Veterans and Active Military can qualify for a Texas VA home loan up to $453,100 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 10 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 $453,100 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 $453,100 conforming loan limit. We offer excellent interest rates on VA Jumbo Loans in Texas.
The differences with a regular VA Loan and the VA Jumbo loan would be the amount of down payment required. The VA has $0 down up to $453,100 and for any amount over the $453,100 up to the loan amount, the Veteran would be required to put 25% of that amount down at closing.
For example- Purchasing a $500,000 home:
No money down on the first $453,100, and only 25% of the difference between $453,100 and the $500,000 (which is $46,900). So take 25% of the $46,900, which is $11,725.
In this example, Texas Veterans would have to only put a down $11,725 which is only 2.345% at closing, which is much less than regular Conventional Jumbo Loans.
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.
You do not have to pay the fee if you are a:
|Type of Veteran||Down payment||Percentage for First time Use||Percentage for Subsequent Use|
|Regular Military||None||2.15%||3.3% *|
|Regular Military||5% or more||1.50%||1.50%|
|Regular Military||10% or more||1.25%||1.25%|
|Reserves / National Guard||None||2.4%||3.3% *|
|Reserves / National Guard||5% or more||1.75%||1.75%|
|Reserves / National Guard||10% or more||1.5%||1.5%|
|Type of Loan||Percentage|
|Manufactured Home Loans (NOT permanently affixed)||1.00%|
*The higher subsequent use fee does not apply to these types of loans if the Veteran's only prior use of entitlement was for a manufactured home loan.
Every client's situation is different and handled with a unique, personalized approach. As a San Antonio, Texas based Mortgage Broker we focus on getting the right loan at the right rate for our client and it allows us to secure often hard-to-find financing.
Have a question about your particular mortgage goal, give us a call and speak with a mortgage specialist.
If you are in the Dallas–Fort Worth–Arlington, TX metroplex area please see our new Grove Mortgage home loans in Dallas page.