VA Home Loans
Welcome to Capital Home Mortgage. Are you wondering about VA Home Loans and if you should use your VA Loan? We can help you understand the advantages of a VA Home Mortgage and if it is the right time to use your VA benefit for the current mortgage loan.
Capital Home Mortgage is a direct VA Mortgage Lender, which means Capital Home Mortgage has VA direct authority to underwrite and approve your home loan. This control of the loan process and loan approval allows for streamline operations resulting in a quick and stress-free experience.
Ready to get started? Call now and one of our VA mortgage professionals will answer your questions and walk you through the application and pre-approval. Thank you for allowing us the opportunity to provide your VA home financing needs.
Benefits of VA Home Loans
VA Purchase Loan
VA Home Loans are 100% financing with no loan limits provide 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 reservists, honorably discharged, 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)
VA Refinance 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 IRRL Rate and Term
- No Appraisal / No Income Verification Required
- Full Documentation
- Cash-Out Option (Not Available in Texas)
- Loan Conversions
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
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