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Odessa VA Home Loans

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Odessa VA Mortgage Lender

Odessa VA Home Loans      

The option to apply for a VA loan is one of the significant perks of serving in the military. The US Department of Veterans Affairs extends these loan benefits to military veterans, active-service members, or their surviving spouses.

The Department of Veterans Affairs only guarantees mortgages made under the VA loan program, as with most government mortgage programs. You will need to seek a private mortgage lender who is licensed and willing to provide financing.

If you are looking for a VA mortgage lender in Odessa, TX, your best bet is to work with the home loan experts at Capital Home Mortgage. Contact us now to find out more about our services!

Are You Eligible for a VA Home Loan? 

Borrowers seeking a VA loan must meet the minimum requirements established by the VA and their preferred mortgage lender. The eligibility requirements for VA loans in Odessa, TX, are the same as those in every other state in the country. 

Members of the armed forces who wish to apply for a VA loan must have served: 

  • A minimum of 81 days in peacetime.
  • A minimum of 91 days of active duty during a war.
  • A minimum of six years in the Reserves or National Guards. 

In addition, a spouse of a service member may be eligible for a VA loan if: 

  • The service member passed away from military-related causes.
  • At least 90 days had passed since the service member went missing in action or was taken prisoner of war.
  • The surviving spouse is still unmarried.

VA Loan Income Requirements 

As long as you can afford the mortgage payments with your current income, you have a good chance of qualifying for a VA loan. Moreover, borrowers with low debt-to-income ratios may be eligible for a larger mortgage. 

The most you can borrow with a VA loan is $647,200, but you can apply for a VA Jumbo loan if you need more.

VA Loan Credit Score Requirements 

Veterans Affairs (VA) loans technically do not require a minimum credit score, but most mortgage lenders do. Nonetheless, the minimum credit score needed to qualify for a VA loan is significantly lower than other loans, typically falling below the 600 range. This is primarily because of the government guarantee that safeguards creditors against defaults. 

VA Loan and Bankruptcy

VA loans make provisions for applicants who have declared bankruptcy under Chapter 7. Bankruptcies discharged for two years or more are disregarded, while lenders are given the authority to decide on bankruptcies discharged for less than two years. In case of a Chapter 13 bankruptcy, the borrower must demonstrate twelve months of continuous payment. 

VA Loan Benefits

In most cases, a borrower can get a VA loan with no money down. Although this does not guarantee that you will incur no costs at closing, many resources are available to help you save money on your down payment and other closing expenses. 

Other benefits of VA mortgages include: 

  • There are no monthly mortgage insurance payments
  • There are no prepayment fees.
  • The seller may contribute up to four percent (4%) toward the buyer’s closing expenses.
  • Disabled veterans and their surviving spouses are exempt from paying the one-time, non-refundable variable funding fee.

 Is the VA Home Loan a Good Option? 

Your circumstances will determine whether a VA loan is your best option. That said, the VA loan offers the best financing terms to most veterans and eligible service members. On top of that, you can get the best mortgage rates and first-rate service when you work with a seasoned mortgage lender like Capital Home Mortgage. 

Are you interested in our VA loan program? Contact us at (432) 218-4828 right away!

Why Odessa is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Odessa Rates

Odessa Mortgage Lender Providing Competitive Rates and Low Fees.

Odessa Customer Service

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

Odessa 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

Odessa 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

Odessa 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

Odessa VA Loan Information

Odessa 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

Odessa 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

Odessa 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

Odessa 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 Odessa Mortgage Programs

Odessa 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

Odessa Mortgage Company Reviews

What is an Odessa 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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