VA Mortgage Loans.
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VA Loans Houston
What is a VA Home Loan?
Veteran Administration (VA) loans are offered exclusively to active duty military, veterans and survival spouses or dependants. A VA loan is a home loan guaranteed by the United States Department of Veterans Affairs administration. Eligible veterans may be able to purchase a home with no down-payment and no cash reserve. The VA establishes the loan amounts and eligibility requirements. Typically these loans have no down payment. Loan fees are also rolled into the loan. Income restrictions do not apply and you can also qualify for a refinance at a lower rate when rates change.
VA loans can only be granted to the following individuals:
Veterans who served in war & peace from WWII to the present
(Minimum active duty requirements vary)
- Service members on active duty who have met the minimum active duty service requirement
(at least 90 consercutive days)
- Members of the national guard or reserve
- Survival Spouses or Dependents
Other requirements for VA loans include:
The loan must be for a home that will be owned or occupy this measn that you cannot use a VA loan to buy investment property. If you currently have a VA loan and wnat to use the program to buy another house the prior VA loan will need to be paid in full first.
The DD214 Form
The Defense Department issues to each veteran a DD-214, identifying the veteran's condition of discharge - honorable, general, other than honorable, dishonorable or bad conduct. Before January 1, 1950, several similar forms were used by the military services, including the WD AGO 53, WD AGO 55, WD AGO 53-55, NAVPERS 553, NAVMC 78PD, and the NAVCG 553.
Benefits of VA loan include (summary)
- 0% downpayment this is by far one of the most attractive benefits of this great program
- Low monthtly payments
- No mortgage insurance required
- Typically no lender fees
- Roll in closing costs
- More credit flexible than a typical conventional loan
- $417,000 loan limits although this can vary by area
- Ability to prepay the loan without penalty
- Also help can be granted to veterans that are in default due to a temporary financial hardship
If you meet the military requirements and only need a limited loan amount the VA loans may be the right option for you.