VA Loans

VA Loan:

Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.

Here's how it works:

  • 100% financing without private mortgage insurance or 20% second mortgage.
  • A VA funding fee of 0% to 3.3% (this fee may be financed) of the loan amount is paid to the VA.
  • When purchasing a home, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less.
  • When refinancing a home, veterans may borrow up to 100% of reasonable value in order to refinance where state law allows.

A veteran's basic entitlement under the loan program is capped at $144,000. But the VA has been guaranteeing up to 25 percent of the total loan amount based on the conforming loan limits allowed by Fannie Mae and Freddie Mac.

The VA guarantees the basic entitlement, but the veteran can still get a loan up to $417,000 with no money down.
A veteran looking to refinance a VA loan will benifit from a reduced VA funding fee of 0.5%
Veterans still need to qualify with respect to income and credit score, and may need money for closing costs. However, the VA program permits the seller to pay closing costs. Borrowers may also need money for the earnest deposit (money the seller usually requires to remove the property from the market while the sales contract is under negotiation).
Guidelines are changing frequently but borrowers should have at least a 620 credit score. Anything below a 740 credit score is considered less than perfect. Lenders give interest rates based on associated risk so the lower your score the higher rate you should expect.
Although we have an office in The Woodlands and El Paso Texas we are licensed and serve every city in TX. If you are looking to move to Texas you may want to visit some of our main cities:
beaumont / port arthur
college station
corpus christi
dallas / fort worth
deep east texas
del rio / eagle pass
el paso
ft hood
san angelo
san antonio
san marcos
southwest TX
east TX
wichita falls

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