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Abilene VA Home Loans

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Abilene VA Mortgage Lender

Abilene VA Home Loans

Those who work and have worked for the U.S. military may have the privilege of qualifying for a VA home loan backed by the U.S. Department of Veterans Affairs. Compared to a conventional loan, a VA home loan offers plenty of great benefits to the borrower, including a zero-down payment requirement.

5 Factors to Consider Before Applying for a VA Loan

It’s important to note that the government only guarantees VA loans. You will still have to look for a private mortgage lender to originate the mortgage. That said, there are a few things you need to consider before you apply for a VA home loan.

     1. Eligibility

The VA loan is available to retired and active military service members who meet the following VA eligibility requirements:

  • Served a minimum of 90 consecutive days during wartime
  • Served a minimum of 181 days during peacetime
  • Served a minimum of  6 years in the National Guard or National Reserves

Moreover, the spouse of a service member who died on duty or was disabled while serving may also qualify for a VA loan.

     2. Lender Qualifications

Aside from the VA’s eligibility requirements, it would be best if you also met lender qualifications. The requirements can vary depending on the mortgage company you choose to work with, but most lenders look for a credit score of at least 600. You must also present a Certificate of Eligibility (COE), which verifies your eligibility for VA loan benefits.

     3. Budget

While VA loans require no down payment 90% of the time, you will need to cover the closing costs of your mortgage, which typically include the following expenses:

  • Title insurance
  • Appraisal fee
  • Loan origination fee
  • Credit report fee
  • VA funding fee
  • Homeowners Insurance
  • Recording fee
  • Real estate taxes

The closing costs can add up to about 2%-6% of the total loan value, but there are programs to help you cover the bulk of the expense. 

     4. Interest Rates

VA loan rates are very competitive―typically 0.5% lower than conventional prime loans. Moreover, the loan fees are limited to what the VA will allow. You have significant long-term savings when you put together great rates, low fees, and a zero down payment. 

     5. Other Notable Features of VA Loans

The following features of the VA loan make it an even more attractive option to qualified borrowers:

  • No mortgage insurance premiums
  • No prepayment penalties
  • Seller may pay up to 4% of the loan value in closing costs
  • Waived non-refundable variable funding fee for disabled veterans and surviving spouses

Trusted VA Loan Lender in Abilene

VA home loans offer the most advantageous financing terms for most veterans and eligible service members. Plus, when you work with a seasoned VA mortgage lender like Capital Home Mortgage, you’ll have access to first-rate service and the best interest rates in the market!

At Capital Home Mortgage, our goal is to make the homeownership journey an enjoyable experience for our customers. We’ll go above and beyond to make the home-buying process as easy as possible for you.

Why Abilene is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Abilene Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Abilene Customer Service

7  Day a Week Support from Application to Final Mortgage Payment. 

Abilene VA Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for the mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Abilene VA Purchase Loan

  • No Down Payment / No Loan Limits
  • No Monthly Mortgage Insurance
  • Simple Qualifying
  • Flexible Underwriting
  • Seller Paid Closing Costs up to 4%
  • Higher Debt to Income  Allowed
  • Alternate Credit Allowed
  • Manufactured Housing Permitted
VA Purchase Home Lender
  • No Down Payment / No Loan Limits
  • No Monthly Mortgage Insurance
  • Simple Qualifying
  • Flexible Underwriting
  • Seller Paid Closing Costs up to 4%
  • Higher Debt to Income  Allowed
  • Alternate Credit Allowed
  • Manufactured Housing Permitted

Abilene VA Refinance Loan

  • Streamline Option
    • VA IRRRL Rate and Term
    • No Appraisal Required
    • No Income Verification Required
  • Full Documentation
    • Cash-Out or Loan Conversion
    • Appraisal Required
    • Income Verification Required
VA Interest Rate Reduction Refinance Lender
  • Streamline Option
    • VA IRRRL Rate and Term
    • No Appraisal Required
    • No Income Verification Required
  • Full Documentation
    • Cash-Out or Loan Conversion
    • Appraisal Required
    • Income Verification Required

Abilene VA Loan Information

Abilene VA Loan Requirements

  • Active Duty – 90 days Wartime / 180 Days Peacetime
  • Honorable Discharged – 22 Months of Completed Service
  • National Guard / Reserves – 6 Years Completed Service
  • Spouse of a Service Member who Died in the line of Duty or Service related Disability

Abilene VA Funding Fee

  • VA Purchases – First Use
    • 0% to 5% Down Funding Fee 2.3%
    • 5% or Higher Down Payment Funding Fee 1.65%
    • Subsequent Uses Funding Fee 3.6%
  • VA Cash-Out Refinances or  VA Refinance Conversions
    • First Use 2.3%
    • Subsequent Uses 3.6%
    • VA IRRL Refinance 0.5%
  • No Funding Fee with 10% or Higher Disability
VA Home Loan Information

Abilene VA Loan Requirements

  • Active Duty – 90 days Wartime / 180 Days Peacetime
  • Honorable Discharged – 22 Months of Completed Service
  • National Guard / Reserves – 6 Years Completed Service
  • Spouse of a Service Member who Died in the line of Duty or Service related Disability

Abilene VA Funding Fee

  • VA Purchases – First Use
    • 0% to 5% Down Funding Fee 2.3%
    • 5% or Higher Down Payment Funding Fee 1.65%
    • Subsequent Uses Funding Fee 3.6%
  • VA Cash-Out Refinances or  VA Refinance Conversions
    • First Use 2.3%
    • Subsequent Uses 3.6%
    • VA IRRL Refinance 0.5%
  • No Funding Fee with 10% or Higher Disability
Not Sure? Take a Look at Other Abilene Mortgage Programs

Abilene Mortgage Team

Conor Hayhurst

Manager
NMLS 743506

Damon Embler

Sr Loan Officer
NMLS 882260

chris erwin

Sr Loan Officer
NMLS 914064

Dale Gremillion

Manager
NMLS 210325

Abilene Mortgage Company Reviews

What is an Abilene VA Home Loan?
VA Home Loans are for active duty service members, active reservists, honorably discharged service members, as well as retired and disabled service members.VA stands for “Veterans Administration”, which oversees all Veteran benefits including home loans. Established in 1944 and part of the GI Bill or Rights, VA set out to help men and women who served their country catch up to their civilian counterparts by establishing credit and building financial wealth. It’s important to understand that VA does not lend money, VA instead provides lenders a guarantee that covers the lender from loss in the event of foreclosures.  In simple terms VA insures a portion of the loan that the buyer  would have normally had to put down to qualify allowing for a zero down payment. VA loans require an upfront mortgage insurance fee, which can be financed into the loan, from each borrower.  This fee supports the guarantee fund and makes the 100% VA home loan possible.  Veterans with a minimum of 10% disability are exempt from the funding fee.
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