VA Loans

With eligibility, VA loans are one of the best methods to use when buying a home. Even active duty personnel or a Disabled Veteran may qualify for additional benefits on a VA home mortgage loan. The VA Home Mortgage Program does not limit the number of times a veteran may use the program. So who qualifies as a veteran? VA mortgage loans cover the Army, Navy, Air Force, Marines, and also the Reservists and National Guardsmen.

If you qualify you can get a VA home loan for up to $417,000 with no money down. If the circumstances are right an eligible applicant can even have more than one VA loan at a time.

Some of the benefits of the VA Mortgage Loan Program are:

  • The VA Mortgage Loans is guaranteed for no money down up to $417,000
  • No monthly mortgage insurance required
  • Many VA Mortgage Loans are assumable
  • It is easier to qualify for a VA Loan than a conventional loan
  • VA Mortgage Loans can be refinanced
No Money Down Up to $417,000
You don’t have to put any money down to qualify for a VA Loan for up to $417,000. If the seller agrees to pay the closing costs, you may be able to purchase the home with little or no money out of pocket. The loan and sales contract can be set so that the financing covers 100% of the price and the seller covers the closing cost.

The VA Funding Fee

The Veterans Administration assesses a funding fee to all VA loans between .5% and 3.3% and the fee is added into the amount of the loan to be paid over the life of your VA home mortgage loan. The VA Funding Fee replaces the much higher priced mortgage insurance required with different types of financing. If you are a Disabled Veteran, with a 10% or more disability, you can qualify to get the fee waived completely.

Assumable VA Mortgage Loans

VA loans are also assumable. If the person assuming the mortgage is a veteran with VA eligibility, the original veteran will not be giving up the amount of eligibility that they used to get the loan at the beginning. Veterans should use great care and closely investigate the terms of an assumption before allowing someone to assume their mortgage. It is too great a benefit to give up.

Qualifying for a VA Mortgage Loan

The VA offers excellent qualifying standards. If you have a low credit score but have maintained a good payment record over the past year or so, you may still be eligible. This can be tremendous savings compared to the cost of conventional loans when the borrower’s credit scores are low. Unfortunately, while there is a huge amount of veterans who can qualify for home financing with a VA mortgage in Texas, many realtors shy away from them. If you’re interested in a VA loan and don’t have a realtor yet, please let us know, we have plenty of realtor recommendations.

VA Mortgage Loans may be refinanced

VA mortgage loans can even be refinanced to a lower interest rate without all the criteria normally associated with a conventional loan. This is called an Interest Rate Reduction Loan. The veteran can secure a lower interest rate with less documentation, rolling the costs of the transaction into the loan so there aren’t out of pocket costs.

We’re Military Home Specialist

There are a lot of myths about VA loans. Because of that, some lenders shy away from VA home loans, but not the McCulloch team. All our loan officers are certified by the Boots Across America program as Military Home Specialists! As part of Boots Across America, we are committed to making a difference in the lives of our servicemen and women. We know that the part we play is a tremendous, and we don’t take lightly. You served our country now let us serve you.