Capital Home Mortgage Waco

Waco VA Home Loans

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Waco VA Mortgage Lender

Waco VA Home Loans

One of the significant perks of military service is the option of a VA home loan. Veterans, active-duty service members, and their spouses can apply for a VA home loan through the Department of Veterans Affairs.

As with other government-backed mortgage programs, VA loans are guaranteed by the Department of Veterans Affairs. You’ll need secure financing from a private mortgage lender.

Capital Home Mortgage is your best option for VA loans in Waco, Texas. Contact us to learn more about our VA loan offers.

Qualification Requirements for the VA Home Loan

Borrowers must satisfy fundamental requirements established by the Department of Veteran Affairs and the mortgage lender of their choice to be eligible for a VA loan. These requirements can be found on the VA’s website. 

Waco VA loans have the exact eligibility requirements as every other state in the country. To qualify for a VA loan, you must meet the following criteria:

  • Served in the military for more than 81 in peacetime;
  • Served more than 91 days of active duty during wartime;
  • Served for at least six years in the Reserves or National Guard;

A military spouse may also qualify for a VA loan under the following circumstances:

  • The service member passed away from military-related causes.;
  • The service member had been missing in action;
  • The service member has been a prisoner of war for a minimum of ninety days;
  • The surviving spouse is still unmarried.

– Income Requirements

As long as you can afford the mortgage with your current income, you stand a chance of qualifying for a VA loan. Plus, if you have a low debt-to-income ratio, you’ll be able to get a larger mortgage.

The maximum VA loan amount for 2022 is $647,200. You may apply for a VA Jumbo loan if you need a more considerable sum.

– Credit Score Requirements

VA loans don’t require credit scores, but most mortgage lenders do. You will need a credit score of at least 600 to qualify for a VA loan is significantly lower than that of other loans. This is mainly due to the guarantee provided by the government that protects lenders against defaults.

– Bankruptcy

Those who have filed for Chapter 7 bankruptcy can still get a VA loan. Lenders may disregard bankruptcies discharged for at least two years and may decide on bankruptcies discharged for less than two years. For a Chapter 13 bankruptcy, the borrower must provide evidence of twelve months of uninterrupted payments.

The Benefits of a VA Loan

VA loans are appealing because they are almost always offered with 100% financing. And while this does not necessarily imply that you are not required to pay for anything at closing, numerous down payment assistance programs are available to help you cover most of the closing cost.

Other benefits offered by the VA loan include:

  • No down payment is required (in most cases)
  • No mortgage insurance premiums
  • No prepayment penalties
  • The seller may pay for up to 4% of the closing costs

Purchase Your Next Home with a VA Loan

The VA loan has the most advantageous financing terms for veterans and qualified service members. If you think a Waco VA loan is the right home loan for you, Capital Home Mortgage can help you kickstart your journey to a new home!

We guarantee top-notch service and the best mortgage rates in the market. Call (254) 213-7343 now!

Why Waco is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Waco Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Waco Customer Service

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

Waco 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

Waco 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

Waco 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

Waco VA Loan Information

Waco 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

Waco 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

Waco 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

Waco 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 Waco Mortgage Programs

Waco 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

Waco Mortgage Company Reviews

What is a Waco 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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