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Midland VA Home Loans

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Midland VA Mortgage Lender

Midland VA Home Loans

Are you thinking of buying a home in Midland, TX? You might be qualified for a VA-guaranteed home loan if you’re a veteran or are currently serving in the military. And the good news is that this loan offers many benefits that no other home loan program can match. 

While the VA does not originate mortgages, it provides certain guarantees to private lenders who service VA loans. Because of these guarantees, lenders can offer VA loans with fewer requirements, and eligible borrowers can get low-interest mortgages even if their credit isn’t perfect.

What more? You can get even better terms and rates on your VA home loan when you apply through a direct mortgage lender like Capital Home Mortgage.

Top Reasons To Get a Midland VA Home Loan

The VA home loan is a one-of-a-kind mortgage program that non-military homebuyers wish they could take advantage of. As long as your income, assets, credit, and military service fall within the VA loan requirements, you can take advantage of a home loan with the following benefits:

  • There is no need for a down payment or mortgage insurance.

Homebuyers must wait and save for years before getting a mortgage because most home loans call for a down payment of between 3.5 and 20 percent. With a VA loan, though, you can apply immediately. There is no need to worry about the down payment because there is none. You also avoid exorbitant mortgage insurance premiums, saving you hundreds of dollars monthly and significantly enhancing your purchasing power.

  • You can use the home loan benefit multiple times.

The primary consideration for VA loan eligibility is the length of military service. Once you’re eligible, you’re eligible for life – even if you served 50 years ago. Furthermore, you can take advantage of your VA home loan benefit often. After completing your mortgage payments, you may get another VA loan to purchase a new primary home or refinance your current one.

  • VA loans have lower interest rates.

VA loan interest rates are typically 0.25 percent lower than a conventional loan. This is mainly due to the protection against default provided by the VA guarantee. Furthermore, VA loans have some of the lowest foreclosure rates among all mortgage products. These advantages boost lender confidence, resulting in lower interest rates and more manageable monthly payments.

  • You can use a VA loan to buy a home, refinance, or tap into your home’s equity.

Aside from home purchases, you can also use a VA loan to refinance your existing mortgage, regardless of whether it is a VA loan. When interest rates fall, the VA streamline refinance provides borrowers with a faster, less expensive way to refinance with better rates. On the other hand, the VA cash-out refinance allows you to convert all of your home’s equity into cash. Refinancing with a VA loan is a great option for eligible homeowners currently paying mortgage insurance or dealing with other unfavorable loan terms.

  • Funding fees could be waived.

The VA typically charges a funding fee ranging from 0.50 percent to 3.3 percent of the loan amount. However, only some pay the VA funding fee. Veterans receiving disability benefits for injuries sustained in the line of duty are exempt. Veterans who are entitled to disability compensation but are instead receiving retirement or active duty pay are also exempt from paying funding fees.

  • The VA loan can finance different types of properties.

You can use a VA loan to purchase different properties, including single-family homes, multi-unit dwellings, manufactured homes, or even condominiums. Homebuyers often overlook condos, but they are great places to start. Most of the time, they cost less than single-family homes and are usually the more affordable option in many cities.

Experienced VA Lender in Midland, TX

The VA loan is, without a doubt, the best and most cost-effective option for eligible borrowers. If you’d like to take advantage of the program’s benefits, work with a seasoned VA lender like Capital Home Mortgage. 

Please put your trust in us and see for yourself why we’re among the best in the field! Contact us today at (432) 218-4828!

Why Midland is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Midland Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Midland Customer Service

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

Midland 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

Midland 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

Midland 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

Midland VA Loan Information

Midland 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

Midland 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

Midland 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

Midland 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 Midland Mortgage Programs

Midland 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

Midland Mortgage Company Reviews

What is a Midland 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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