VA or veterans mortgages are also known by the name of VA Loans. The facility of the Texas veteran mortgage is one that makes it easier for veterans to get financial help to make their own homes. This is a type of loan that does not often require a down payment t begin with. The VA mortgage Texas is a loan that is made available to military veterans and also to active military professionals. These loans are facilitated by the Veteran approved lender Texas of the place. They are authenticated by the body of Department of Veterans Affairs. Hence the requirement of mortgage insurance is completely nullified. Qualifying for the VA mortgages is easier to attain than the regular and conventional mortgages. This is yet again a type of loan which is the most suitable for these who cannot afford a down payment amount.
Eligibility Factors
There are a few points that must be satiated in order to attain the VA mortgage San Antonio, VA mortgage Killeen, VA mortgage Austin and other places alike. These points are
• You must be a military or defense veteran.
• Spouses of military officers who have died in the line of duty can also apply for these loans.
• Active military officers can also apply for this loan. However you must have completed at least six months of your service tenure.
• Certain sections such as reservists and the members of the department of national Guards must have completed at least six years of their service.
• A veteran in a foreign soil is also eligible for this loan.
Important Facts
One of the biggest benefits of such VA loans is that they do not require any mortgage insurance. This means that they can save quite a huge amount on a monthly basis. Getting a VA loan is easier and cheaper as compared to getting other sorts of loans. However even then it can be said that such VA loans requires a onetime funding. The amount of these fees varies of course from situation to situation. Generally this fee comes to about 2.15 percent of the entire amount that has been taken as a loan, if the borrower is getting the loan with nil money down.
If a down payment is made then the fee is reduced to about 1.25. However this down payment has to be of 10% or more. If the VA loan is taken for the second time without any type of down payment, then the fee is increased to 3.3 percent.
ConclusionThere are different bodies and agencies that can help you to understand all the terms and conditions pertaining to these AV loans and mortgages. These are also the concerns that can get you dependable lenders for your mortgage. Hence it is wise to look for them at the time of taking a VA loan.