Veterans and Active Military can qualify for a Texas VA home loan with $0 down payment and no PMI (private mortgage insurance)!
VA Loans help Service Members, Veterans, and eligible surviving spouses become homeowners. The Veterans Administration (VA) guarantees a portion of the loan, enabling the lender to provide you with more favorable terms than most loans available. VA Home Loans are provided by private lenders, such as banks and mortgage companies and the VA does not lend money itself. The VA loan guaranty is the "insurance" that they provide the lender.
If you qualify under the guidelines, you can buy a home with a lower interest rate than conventional fixed-rate mortgage. Learn about difference between a VA Loan and a Texas Vet VA Loan.
Over the last 18 years VA Loans have accounted for 95% of our business, choose a VA loan expert!
Our headquarters is located in San Antonio, Texas and are a VA Approved lender and Licensed Mortgage Broker and have been specializing in VA Loans throughout Texas since 2002.
We can help you accomplish your home purchase with expert service, fast closing and very low fees and proudly boasts an A+ rating from the Better Business Bureau.
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Learn about Disabled Veterans benefits for VA Loans
VA home loans can be used to:
Which means if you decide to sell your property, the buyer may take over your mortgage with the same interest rate and payments -- a good selling point. The buyer who assumes the loan does not have to be a veteran. The VA loan often is a very cost-effective alternative for veterans or current military personnel.
Their are limits on the amount you can finance. But there is greater flexibility for the payment of closing costs: the seller is allowed to pay all discount points and other closing costs.
Currently the maximum loan amount is $548,250 in Texas without it being a Jumbo VA Loan.
Jumbo VA Loans also know as High Balance VA Loan, and are for Texas Veterans who are wanting to use their VA benefit purchase a primary residence that exceeds the $548,250 conforming loan limit. We offer excellent interest rates on VA Jumbo Loans in Texas.
There is no maximum VA loan amount set by the government. The first type of loan limit is for Veterans that have full entitlement. The second loan limit is for Veterans who are using partial entitlement.
Veterans with full entitlement can borrow as much as a lender is willing to lend without the need for a down payment.
The differences with a full entitlement VA Loan and the partial entitlement VA Jumbo loan is if the Veteran has previously used their VA Eligibility.
If you have full entitlement available and want to purchase a home, there is now no loan limit under the Federal VA Loan program.
If you have partial entitlement available and want to purchase another home using your VA eligibility, there may be a loan limit and possibly a down payment will be required under the Federal VA Loan program.
Please give us a call and we will walk you through all the program guidelines and answer all of your questions.
The Veterans COE and VA Funding Fee are two items that are very important in the home buying process
because they let the lender know the amount of VA Eligibility you have and if do qualify for
Exemption from the Funding Fee due to a service-connected disability.
The VA Certificate of Eligibility from the VA is one of the most important required document that will be needed for a new VA loan or a VA Refinancing loan. The VA Certificate of Eligibility (COE), is a document from the VA that provides the Veterans available eligibility amount for the VA Loan Program and if the Veteran is exempt from the VA Funding Fee.
We can obtain a Certificate of Eligibility for you by using ACE (Automated Certificate of Eligibility). ACE is a web-based application that is able to determine the Veterans eligibility and issue an online Certificate of Eligibility in a matter of seconds
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Generally, all Veterans using the VA Home Loan Guaranty benefit must pay a funding fee. This reduces the loan's cost to taxpayers considering that a VA loan requires no down payment and has no monthly mortgage insurance. The funding fee is a percentage of the loan amount which varies based on the type of loan and your military category, if you are a first-time or subsequent loan user, and whether you make a down payment. You have the option to finance the VA funding fee or pay it in cash, but the funding fee must be paid at closing time.
In Public Law 116-23, Congress has established rates for loans closed on or after January 1, 2020, and before January 1, 2022 at the levels listed below:
Note: Reduced fees only apply to purchase loans with a down payment of at least 5 percent.
|Type of Veteran||Down payment||Percentage for First time Use||Percentage for Subsequent Use|
Reserves, & National Guard
|5% or more||1.65%||1.65%|
|10% or more||1.4%||1.4%|
Note: See above table for reduced fees on loans with a down payment of at least 5 percent.
|Type of Military Service||Percentage for First time Use||Percentage for Subsequent Use|
|Active Duty**, Reserves, &
* If the Veteran's only prior use of entitlement was for a manufactured home loan, the higher subsequent use fee does not apply.
** Active Duty includes Reserves and National Guard ordered to active service that meets the eligibility
requirements for their era of service (https://www.benefits.va.gov/homeloans/purchaseco_eligibility.asp).
Active service does NOT include active duty for training.
|Other Types of Loans||Percentage|
|Interest Rate Reduction Refinance Loan (IRRRL)||.50%|
|Manufactured Home Loans (NOT permanently affixed)||1.00%|
|Native American Direct Loan (NADL)||1.25%|
|Native American Direct Loan (NADL) Refinance Loan||.50%|
|Vendee Direct Loan||2.25%|
Note: A list of Tribes participating in the NADL Program is at https://www.benefits.va.gov/homeloans/nadl_mou.asp.
Every client's situation is different and handled with a unique, personalized approach. As a San Antonio, Texas based Mortgage Broker we we have unlimited flexibility to shop the entire lender market which allows us to provide significant pricing advantages over banks and credit unions to secure often hard-to-find financing that a lot of lenders don’t even offer.
If you are in the Dallas–Fort Worth–Arlington, TX metroplex area please see our new Grove Mortgage home loans in Dallas page.