Category: VA Loan

Low Mortgage Rates on VA Loans in Texas!

Want to learn more about historically low mortgage rates for Texas Veterans in Austin, Texas and other cities across Texas?

The Texas Veteran’s Land Board (VLB) hosts free “come and go” fairs across Texas to let veterans know about the resources and programs that are available to them for the VA loans in Texas program.  VLB staff and other representatives from the U.S. Department of Veterans Affairs and the Texas Veterans Commission will be on hand to provide information on home loans in Texas and other information about disability and pension claims, land and home improvement loans, state veterans homes and cemeteries. For more information about these VLB events, please go to: www.glo.texas.gov/vlb/veterans-benefits-fairs/

These events are located in Austin, Amarillo, Waco, Corpus Christi, Tomball, Dallas, Big Spring, Fort Worth, San Antonio. For more information on Home Loans for Texas Veterans, Please call Todd Kurio at 512-459-2405 –Residential Mortgage Loan Originator, Capstar Lending, NMLS #216616/#214411, e: todd.kurio@capstarlending.com.

VA Home Loans : A Slideshare Presentation

I recently shared on social media that the VA Home Loans program is hugely underused. This is partially because the program, which was created in 1944, isn’t promoted as much as it should be. Out of the 16.4 million active service members and military veterans with mortgages, only 12% have a loan guaranteed by the Department of Veterans Affairs. Many Vets simply don’t know about the program and many loan officers don’t think to ask their clients if they’re service members!

I would like to help Vets, and especially Texas Vets, to better understand what they need to know to qualify for VA home loans Texas, as well as their eligibility requirements, limits and the advantages of the program. Take a minute to check out the Slideshare presentation I created that address all these things as well as provide you some resources to start the application process.

 

I hope you enjoyed the presentation and would trust me to serve your VA loan. Please contact me at (512) 459 -2405 or at Todd.Kurio@capstarlending.com today so I can answer your questions and get started.

VA Loans Texas: What You Need To Know Now

va loans
The Veterans Administration provides low cost financing options for veterans looking to buy or build a home. If you are looking to better understand VA loans Texas, how they work, and who is eligible, read on to learn more about this special mortgage program for veterans.

What is a VA Loan?

A VA loan is a special home loan for military service members and military veterans. Veterans must secure a VA loan through a traditional lender, however a portion of the VA loan is guaranteed by the Veterans Administration. So these loans are different from typical mortgage notes.

VA loans can be used to:

  • Buy a home
  • Build a home
  • Refinance an existing VA mortgage

VA loans used to build or buy a home are called Purchase Loans. Veterans who already have a VA loan on an existing home and wish to refinance can apply for an Interest Rate Reduction Refinance Loan (IRRRL). A Purchase Loan is generally intended to be used once, however some veterans who do not use the full amount they were eligible for can put the remaining amount towards the purchase of a future home.

What are the advantages of a VA loan?

Because the Veterans Administration guarantees a portion of the loan, the lender can offer better loan terms to the customer. These loans allows families to purchase a home:

  • With little or no down payment
  • Without having to purchase private mortgage insurance
  • With a competitive interest rate and favorable loan terms

The VA loan allows veterans to shorten the time of paying costly rent since they don’t have to save for the  down payment (traditionally 20 percent of the purchase price, although sometimes as low as 3 to 5 percent), and therefore cannot qualify or delays the ability to qualify for a traditional mortgage.

Who is eligible for a VA loan?

Most veterans (and some surviving spouses) are eligible for a VA loan. Veterans must meet one of the following criteria for military service, or they must be a surviving spouse of a service member killed in the line of duty:

  • 181 days of peacetime active duty service
  • 91 days of wartime active duty service
  • 6 years of reserves or national guard service

VA loan applicants must also provide evidence of a good credit score, sufficient income for the purchase price of the home, and a valid Certificate of Eligibility (COE) showing their qualifying military service. We obtain this certificate for you during the application process. We now have even more information regarding VA loan eligibility on our website.

Are there any limits on the VA loan amount?

Yes, and these limits are based on median home values as estimated by the Federal Housing Administration.

In Texas, a veteran with full entitlement may borrow up to $417,000 without a down payment. To increase this amount, the veteran would need to pay a percentage (25%) of the difference between the sales price and $417,000. This amount would be considered a down payment on the home, and is usually significantly smaller than a traditional down payment.

I can help you through the entire process.  Contact me today at todd.kurio@capstarlending.com or call me directly at 512-459-2405.  NMLS#216616

I look forward to assisting you purchase or refinance your home!