Capital Home Mortgage El Paso

El Paso VA Home Loans

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El Paso VA Mortgage Lender

VA Home Loans In El Paso

Private lenders, such as banks and mortgage companies, offer VA Home Loans. The VA guarantees a portion of the loan, allowing the lender to provide you with more advantageous terms. With no down payment, no mortgage insurance, and flexible credit standards, a VA loan enables qualified active-duty military members, qualified veterans, and qualified surviving spouses to finance a house. By understanding how it works, you can decide if a VA loan is the best mortgage for your plans to buy or refinance a home.

VA Loan Eligibility Requirements

The Department of Veterans Affairs states that if you served for at least this long, you’ve met the minimum service requirement:

  • 90 days straight of active duty;
  • 90 consecutive days during a time of war;
  • 181 days of service during peacetime;
  • Serving in the National Guard or Reserve for more than six years.

You will need a Certificate of Eligibility (COE) to show the lender that you qualify for a VA home loan. The Certificate of Eligibility proves your service dates; hence, you are eligible for a VA loan. You can obtain your COE online or by mailing a completed VA Form 26-1880 to the VA processing center in your area. 

Although the VA guideline doesn’t require a minimum credit score, most lenders require a credit score of at least 620 to qualify for a VA home loan. Down payment is not required on VA loans, but borrowers must meet the maximum debt-to-income ratio of 41% to qualify. You must also pass the “residual income test,” which calculates how much expendable income you have left based on your take-home pay.

VA Approved Properties

The VA requires confirmation that every home financed with a VA loan is “safe, sound, and sanitary.” This applies to residences with one to four units, prefabricated dwellings attached to the land, modular homes, and VA-approved condominium units and planned unit projects (PUDs).

Typical VA minimum property requirements include evidence that:

  • Each unit provides adequate space for living, cooking, sleeping, and sanitation;
  • If the residence is in a rural location, there is private road access;
  • The drainage system moves water away from the dwelling;
  • The local health authority provides access to potable water.
  • Apply for a VA Loan in El Paso

If you are an eligible serviceman/woman or a surviving spouse, you must check if a VA home loan suits your needs. Capital Home Mortgage is a direct mortgage lender and servicer who can guide you throughout the lending process.

Call us at (915) 283-3949 to speak with one of our VA Loan Specialists. We will answer all your questions and address every concern to ensure you are well-informed about VA home loans in El Paso.

Why El Paso is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great El Paso Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

El Paso Customer Service

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

El Paso 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

El Paso 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

El Paso 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

El Paso 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

El Paso 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

El Paso 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

El Paso 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 El Paso Mortgage Programs

El Paso 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

El Paso Mortgage Company Reviews

What is an El Paso 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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