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Texas VA Home Loans

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Texas VA Mortgage Lender

Texas VA Home Loans

Before buying a new home, you must check all your financial options to ensure the process goes as smoothly as possible. If you are in the military or a veteran wanting to purchase a home in Texas, one of your top financing options is the VA Home Loan.

What Is The Texas VA Home Loan?

One of the best things about military service is access to  VA loans. These loans offered by the Department of Veterans Affairs are available to veterans and active-duty members of the armed forces.

Like most government mortgage programs, VA loans are guaranteed by the Department of Veterans Affairs. It would help if you find a licensed private mortgage lender to finance the loan.

If you’re looking for a VA mortgage lender in Texas, Capital Home Mortgage is your best bet! Get in touch with us to learn more about what we offer!

VA Loan Eligibility And Requirements

To qualify for a VA loan, borrowers must meet basic eligibility requirements from the Department of Veteran Affairs and their chosen mortgage lender. The VA loan eligibility in Texas is almost the same as in any other state. Service members who wish to apply for a VA loan must have served for:

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

Moreover, a military spouse may qualify for a VA loan if:

  • The service member died due to military-related causes.
  • The service member had been missing in action or became a prisoner of war for at least 90 days.
  • The surviving spouse has not gotten remarried

1 – Income Requirements

VA home loans have more lenient income requirements compared to most loans. You have a high chance of qualifying for a VA loan if you can afford to pay a mortgage with your current income. Plus, if you have a low debt-to-income ratio, you’ll be able to get a larger mortgage.

The maximum VA loan amount is $647,200, but you may apply for a VA Jumbo loan should you require an enormous sum.

2 – Credit Score Requirements

Technically, VA loans do not have credit score requirements, but most mortgage lenders do. Still, your credit score to qualify for a VA loan is significantly lower than other loans — usually below the 600 range. This is mainly due to the guarantee provided by the government that protects lenders against defaults.

3 – Bankruptcy

VA loans make allowances for applicants who have filed for Chapter 7 bankruptcy. According to the rules, lenders can disregard a bankruptcy that has been discharged for two years or more, while lenders to are authorized to decide on bankruptcies discharged for less than 2 years. In case of a Chapter 13 bankruptcy, the borrower must demonstrate twelve months of continuous payment.

VA Loan Benefits

VA loans are attractive because they are offered with 100% financing. And though this does not necessarily mean that you don’t have to pay for anything during the closing, plenty of down payment assistance programs help you cover the bulk of the closing costs with as little out-of-pocket expense as possible.

Some of the most notable features of VA Home Loans include:

  • No down payment;
  • No mortgage insurance premiums;
  • No prepayment penalties;
  • Seller may pay for up to 4% of the closing costs;
  • A one-time non-refundable variable funding fee is waived for disabled veterans and surviving spouses.

Is VA Loan Worth It?

Whether a VA loan is the right home loan depends on your circumstances. However, for the majority of veterans and eligible service members, it does have the most favorable financing terms.

Furthermore, when working with an experienced mortgage company like Capital Home Mortgage, you can access top-notch service and the most competitive mortgage rates.

Want to learn more about our VA loan programs? Contact us right away!

Why Texas is Choosing Capital Home Mortgage
Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Texas Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Texas Customer Service

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

Texas 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

Texas 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

Texas 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

Texas VA Loan Information

Texas VA Loan Requirements

  • 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

Texas VA Funding Fee

  • 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
VA Home Loan Information

Texas VA Loan Requirements

  • 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

Texas VA Funding Fee

  • 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
Not Sure? Take a Look at Other Texas Mortgage Programs

Texas Mortgage Team

Conor Hayhurst

Managing Director
NMLS 743506

Damon Embler

Sr Loan Officer
NMLS 882260

Chris Erwin

Loan Officer
NMLS 914064

Dale Gremillion

Manager
NMLS 210325

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What is a Texas 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.