA Home Loan program is one of the most valuable home financing benefits available to eligible Veterans and service members.
Depending on eligibility and the individual transaction, VA financing can provide benefits including:
VA loans are guaranteed by the U.S. Department of Veterans Affairs but are made by private lenders. That means the guidelines and requirements can vary from one lender to another.
That's one reason working with a mortgage broker experienced with VA loans can make a difference.
One of the biggest misconceptions about VA loans is that every lender has the same minimum credit-score requirement.
They don't.
The Department of Veterans Affairs itself does not establish a universal minimum credit score for VA-guaranteed loans. Individual mortgage lenders and investors can establish their own credit requirements.
That means being denied by one bank or mortgage company doesn't necessarily mean you're ineligible for VA financing.
I work with multiple wholesale lenders and may have VA financing options for qualifying borrowers with credit scores down to 500, depending on the overall loan scenario.
In certain situations, manual underwriting may also be available when a loan cannot receive an automated underwriting approval.
Every situation is different, so rather than assuming you don't qualify because of your credit score, let me review the complete picture.
If another lender has already told you no, get a second opinion before giving up.
A different lender may have different credit overlays, debt-to-income requirements, underwriting guidelines, or manual underwriting options.
Automated underwriting systems are used throughout the mortgage industry, but not every qualified Veteran receives an automated approval.
That's where VA manual underwriting may become important.
With manual underwriting, the lender evaluates the complete financial picture rather than relying solely on an automated underwriting decision.
Depending on the circumstances, an underwriter may consider factors such as:
Manual underwriting doesn't guarantee approval, but it can provide another potential path for borrowers whose circumstances don't fit standard automated underwriting.
If you've been told that your VA loan can't be approved because the computer returned a denial, let me take another look.
Your Certificate of Eligibility (COE) verifies to a lender that you meet the VA's military-service eligibility requirements for the VA Home Loan program.
You don't necessarily need to locate an old paper certificate or figure out the process yourself.
I can help eligible Veterans and service members obtain their VA Certificate of Eligibility as part of the mortgage qualification process.
Your COE can also provide important information about your available VA entitlement.
Even if you've previously used a VA loan, you may still have entitlement available for another purchase depending on your circumstances.
Military families relocating to Kirtland Air Force Base may have different considerations than a typical homebuyer.
You may be working with PCS orders, military allowances, a specific reporting date, or trying to purchase a home while you're still located in another state.
I can help eligible military borrowers explore VA financing for homes throughout the Albuquerque area, including communities convenient to Kirtland AFB.
Because much of the mortgage process can be completed electronically, you don't necessarily need to be physically sitting in an Albuquerque mortgage office to begin the process.
I help VA borrowers throughout the Albuquerque metro area and across New Mexico.
This includes homebuyers looking in:
Albuquerque • Rio Rancho • Corrales • Bernalillo • Los Lunas • Belen • Placitas • Edgewood • Tijeras • Santa Fe and surrounding New Mexico communities
Whether you're buying your first home or your fifth, I'll help you understand the financing before you start making offers.
A strong preapproval can help you know:
VA financing provides flexibility that can sometimes be used strategically when structuring a home purchase.
Depending on VA requirements, lender guidelines, the purchase contract, and the individual transaction, seller contributions may potentially help with certain closing costs, prepaid expenses, discount points, or other allowable concessions.
In the right situation, properly structuring seller concessions can significantly change a Veteran's cash-to-close or overall financial picture.
That's why I recommend discussing financing before writing the offer whenever possible.
Your mortgage strategy can affect how your real estate agent structures the purchase contract.
A bank or retail mortgage company generally offers the loan programs available through its own lending operation.
A mortgage broker works differently.
Instead of being limited to one lender, I have access to numerous wholesale mortgage investors and can look for the lender and program that fits the individual transaction.
That can be especially valuable when dealing with:
The goal isn't simply to find a VA loan.
It's to determine which available VA financing strategy makes sense for your situation.
I served in the United States Marine Corps from 1994 to 2000, reaching the rank of Sergeant.
My service included time as an infantry Marine and Scout Sniper, as well as duty at Marine Barracks Washington, D.C.
After leaving the Marine Corps, I eventually entered mortgage lending in 2002.
Today, I get to combine those two parts of my background by helping Veterans and military families understand and use the home loan benefit they've earned.
Semper Fi.
Eligible borrowers can potentially finance up to 100% of the home's eligible purchase price, subject to VA, lender, entitlement, appraisal, and underwriting requirements.
The VA does not establish a universal minimum credit score. Individual lenders can establish their own requirements. I work with multiple VA lenders, including options that may be available to qualifying borrowers with scores down to 500.
Potentially. A denial from one lender doesn't necessarily mean every lender will make the same decision. Different lenders can have different overlays and underwriting requirements.
Yes, certain VA loan scenarios may qualify for manual underwriting. Approval depends on the complete borrower profile and applicable VA and lender requirements.
VA loans do not require conventional monthly private mortgage insurance. A VA funding fee may apply unless the borrower qualifies for an exemption.
Yes. VA home loan benefits can generally be used multiple times. Available entitlement will depend on your previous use of the benefit and whether entitlement has been restored.
VA purchase financing is designed for eligible borrowers purchasing a primary residence. It isn't intended as a program for purchasing a property solely as an investment property.
Potentially. Eligible borrowers may be able to purchase certain multi-unit properties with VA financing when they intend to occupy the property as their primary residence and other applicable requirements are satisfied.
Yes. Depending on your situation, options may include a VA Interest Rate Reduction Refinance Loan (IRRRL) or a VA cash-out refinance.
If you're considering purchasing or refinancing a home with a VA loan, you don't need to figure everything out on your own.
I'll review your scenario, help determine what options may be available, and explain the numbers before you make a decision.
And if another lender has already turned you down, don't assume that's the end of the road.
Let me take another look.
Mortgage Broker | U.S. Marine Corps Veteran
NMLS #852144
Barrett Financial Group
Serving Albuquerque, Rio Rancho, New Mexico, and eligible borrowers in other states where licensed.
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Request your free VA loan consultation, credit review, and VA Certificate of Eligibility assistance.