The Veterans Affairs (VA) loan program was created in 1944 by Franklin D. Roosevelt as part of the Servicemen’s Readjustment Act, better known as the GI Bill of Rights. The VA Loan program was designed to offer long term financing to American veterans or select surviving spouses without requiring a down payment or stellar credit. The VA Loan has allowed over 24 million veterans to purchase or refinance a home!
VA Home loans can be one of the most rewarding of all types of mortgage loans. These home loans are provided through the U.S. Department of Veterans Affairs and are guaranteed by the department.
Additionally, the VA has a lighter policy which allows some borrowers to qualify for the loan without meeting all the requiring factors.
This benefit makes it easier for veterans to achieve their dream of homeownership.
To qualify for the VA loan in Houston, a borrower(s) would need to meet one or more of the following requirements:
As of 2020, those who qualify for the VA loan can borrow up to $510,400 without putting any money down in all Texas counties. Supreme Lending requires borrowers have a minimum 640 FICO score for qualifying for the loan.
Almost every VA Loan in Houston, TX has a funding fee. The Funding fee goes directly to the department to ensure the program keeps running for future generations of veterans and their families. The fee varies from borrower to borrower and does not apply for veterans with service-related disabilities.
The funding fee varies on usage and is typically 2.3% of the amount borrowed for first-time use. The fee is between 3.3% – 3.6% of the amount borrowed if a VA Loan has been used in the past or the borrower is a repeat buyer. The funding fee can be decreased by putting down 5% or more at the time of closing.
No down payment
VA does not require private MIP
Limit on the amount of origination fees and closing costs that the lender can charge
Limit also placed on appraisal fees
No Monthly Mortgage Insurance Premiums
VA Interest Rate Reduction Refinance Loans Available (IRRRL)
No Prepayment penalties
Up to 100% Seller Paid costs on purchase
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Borrower with eligibility remaining must have a Certificate of Eligibility from the VA
VA does not require private MIP
Borrowers are required to make a one-time funding fee based on loan amount and applicant’s service length
Closing costs can be paid by the lender and the seller