Village Capital Mortgage Review: Interest Rates & Plans

Village Capital Mortgage (Village Capital & Investment LLC) is a famous mortgage banking company headquartered in Henderson, Nevada. The company offers several mortgage packages to meet the needs of individual home buyers and homeowners. Nevertheless, the company specializes in loan refinancing, especially for FHA loans.

The company was established in 2003 by a group of entrepreneurs, with Joseph Panebianco as the leader. However, in 2011, through a business deal, Allen K became the company’s new owner after purchasing all the shares in August 2012.    

Village Capital Mortgage claims to provide customers with competitive rates and good mortgage terms. However, with all the hype and marketing languages, is Village Capital and Investment LLC a good mortgage company to work with for your next home project? Continue reading to the end to determine if Village Capital Mortgage is the right company for you.    

What is Village Capital Mortgage?

Village Capital Mortgage is a medium-sized company specializing in mortgage financing and programs for new and existing homeowners. The company has a higher fraction of FHA loans, with a lower percentage of conventional and USDA loans.

According to Origination Data, Village Capital Mortgage’s top markets are Atlanta, Los Angeles, Riverside, San Diego, and Washington, DC.

In addition to many years of business, the company takes pride in its management team, which has over 50 years of experience in the mortgage banking industry.  

In addition, these company executives have experience in diverse areas of the industry, ranging from Quality control to marketing, operations, management, investor relations, etc. 

Village Capital Mortgage is an average fee lender with an above-average approval rate and low pick rates. The company also provides loan professionals via its website to assist customers in selecting mortgage services.

The company’s loan refinancing program ensures its clients enjoy competitive mortgage rates. In addition, they also offer refinancing to their client at no cost. Other significant features of the company website include a loan refinancing calculator, essential information for home buyers and homeowners, and various payment options for ease of payment.

Also, the company claims to make your loan application process as quick as possible. On the other hand, they promise to help you save money on your next loan application. Using the FHA eligibility tool, you can quickly check to see if you are eligible for a loan from Village Capital Mortgage.

See Sierra Pacific Mortgage Review 2023: Interest Rates & Plans.

How Does Village Capital Mortgage Work?

Two loan types are prominent with Village Capital Mortgage. They are the FHA loans and the VA Loans. Village Capital Mortgage deals more with loan refinancing than issuing new loans.  

They also provide clients with the opportunity to make payments both online and offline. The Standard Fee Schedule on the website gives clients an overview of the different payment types from this mortgage banking company.

FHA Loans

Before applying for FHA loans with Village Capital Mortgage, you should consider the following essential requirements. 

#1. Down Payment

FHA loans from Village Capital Mortgage require a down payment, usually from 3.5 to 10% of the home cost. However, your credit score serves as a determining factor of how much you will pay as a down payment.

People with good credit scores usually enjoy a better down payment. For instance, if you purchase a new home that costs $200,000 with an excellent credit score, your down payment will be around $7,000 to $20,000.

#2. Debt

Your debt-to-income ratio must be less than 43% to be eligible for FHA Loans from Village Capital Mortgage. The reason is to ensure you can quickly pay off your loan. The following formula can help determine your debt-to-income ratio: your monthly income * 43 = your max FHA loan debt.

For example, if your monthly earning is $4,000, your debt payment, including credit cards, house payments, car payments, etc., must be at most $1,720.

#3. Credit Score

Applying for an FHA loan with Village Capital Mortgage requires a good credit score. However, an excellent credit score for you depends on your choice of lender. The requirements for creditworthiness usually vary from one lender to the other. Many lenders try to find ways to curb risky loans because they want to ensure that borrowers can pay back their loans.

Related: Ameris Bank Mortgage Review 2023: Interest Rates & Plans

Homes that Qualify for Village Capital Mortgage FHA Loans

FHA loans ensure people own their private homes at affordable monthly payments. Hence, village capital mortgage FHA loans accommodate several types of properties. However, the most common types of home available from village capital mortgage FHA loans are the following.

#1. Single Family Homes

Single-family homes are among the most common houses people purchase with FHA loans. Condominiums and those in this category that form part of the homeowner’s association are also eligible. Multifamily homes also qualify for FHA loans under this category.

#2. Mobile Homes

A mobile home is any home that is not attached to the property. In other words, a mobile home is a movable structure.

Mobile homes are among the most popular home types under the FHA loan program since it is harder to secure a conventional loan for these types of homes.

Mobile homes are the only option for securing a home loan in some locations. The FHA program ensures mobile homes, whether with or without land. You only need to show a proper lease document if the land does not belong to you.

FHA Refinancing  

FHA refinancing is a popular option with FHA and one of Village Capital Mortgage specialties. Hence, many lenders who opt for FHA loans more often go for refinancing as well.

There are several types of loan refinancing, and you may not necessarily subscribe to an FHA loan to refinance. For instance, you can refinance your conventional loan into FHA-insured loans.  

You can also calculate and get an estimate of your FHA to refinance cost using the online FHA refinance calculator on the website.

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Reverse Mortgage

A reverse mortgage allows people to bring in extra income depending on their equity in the property. Many retired persons find this option very useful since they have more home equity.

VA Loans

Through Veteran Affairs (VA) loans opportunity, people in active service can own affordable homes. In addition, VA loans do not require any down payments.

The US Department of Veteran Affairs guarantees VA loans for Military men in active service and some surviving spouses of ex-military men who wish to remain single. Village capital mortgage also provides VA loan refinancing to its clients.

Before you can access a VA loan from Village Capital Mortgage, you will pay a small percentage of your loan amount to Village Capital Mortgage. This percentage is called the VA funding fee.

Note that, funding fees allow veterans to take advantage of benefits like no down payment for home purchases and no PM insurance. Also, different fees apply to various VA loans from Village Capital Mortgage.

Below are the VA loan types and their funding fees from Village Capital Mortgage.

Interest Rate Reduction Refinance Loan

Purchase and Construction Loan

While you require a funding fee to obtain a VA loan, you are not necessarily required to pay the fee upfront. You can roll your funding fee into the loan. Since you do not need a down payment to obtain a VA loan, it is easier and more convenient for more people to get a VA loan.

Nonetheless, you can pay your funding fee during your mortgage closing if you have enough funds. The above also apply to VA loan refinancing from village capital mortgage.

To learn more about VA loans and get a free quote from village capital mortgage, apply for a free quote rate using this link.

See also: Sierra Pacific Mortgage Review 2023: Interest Rates & Plans.

How Long Can You Repay Village Capital Loans?

Village Capital Mortgage offers a standard 30-year loan term.

Payment Options

Village Capital Mortgage offers three types of payment options to their clients. They are:

• Online payment
• Phone payment
• Payment by mail

#1. Online Payment

Online payment requires online registration. You can either make online payments monthly or set up an auto-pay system. You can also follow the link for more information about online payment. 

#2. Phone Payment

You can also make your payments via phone by contacting a live agent. However, phone payments may attract a $10.00 fee, except where state laws prohibit this kind of payment. The toll-free number is also available for servicing debts (Toll-free: 800-919-0068).

#3. Mail Payment

Mail payment is another option for making loan payments. When using the mail payment option, always include your loan number on the check when making payment via mail. You can email your payment to the following address: 

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Village Capital Mortgage Contact Information

Village capital mortgage is open for services from Mondays to Saturdays from 7:00 AM – 6:00 PM. You can reach the company via the following methods:

• Address: 2550 Paseo Verde Pkwy STE 100 Henderson, NV 89074-7129
• Website: https://www.villagecapital.com
• Tel: 1-800-919-0068, Toll-free: 800-919-0068
• Emails: [email protected]
• Facebook: https://www.facebook.com/villagecapitalllc/
• Instagram:https://www.instagram.com/villagecapitalllc/

What People Are Saying

Beyond the many promises and sweet marketing languages, what are the people’s opinions about Village Capital Mortgage?

According to John A:

I’m still waiting on my 1098 to file my taxes. My tax document was received on 1/31/22 last year, but this year is almost a month late. I’ve tried to contact the help number over the last few days and have been waiting on hold for 30+ minutes each time before I gave up…

When I called the help number and tried the refinance option, I was conveniently able to speak to a live person right away but was sent to the tax department and put on hold again.

I’d like to think this is a one-off occurrence, but the other comments show similar results. Stay away from this company if you can. — (yelp.com)

Review from Antoinette I.,

I have been with Village Capital since February 1, 2020. The moment I sign the deed, I have been in a nightmare…

Whenever I send in a payment, the company claims it is late. Every month I had this problem of paying late fees when I sent the payment on time—usually, (before the 5th of every month).

However, because they claim it is the mail system that is late, then I am at fault. Being tired of this, I signed up for autopay. Now they won’t take the funds out of my account before the 10th of the month… — (Better Business Bureau).

Overall, village capital mortgage has a 1.5-star rating from 80 clients on yelp.com and 3.8 out of 5 from Better Business Bureau.

Check out: M&T Mortgage Review 2023: Interest Rates & Plans

Pros and Cons of Village Capital Mortgage

Pros

• Provides online tools for easy loan calculation
• Allows online servicing of loans with auto-pay options
• Rates are very competitive
• Allows various payment options which include mail, phone option and also online payment

Cons

• Poor customer service is one of the main complains from clients
• Village Capital Mortgage offer only a few mortgage options

FAQs About Village Capital Mortgage

Conclusion

There are several factors to consider when signing up for a mortgage with any company. In addition to quality service, always consider the reviews from others who had first-hand contact with the company. Some of these reviews reveal some of hte strenghts and weaknesses of hte company.

The quality of the company you choose to sign up with can be crucial to the success or failure of your mortgage. No matter the company of your choice, ensure it is open to rendering assistance and providing professional service when necessary.

Avaialability of customer service isalso another essential factor to consider. Poor customer service is one factor that can mar your performance. Remember that, signing up with the wrong company can affect not only the services you get but also your credit score.

You can also seek for advice from professional mortgage advisors, family and friends and others who have prior expereince with mortgage before signing up with any company.

References

• Better Business Bureau— Village Capital & Investment, LLC
• Yelp—Village Capital & Investment
• Origination Data— Village Capital Mortgage Rates, Fees & Info
• Glassdoor—Working at Village Capital and Investment
• Village Capital Investment LLC—About  

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