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Amarillo VA Home Loans

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Amarillo VA Mortgage Lender

Amarillo VA Home Loans

Being a member of the US military has its perks. One of these perks is accessibility to affordable mortgage financing through VA home loans. Even the spouses of military service members can apply for the loan in cases where the military spouse can’t personally apply. 

VA home loans are the most affordable and accessible of all loans available to qualified consumers. However, they are only available to veterans and current service members.

If you’re not a spouse of a military member or a military member yourself, we recommend checking out our other loan products. But if you are these people, Capital Home Mortgage experts in Amarillo are here to assist you in securing a VA loan. 

Amarillo VA Loan Benefits

VA loans offer zero down payment. Yes, you read that right. Down payment is often a problem for most mortgage applicants. Most Americans don’t have large sums of money sitting in the bank. FHA loans require at least a 3.5% down payment. But with VA loans, the zero down payment is a benefit exclusively for military members.

Since there is no down payment, VA loans also don’t have mortgage insurance. In FHA and conventional loans, mortgage insurance is mandatory if you cannot reach the required down payment of 20% of the loan. VA loan amortizations will be lesser since there is no charge for the mortgage insurance premium.

The VA doesn’t set a standard credit score requirement in terms of credit requirements, unlike FHA and conventional loans. However, VA credit requirements are usually below the usual requirement of FHA loans (580 credit score). Lenders can be flexible if your credit score is below 580.

Amarillo VA Eligibility Requirements

VA loans have significant benefits that can help families of veterans and current service members achieve homeownership. However, not all applicants are immediately qualified. There are service requirements that need to be satisfied:

  1. At least 90 consecutive days during wartime
  2. At least 181 days during peacetime
  3. At least six years in the National Guard or Reserves

If you tick at least one of the mentioned service requirements, you are qualified for a VA loan. You may also ask our Amarillo VA loan experts for a more comprehensive list. There are also certain exemptions to the requirements above.

You are still eligible for a VA loan in the following circumstances:

  1. Discharged for hardship
  2. Discharged at the convenience of the government or reduction in force
  3. Discharged due to a medical condition or service-related disability
  4. Opted for early out and served at least 21 months in a two-year enlistment

Apply for an Amarillo VA Loan

At Capital Home Mortgage, we strive to give our clients an easy application process. We handle your application from start to finish and help you find the best loan product for your needs. Direct mortgage lending also enables us to offer competitive interest rates and low fees. Call (806) 589-3428 to get your VA loan in Amarillo today.

Why Amarillo is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Amarillo Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Amarillo Customer Service

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

Amarillo 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

Amarillo 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

Amarillo 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

Amarillo VA Loan Information

Amarillo 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

Amarillo 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

Amarillo 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

Amarillo 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 Amarillo Mortgage Programs

Amarillo 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

Amarillo Mortgage Company Reviews

What is an Amarillo 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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What is an Amarillo VA Home Loan?