Capital Home Mortgage San Antonio
San Antonio VA Home Loans
San Antonio VA Mortgage Lender
San Antonio VA Home Loans
Are you a member of the U.S. military? Or are you the spouse of a military service member? The U.S. Department of Veteran Affairs (VA) provides qualified service members a unique home loan benefit.
With strict credit and down payment requirements, returning service members often find it hard to get a home purchase loan. You can easily apply for a VA home loan to enjoy VA benefits unavailable with any other loan product.
Capital Home Mortgage offers VA loans to returning service members in San Antonio. Speak with our San Antonio mortgage officers to get details about the VA loan application process. If you’re the service member’s spouse (or surviving spouse), you may also apply on behalf of your husband or wife.
San Antonio VA Eligibility Requirements
The VA requires service members to meet minimum service requirements before qualifying for a VA loan. You must also present a valid Certificate of Eligibility (COE) as one of the formal requirements. To be eligible for a VA loan, you must meet at least one of the following requirements:
- Served for a minimum of 90 consecutive days of active service during times of war;
- Served for 181 days of active service during peacetime;
- Served for six years of service in the National Guard or Reserves;
- Your spouse, who was a service member, died in the line of duty;
- You are the spouse of a service who incurred a service-related disability.
Your eligibility remains if you were discharged for:
- Hardship, or at the government’s convenience, or due to a need to reduce the number of active military personnel;
- A medical condition or a service-connected disability;
- An early-out, having served a minimum of 21 months of a 2-year enlistment.
Aside from these benefits, you must also provide additional requirements as the lender prescribes.
San Antonio VA Loan Benefits
One thing to highlight about VA loans is their benefits. Service members’ benefits from VA loans aren’t found in other mortgage products. Let’s discuss the exclusive VA benefits:
1) No Down Payment
Veterans and service members can immediately get a VA loan without worrying about money for the down payment. There’s no such loan offering zero down payment except VA loans. FHA loans usually require a minimum of 3.5%, while conventional mortgages start at 3%.
2) No Private Mortgage Insurance Required
VA loans don’t require private mortgage insurance. FHA and conventional-conforming loans require PMI if the down payment is below 20%.
3) Less Strict Credit Requirements
While the VA doesn’t set credit requirements, lenders can be flexible in fixing their credit score benchmarks for VA loan applications. However, it still pays to have a decent credit history as it can impact your interest rates.
Apply for a San Antonio VA Loan
Are you eligible for a VA home loan? Apply for a VA home loan today and enjoy exclusive VA benefits. Capital Home Mortgage is a direct mortgage lender. Let us help you secure your home in San Antonio. Contact us at (210) 634-1225 to get started.
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San Antonio 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.
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 Required
- Simple Qualifying/ Flexible Underwriting
- Seller Paid Closing Costs up to 4%
- Higher Debt to Income Ratios Allowed
- Alternate Credit Allowed
- Manufactured Housing Permitted (Subject to Restrictions)
San Antonio 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.
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 / No Income Verification Required
- Full Documentation
- Cash-Out Option (Not Available in Texas)
- Loan Conversions
San Antonio VA Mortgage Information
San Antonio 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 as a result of Sevice realted Disability
San Antonio 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
