VA Loan FAQs
Are you considering applying for a VA loan to purchase your Houston house? Uncertain about whether a VA home loan is the right type of mortgage for you? Here, we’ll answer a few of the most common VA loan questions. After reviewing the FAQs, if you still have questions or are ready to begin the home financing process, contact a Supreme Team mortgage professional today to discuss your options.
What Is a VA loan?
A Veterans Affairs loan, frequently referred to as a VA loan, is a mortgage loan offered by a private lender but guaranteed by the U.S. Department of Veterans Affairs to help veterans or their unmarried surviving spouses purchase a primary residence or refinance their mortgage.
Do All Lenders Offer VA Loans?
No, not every mortgage lender offers VA loans. A list of qualified lenders familiar with the VA loan application procedure is available from the U.S. Department of Veterans Affairs. Approved lenders have their own VA loan requirements and conditions to qualify for a VA loan.
What Is the Maximum Amount for a VA Loan?
There is no maximum VA loan amount, but your borrowing options will often be restricted by the amount your lender is willing to offer. The appraised value of the house or the purchase price will also have an impact on how much you can borrow. Most lenders base their maximum loan amount on your credit score, financial history, and other factors.
What Types of Properties Can You Purchase With a VA Loan?
VA loans can only be used to purchase a home that will serve as your primary residence. Among the properties that qualify for a VA loan are:
- Townhouses and single-family homes.
- Multi-unit properties that have up to four apartments, provided you live in one of them as your principal residence.
- Condominiums in a VA-approved development.
- Manufactured homes or the land on which you want to put your house.
You cannot get a VA loan to purchase a farm, a commercial property, an investment property, or a vacation home.
What Are the Advantages of a VA Loan?
VA loans offer many benefits, including:
- A down payment is not required. Most VA loan customers are not required to pay a down payment.
- Mortgage insurance isn’t required either. Unlike conventional loans, which typically require you to purchase mortgage insurance, it is not necessary for any VA loans.
- There are no loan limits. Currently, veterans who meet all the eligibility requirements are not limited in the amount they can borrow, although certain lenders may set their own loan caps.
How Can Supreme Help You?
Are you ready to take the next step in the home financing process? Let Supreme Lending help you. From conventional loans to VA construction loans, we provide a range of loan products to meet your needs. Our knowledgeable and dedicated loan officers are here to ensure that everything goes as smoothly as possible.