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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 and without any mortgage insurance (PMI).
We offer great low rates on VA Loans for Texas Veterans in the Austin area.
This Federally insured loan program was created by the Veterans Administration in order to help veterans and active duty members, who currently have VA mortgage.
The VA Interest Rate Reduction Refinance Loan (IRRRL) allows Texas Veteran homeowners who have a existing VA home loan to refinance and take advantage of lower mortgage interest rates and monthly payment. You can also refinance an adjustable rate mortgage (ARM) into a fixed rate mortgage.
This VA loan guaranty program, which is also referred to as IRRRL (Interest Rate Reduction Refinancing Loan Program), is straightforward and simple for US Veterans and active duty members to qualify for.
You may see it referred to as a VA Streamline, VA IRRRL or a VA to 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 $484,350 conforming loan limit.
We offer excellent interest rates on VA Jumbo Loans in Austin, 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 $484,350 and for any amount over the $484,350 up to the loan amount, the Veteran would be required to put 25% of that amount down at closing.
For example- Purchasing a $550,000 home:
No money down on the first $484,350, and only 25% of the difference between $484,350 and the $550,000 (which is $65,650). So take 25% of the $65,650, which is $16,412.50.
In this example, Austin, Texas Veterans would have to only put a down $16,412.50 which is only 2.98% at closing, which is much less than regular Conventional Jumbo Loans.
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.
For a VA loan you have the option to finance it or pay it in cash, but the funding fee must be paid at closing time.
From the VA, it is one of the most important required document that will be needed for a new VA loan or a VA Refinancing loan.
It 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 it 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 it in a matter of seconds.
Getting approved for a mortgage is simple
Every client's situation is different and handled with a unique, personalized approach. As a Mortgage Broker serving Austin, Texas 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.
Contact your Austin, Texas area VA home loan specialist at 210-656-1134.