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!