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Austin VA Home Loans

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Austin VA Mortgage Lender

V.A. Home Loan In Austin

The U.S. Department of Veterans Affairs offers V.A. home loan options to assist you in purchasing, building, remodeling, and refinancing an existing mortgage. The department guarantees a percentage of the loan from a private lender. The guarantee lets the lender recoup losses if your VA-backed mortgage is foreclosed. Lenders are more inclined to grant you a loan with better terms since they face less risk. No down payment is required for about 90% of all VA-backed mortgages.

Lenders adhere to the V.A. requirements when providing home loans backed by the V.A. Before they grant you a loan, they could put additional requirements on you. These requirements could include obtaining an updated house valuation (an expert’s estimation of your property’s value) or having an acceptable credit score.

What Is A VA Home Loan?

Veterans, active duty service members, and some military spouses may qualify for a V.A. loan, which requires no down payment. Private lenders, such as banks or mortgage firms, originate V.A. loans backed by the U.S. Department of Veterans Affairs (V.A.).

The United States government established the V.A. home loan in 1944 to assist returning military veterans in buying homes without a down payment or excellent credit. More than 25 million V.A. loans have been guaranteed by this illustrious program, helping veterans, active duty service members, and their families in either buying or refinancing a house.

V.A. Eligibility Requirements

You or your spouse must meet the minimum service requirements established by the Department of Veterans Affairs (V.A.), possess a current Certificate of Eligibility (COE), and meet the lender’s credit and income requirements to be eligible for a V.A. loan.

If you satisfy one or more of the following requirements, you may well be qualified for a V.A. loan:

  • During the war, you were on active duty for 90 days straight.
  • During peacetime, you were on duty for 181 days.
  • You have six years of experience in the Reserves or National Guard.
  • You were a service member’s spouse who passed away in the line of duty or suffered a handicap due to their service.

For lenders to confirm that a Veteran satisfies the minimal service criteria, they need a Certificate of Eligibility (COE). Your COE proves to the lender that you are eligible for V.A. loan benefits.

A COE is also required for surviving spouses to access their V.A. loan benefits and confirm their eligibility. Whether you are getting Dependency and Indemnity Compensation determines if you are eligible for a COE as a surviving spouse.

In addition to completing VA Form 26-1817 (Request for Determination of Loan Guaranty Eligibility – Unmarried Surviving Spouses), spouses receiving Dependency and Indemnity Compensation benefits must also get a copy of the Veteran’s separation documents, such as a D.D. Form 214.

V.A. Credit Score And Income Requirements

The minimum credit score needed to qualify for a V.A. loan is not specified by the V.A., but lenders usually require it. As a result, different lenders have different requirements for V.A. loans’ credit scores; generally, to get financing, most lenders need a mortgage credit score of 620.

The VA also requires qualified Veterans to keep a specific monthly income after paying all significant debts and expenses. The surplus, often referred to as “residual income,” should be sufficient to cover everyday household expenses like food, transportation, and medical care.

The VA increases the likelihood that borrowers will make enough money to cover all financial commitments by enforcing residual income standards and ensuring borrowers have a safety net in an emergency.

Lenders also take your debt-to-income ratio (DTI) into account. DTI and residual income give lenders a comprehensive view of your purchasing power and V.A. loan eligibility.

Apply For An Austin VA Home Loan

Veterans and active duty military personnel can begin the application process to determine if they qualify for a V.A. loan. During the initial step, loan pre-approval, you’ll understand your chances of obtaining a V.A. loan. You are not obligated to use a specific lender or continue the home-buying process if you apply for a V.A. loan.

Capital Home Mortgage is a full-service Home Mortgage Company offering a full line of mortgage products, particularly an Austin VA home loan. Call us at (512) 237-4700 or Apply Online to get pre-approved for a V.A. loan.

Why Austin is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Austin Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Austin Customer Service

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

Austin 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

Austin VA Purchase Loans

VA Home Loans are 100% financing with no loan limits provided the veteran has full entitlement available.  The goal of the VA is to guarantee the loan for lenders in order to make homeownership easier and desirable for all active duty service members, active duty reservists, honorably discharged veterans, as well as retired and disabled service members.

  • 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

Austin VA Refinance Loans

The VA Home Mortgage Program offers two types of refinances.  The streamline refinance, known as an interest rate reduction loan requires minimal documentation and must provide the veteran savings in payment or a reduction in term.  The regular refinance is for cash-out and for conversions when a veteran is changing their mortgage over to a VA 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

Austin VA Mortgage Information

Austin 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
Austin VA Funding Fees
  • 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

Austin 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

Austin 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 Austin Mortgage Programs

Austin 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

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