We are able to assist all veterans throughout the state of Texas with home buying and refinancing scenarios. Although we are a San Antonio VA Lender, we regularly close loans for Texas Veterans throughout the entire state. The Veterans Administration offers veterans the opportunity to purchase a home with no money required for a down payment. Eligibility is determined based on the time in service and borrower must have been discharged under conditions other than dishonorable.
The VA required mortgage insurance is called a funding fee. First time use veterans purchasing a home with no down payment will pay 2.15% and multiple users with no down payment pay 3.3%. On a downpayment of between 5% and 10% and regular military, the VA funding fee is 1.50% on purchase transactions. On purchases with 10% down or more, the funding fee is 1.25%.
Reservist/National Guard first time users the funding fee is 2.40% and subsequent users is 3.30%. Down Payments between 5% or less than 10%, for reservists and national guard is the funding fee is 1.75%. With a downpayment of 10% or greater the funding fee is 1.50%.
If veteran has a VA recognized disability the funding fee is waived. If the veteran makes a downpayment, which is not required on conforming loan amounts up to $484,350 then the funding fee is reduced. VA allows the funding fee to be financed into loan amount.
This is an owner occupied only program; although there is a provision for refinancing certain properties if once owner occupied. This means if it is currently an investment property, but when originally purchased, it was owner occupied then we should be able to do the loan with VA. This is called a VA interest rate reduction refinance. The funding fee on this loan is .50%. All funding fees require to be financed into the loan amount or paid in full at closing. VA does not allow a partial amount of the funding fee to be paid. It is either all financed or all paid.
Certain credit requirements will need to be met to qualify for the VA home loan.
Property taxes and homeowner’s insurance are required to be included in the monthly payment.
Loan amounts are allowed up to 1 million or jumbo financing at lower rates than normal non-conforming.
If you have already use your VA entitlement with one home and wish to see if you have remaining entitlement to purchase another home please go to forms tab and complete the VA certificate of eligibility. VA has in recent history increased the VA benefits so if you are considering a purchase of a home with a sales price greater than $144,000 you may be pleasantly surprised. Once the form is complete please send to us (email to firstname.lastname@example.org or fax to 210-787-3700) and we will order thru the VA system. Next we calculate your remaining entitlement based on the information received.
Click here to see if you qualify.