VA HOME LOANS
If you’re a Veteran with eligibility and can get approved, this may be the ideal loan program for you.
- No PMI (Private Mortgage Insurance)
- No Required Down Payment
- TX VET Program Available
- No Prepayment Penalties
HOW IT WORKS
GUARANTEED LOANS FOR QUALIFIED VETERANS
VA guarantees loans for qualified veterans. Veterans are able to finance up to 100% of the current conforming limit, currently $453,100. VA guarantees 25% of the loan, protecting lenders in case of default. VA does not make loans, they only guarantee loans for lenders enrolled in their program.
VA LOAN REQUIREMENTS
- Satisfactory Credit Score (580+)
- Sufficient Income
- Valid Certificate of Eligibility (COE)
- You may be eligible with either - 181 days of active service during peacetime
- Or 90 consecutive days of active service during a wartime
- Or > 6 years of service in the Reserves or Nat’l Guard
- Or you’re the spouse of a service member who died, either from a service related disability or in the line of duty (see below for more info on COE’s)
- Home for personal occupancy
VA LOAN ADVANTAGES
- Can finance 100% of purchase
- Credit history doesn't have to be perfect
- No mortgage insurance for less than 20% down
- Seller can contribute up to 4% of sales price to closing costs
- No prepayment penalty
- Take advantage of VA non-qualifying refinance program
MORE ABOUT VA HOME LOANS
Requirements for obtaining a certificate of eligibility:
If you are currently on active duty, eligibility can be established after 90 days of continuous active duty. Upon discharge or release from active duty, eligibility must be reestablished. If you were in service during wartime, you must have had at least 90 days of active duty, with other than dishonorable discharge. If you had less than 90 days of active duty, you must have been discharged for a service-connected disability.
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